Visa, Mastercard make a global push for mobile wallets
The card networks have entered a series of partnerships in Europe and Asia amid signs of growing demand and Apple’s waning control over the underlying technology.
Mercantile gets green light to buy Eastern Michigan
Mercantile’s pending acquisition of Eastern Michigan is approved by the Federal Reserve Bank of Chicago; the National Community Reinvestment Coalition and Rise Economy announce a $2.5 billion addendum to Columbia Bank’s community benefits agreement following its acquisition of Pacific Premier Bank; the Federal Reserve Board and CFPB raise the thresholds for certain credit and lease […]
Travis Hill confirmed as FDIC chair
The Senate confirmed Travis Hill as the chairman of the Federal Deposit Insurance Corp. as part of a slate of nominations that were approved late Thursday. Hill has been serving as acting FDIC Chair since January.
Fed seeks public input on ‘skinny’ master account concept
The Federal Reserve Board voted 6-1 on Friday to seek public comment on a proposed “skinny” master account.
AI won’t break financial markets, but it might make them boring
Once artificial intelligence has eliminated all the human-driven volatility from financial markets, will there even be a reason to trade anymore?
Comerica gives fuller account of Fifth Third deal talks
The Dallas bank turned down another offer because it thought it could get a higher price from Fifth Third, and also could ink an agreement faster, according to Comerica’s latest regulatory filing.
Stripe’s agentic play; Google doubles down on India
The payment fintech is marketing technology that lets merchants sell through AI agents; Google adds a credit card for India’s national real-time payment rail. That and more in American Banker’s global payments and fintech roundup.
Citi exits 2024 enforcement action
The megabank cleared a regulatory hurdle when the Office of the Comptroller of the Currency freed it from a July 2024 amendment to a consent order. Two other orders, one from the OCC and the other from the Federal Reserve, remain in place.
Trump directs DEA to reschedule cannabis
Moving cannabis from a Schedule I to a Schedule III drug would not legalize cannabis or remove all barriers to cannabis banking, but it would allow operators to write off expenses, increase cannabis customer cash flow and eligibility for favorable loans.
Fed rescinds Biden-era crypto guidance
The Federal Reserve said in a statement that its “understanding of innovation products and services have evolved” since the initial guidance was published in 2023.