Fed’s Miran: Stablecoin uptake bolsters case for rate cuts
Federal Reserve Board Gov. Stephen Miran said the growth of stablecoins and cryptocurrencies will likely impact monetary policy and could lead to lower interest rates.
Affirm ‘firing on all cylinders’ with earnings beat
Consumers’ and merchants’ penchant for 0% loans are boosting the buy now/pay later lender in its first fiscal quarter ended Sept. 30, as gross merchandise volume hit a record.
Santander launches portal for U.S. businesses going global
The Spanish bank says it can connect small and medium sized U.S. businesses with local market experts on its newly launched digital platform Navigator Global.
PNC boosts branch investment to $2B, plays down more M&A
The Pittsburgh-based bank said Friday that it will focus on building 300 branches in high-growth markets by 2030. It also minimized the prospects for another acquisition on the heels of its recent deal for Colorado-based FirstBank.
Activist investor drops recent proxy battle threats
HoldCo Asset Management drops its pursuit of proxy battles with Columbia Banking System and First Interstate; Cape Cod’s Mutual Bancorp prepares to acquire Bluestone Bank; Servbank HoldCo announces plans to acquire IF Bancorp; and more in this week’s banking news roundup.
US treasuries stall as conflicting jobs data cloud Fed outlook
Treasury market bulls and bears fought to a draw this week as conflicting private-sector data on the health of the US labor market left expectations for another Federal Reserve interest-rate cut in December in limbo.
Judge rejects $425M settlement in Capital One class action
Capital One must reengage in settlement talks with lawyers for savings-account holders after a judge found that an agreement between the two sides wouldn’t provide adequate compensation to customers who were allegedly victimized by the bank.
What KeyBank’s new embedded banking boss has planned
Eric Girard, who became the bank’s head of embedded banking and co-head of commercial product in October, is aiming to make the technology more accessible.
CFPB makes early exit from consent order against TransUnion
The Consumer Financial Protection Bureau ended a consent order earlier than expected against the credit bureau TransUnion, saying the company already paid a $5 million fine and $3 million to consumers.
Crypto’s real adoption curve begins when it disappears
Crypto is slowly but surely being integrated into the banking applications consumers trust and use every day. It’s not the crypto revolution purists imagined, but it’s very good news for consumers and bankers alike.