Mortgage rates turn upward on strong jobs data
The 30-year fixed mortgage rate rose for the first time in six weeks, driven by Friday’s strong jobs report and renewed uncertainty around tariffs.
Revolut’s ‘super app’ strategy hits US, UK, China
The U.K. fintech has launched a series of products that expand on its core payments business and compete with banks and other payment technology firms.
Everyone knows what broke in 2023; leverage ratio reform can fix it
It’s time to dispense with the fiction that there is no cost to treating underwater “held-to-maturity” securities as regulatory capital. Thoughtful reconsideration of leverage ratio requirements offers an answer.
Five AI startups graduate from BNY Ascent Program
The AI and cybersecurity-focused startups completed the vetted proof-of-concept program to prepare for their next level of growth.
Founder steps down, but Bank of Ann Arbor stays on its path
Bill Martin, a real estate developer and athletics executive who founded the community bank in 1996, said he considers the privately held institution to be “like one of my kids.”
Citi to get $9M tax break for adding 500 jobs in Charlotte
The megabank announced it would invest $16 million to grow its footprint in the North Carolina banking mecca.
Fed minutes show focus shifting to employment
The labor market was a bigger point of discussion in the Federal Reserve’s most recent monetary policy-setting meeting, but officials were divided about the path of future actions.
Jenius Bank sponsors 2025 Pickleball World Championships
The digital bank is also partnering with two pro pickleball leagues to court fans through a consistent presence at tournaments later this year.
Wise fined $4.2 million for multistate compliance lapses
Regulators from California, Massachusetts, Minnesota, Nebraska, New York and Texas levied the fine for anti-money laundering and Bank Secrecy Act violations, which comes as Wise seeks a banking license in the U.S.
Vocalink, Monzo face fines; Paxos issues a new stablecoin
U.K. regulators said Monzo didn’t properly vet new customers, while Vocalink was dinged for risk management lapses. Also, Paxos launched a dollar-backed coin in the European Union; and more news in the weekly global payments and fintech roundup.