Powell: Fed “strongly” wants mortgages off its balance sheet
After the Federal Reserve moved to slow the pace of quantitative tightening, the Fed chair floated the idea of continuing to allow mortgage-backed securities to roll off its books even after the central bank has met its monetary policy objectives in reducing its balance sheet.
Fiserv acquires CCV to boost Clove; Ripple claims victory
Bank technology firm Fiserv agreed to buy the Netherlands-based company, which sells multichannel processing systems. Also: the FCA looks to lighten contactless checkout limits; Ripple’s Garlinghouse said the SEC has dropped a suit against his firm; and more news in the global payments and fintech roundup.
Google acquires Wiz for $32B to make cloud security ‘more accessible’
Google Cloud trails Amazon and Microsoft in market share and is looking to catch up by trying to be one of multiple providers that companies use.
Emmer commits to stablecoin legislation by summer
House Majority Whip Tom Emmer pledged to pass stablecoin and crypto market structure bills by the August recess, following a request by the president.
Bakkt stock down after Bank of America breaks ties
Bakkt is losing contracts with the bank and Webull just months after the company’s acquisition talks with Donald Trump’s Trump Media fell through.
Morgan Stanley plans about 2,000 job cuts to contain costs
The New York bank’s moves add to a series of workforce reductions across Wall Street as bosses navigate an uncertain economic outlook.
Judge bars Citi from returning climate grants to the EPA
A federal judge ruled that the bank must keep $14 billion granted by the Environmental Protection Agency in recipients’ accounts. The Trump administration has been trying to pull back money distributed under President Joe Biden.
Trump administration dismisses Democratic FTC commissioners
The firings are the latest by the president to challenge a 90-year legal precedent that shields members of independent agencies, part of his administration’s move to gain greater influence across the government.
In a deregulatory era, banks need to maintain customer care standards
The financial services industry has made positive gains in consumer trust in recent years. As we enter what seems likely to be an era of deregulation, that newfound trust is theirs to lose.
5 things banks, payment firms can do to deter fraud
Fraud and scam prevention was top priority for financial institutions in 2024, and will continue to be a key area of investment in 2025. But while many banks have already taken steps to combat the ever-changing face of fraud, there’s more that industry can be doing to help their commercial and consumer banking clients stay […]