Klarna, Gemini tee up initial public offerings
BNPL lender Klarna officially revived its highly anticipated IPO today, and cryptocurrency exchange Gemini also announced plans for a public offering. The offerings follow Chime and Circle’s blockbuster IPOs in June.
Progressive lawmakers press banks on overdraft fees
Three lawmakers led by Senate Banking Committee ranking member Elizabeth Warren, D-Mass., are beginning to assess the impact that the Trump administration’s posture toward the Consumer Financial Protection Bureau has had on overdraft fees.
UMB buys $32.5M HSA book, adding to massive portfolio
The Kansas City, Missouri-based bank bought the deposits from Old National Bancorp, growing its large base of HSA deposits by 1%.
Fintechs want Congress to preempt state privacy laws
The American Fintech Council wants Congress to amend the Gramm-Leach-Bliley Act to preempt state privacy laws with both entity-level and data-level exemptions, as well as eliminating restrictions on the secondary use of data.
We shouldn’t let banks build roadblocks in the path of open banking
Rent-seeking banks looking to profit from their monopoly on access to customer data can’t be allowed to stymie the development of open banking in the U.S.
CRE but without much risk: A Florida bank finds a new niche
Orlando-based Cogent Bank has hired a team to finance single-tenant net lease properties, an asset class characterized by exceptional credit quality.
The current banking environment makes a focus on ESG vital to growth
When banks proactively adapt to climate and societal trends, modernize infrastructure and weave environmental, social and governance priorities into decision-making, they enhance resilience and unlock new growth.
Cardinal CU adds fractional investing to gain young members
The Cleveland-based credit union recently launched a fractional stock rewards program for members ages 18 to 28 through a partnership with Bits of Stock.
Fed sets this year’s capital requirements for large banks
Most big banks saw modest reductions in their requirements following this year’s stress tests. The results come as the Fed prepares to smooth year-to-year swings with a new averaging rule.
No ruling on whether Fed. Gov. Lisa Cook stays on the job
The D.C. District Court held a hearing this morning and defendants filed briefs in a case to determine whether Federal Reserve Gov. Lisa Cook will remain on the Federal Reserve Board after her ostensible firing by President Trump earlier this week. No ruling was issued, but one is expected before the FOMC votes in mid-September.