Paxos aims to move from New York to federal oversight
The crypto-focused firm’s OCC trust bid would shift supervision from New York to Washington at a time when regulators are signaling openness to fintechs engaging in banking
Trump names Heritage’s EJ Antoni to lead Bureau of Labor Statistics
Trump appointed Antoni, who has been vocal about his concerns with BLS jobs data and revisions, in a Truth Social post Monday. The position is subject to Senate confirmation.
America’s most overlooked data breach is happening at the mailbox
Theft of paper checks and their use in identity theft constitute a major blind spot in the private sector’s fraud detection networks. Banks and regulators need to come together to find solutions.
Innovation of the Year: Why JPMorganChase, Starion Bank won
The banks have invested in gen AI and embedded finance, respectively.
Appraisal bias suit that sparked policy changes is dismissed
A headline-grabbing 2022 lawsuit alleging racial bias by home appraisers has been quietly dismissed for lack of evidence. At the same time, the Trump administration is rolling back many of the policy changes involving home appraisals that the Biden administration put in place.
Ohio’s First Financial strikes deal to get bigger in Chicago
With its acquisition of a Cleveland-area bank still in the works, the Cincinnati-based bank struck a deal that would provide its first retail presence in Chicago.
Private-sector deposit push boosts mission-focused banks
Amid waning federal support for community development financial institutions and minority depository institutions, a program launched by two banking trade groups is beginning to generate a steady stream of deposits for mission-focused lenders.
Western Union CEO: ICE raids, tariffs no threat to Intermex deal
Analysts said trade war-related issues are pressuring the U.S./Mexico remittance corridor, lowering the value of the acquisition. Devin McGranahan told American Banker Intermex’s technology and footprint provide a path for future expansion.
FTC warns of alarming surge in scams that target seniors
Federal Trade Commission data shows scam losses for adults 60+ have skyrocketed, with banks under pressure to strengthen protections.
Fed’s Bowman says jobs data solidifies case for rate cuts
Federal Reserve Vice Chair for Supervision Michelle Bowman said she foresees three interest rate cuts for this year, a view bolstered by the latest employment data.