Morgan Stanley’s top Asia banker targets $10 billion revenue
A widening array of investment banking and trading initiatives across the region is likely to put Morgan Stanley’s Asia revenue over the $7.64 billion it posted last year, Asia chief Gokul Laroia said.
If the CFPB goes away, what happens to its authorities?
The Trump administration is seeking to fire roughly 90% of the Consumer Financial Protection Bureau’s staff and is fighting for that right in court. But if the administration prevails, can other consumer protection authorities from other federal regulators pick up the slack?
Senate stablecoin bill passes with bipartisan support
The legislation has been able to garner a level of bipartisan support that was not possible in previous Congresses because of a lack of support from Democratic lawmakers, but many of those benefited from crypto industry contributions in the 2024 election cycle.
Zelle owner taps Fiserv to jump-start mobile wallet
Early Warnings Services is teaming up with Fiserv to quickly drive uptake for its new Paze digital wallet with merchants and credit card issuers outside of its owner banks. Paze partnered with Worldpay earlier this month to unlock a similar distribution channel.
CFPB extends compliance date for small business lending rule
The Consumer Financial Protection Bureau cited ongoing litigation and cost benefits in extending compliance by roughly a year with reporting data on the race, ethnicity and gender of small business loan applicants.
What’s new in the Senate version of Trump’s tax bill
Senate Republicans plan to modify the massive fiscal package to lower maximum deductions for state and local taxes and limit the impact of a “revenge” tax.
Big banks ramp up fossil-fuel financing, climate groups find
In 2021, banks pledged to wind down their support for oil and gas. Last year they made a $162 billion U-turn, according to a new report from a coalition of advocacy groups.
Illinois interchange law delayed, but risks for banks remain
Illinois Gov. J.B. Pritzker, a Democrat, signed a bill that delays the implementation of the interchange law for a year while banks fight it in court.
In a radically deregulatory environment, the locus of risk has shifted
Wise bankers will recognize that as the Trump administration dismantles much of the supervisory structure built up over past decades, regulatory risks are being supplanted by other dangers.
JPMorgan hikes Sapphire Reserve fee to $795 in card overhaul
The company also launched a similarly priced version for businesses as part of an overhaul marking JPMorgan’s latest volley in the ultra-competitive world of premium credit cards.