Crypto’s real adoption curve begins when it disappears
Crypto is slowly but surely being integrated into the banking applications consumers trust and use every day. It’s not the crypto revolution purists imagined, but it’s very good news for consumers and bankers alike.
Wells Fargo, PNC tell Trustly to stop screen scraping customer data
The banks want the pay-by-bank provider to use application programming interfaces to protect consumers, they say.
Fed’s Jefferson urges proceeding ‘slowly’ with monetary policy
Federal Reserve Vice Chair Philip Jefferson said that as interest rates have moved toward a more neutral level, “it makes sense” now to proceed with caution.
Regulators are holding back secure digital identity verification
Existing law already provides the tools that would allow an across-the-board upgrade in digital identity verification, with benefits to banks and consumers alike. Regulators are the roadblock.
Banks are losing share in rapidly growing HELOC market
The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.
Block’s quarterly earnings miss, but it projects a strong future
The payment and commerce company’s stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street’s earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
Waller hedges on nonbank access to ‘skinny’ master account
Federal Reserve Gov. Christopher Waller said there was a popular “misunderstanding” Thursday regarding who can qualify for a “skinny” master account, noting that only firms with a bank charter would qualify for approval.
Chime raises revenue forecast after Q3 earnings report
The digital neobank is expecting spending to stay strong through current economic conditions, and a new credit card is projected to bring in increased revenue.
Neobank Varo’s losses deepen as deposits are cut in half
Analysts say the fintech must “grow like a fintech, but be profitable like a bank” as its capital base shrinks to its lowest level to date.
OCC’s Gould vows to ‘refocus’ bank supervision
Comptroller of the Currency Jonathan Gould said Thursday that a proposal to reimagine bank supervisory practices is meant to empower rather than handcuff supervisors by limiting the scope of their examinations.