Fed watchers say discount window revamp overdue — but tricky
Industry stakeholders say the Federal Reserve’s renewed focus on reforming the discount window — the central bank’s ‘lender of last resort’ facility — is welcome. But replacing the system with one that works better is easier said than done.
Zerohash is latest crypto firm to apply for a trust charter
The digital asset company, currently partnered with firms like Morgan Stanley and One Pay, is seeking its own national trust bank charter from the OCC.
LexisNexis hit by second data breach in two years
Cybercriminals say they stole sensitive records by exploiting an unpatched vulnerability known as React2Shell and using the password Lexis1234.
Western Alliance sues Jefferies for $126M in First Brands fallout
The Phoenix-based bank said that affiliates of Jefferies had stayed current on the loan agreement until last week. The suit is the latest example of private credit-related problems at banks.
JPMorgan’s Porretti departs, Goldman bankers pose for fashion shoot
JPMorganChase’s Alfredo Porretti has left the firm; two junior Goldman Sachs bankers took part in a controversial fashion shoot; Societe Generale appointed Selina Cheung head of equity capital markets in Asia Pacific; and more in this week’s banking news roundup.
Oil prices may keep inflation elevated, bank economists say
Chief economists at large and regional banks predicted ongoing inflation, in part because of the anticipated surge in oil prices as a result of the Iran war. The forecast from the American Bankers Association’s Economic Advisory Committee did not account for the disappointing U.S. jobs report on Friday.
Iran war forces Navy Federal to close Middle East branches
The credit union closed three of its overseas locations in response to the conflict. Military-focused financial institutions are instead offering digital banking to deployed servicemembers.
How B2B payment automation threatens banks
Fintechs and the technology behind cryptocurrency are becoming popular, putting trillions in transaction value at risk for banks, according to Accenture.
Stripe advances security for agentic commerce
Stripe has expanded its Shared Payment Tokens, a foundational building block to protect agentic commerce, to work with Visa and Mastercard’s tokens. It’s also added Affirm and Klarna.
Economy loses 92,000 jobs in February
The Bureau of Labor Statistics reported that the economy lost 92,000 jobs in February while unemployment held steady at 4.4%, a development that could spur the Federal Reserve to question whether interest rates are truly in balance.