Paxos mints, burns $300 trillion in PayPal stablecoin error
An internal error worth more than double the world’s GDP highlights both the operational risks and the transparent, self-correcting nature of public blockchains.
New-home sales ease amid signs of buyer caution
While borrowing activity increased from a year ago, seasonal patterns and economic concerns suggest near-term slowing, the Mortgage Bankers Association said.
Miran chastises Fed for wading into politics under Biden
Federal Reserve Gov. Stephen Miran said Thursday that the central bank’s forays into examining climate change and racial justice under the prior administration politicized the Fed. He also argued that Fed officials should limit their comments on economic policies such as tariffs.
Fed Gov. Barr points to ‘gaps’ in GENIUS Act
Federal Reserve Governor Michael Barr said strong oversight mechanisms and consumer protections are needed for stablecoins to make them a more viable payment instrument.
‘Zero-knowledge’ proofs could revolutionize banking compliance
Noelle Acheson looks at how zero-knowledge proofs are more than a new way of looking at financial compliance — they also change how we understand the ownership of knowledge.
Fees drive increased profits at U.S. Bank
Noninterest income at the Minneapolis-based company jumped more than 10% while asset quality improved and expenses held steady.
FIS rolls out AI-based transaction routing at checkout
The bank technology company has released Smart Basket, which uses emerging artificial intelligence to improve transaction routing, a strategy that’s quickly becoming table stakes for fintechs and financial institutions that offer payments.
BMO inks deal to sell 138 U.S. branches to First Citizens
The Canadian bank plans to sell the branches, which are mostly in the Midwest and Great Plains, to First Citizens Bank in North Carolina. At the same time, it plans to build 150 branches over the next five years in markets with longer-term growth prospects.
BNY tops estimates, reports revenue upswing
Bank of New York Mellon recorded another quarter of higher-than-expected revenue and earnings. Revenue for the third quarter rose 9% year over year, while earnings per share beat Wall Street’s forecast by 12 cents.
JPMorganChase, Wells Fargo, Capital One issue scam warnings
During cybersecurity awareness month (October), financial institutions have ramped up education on phishing, fraud and cyber hygiene. Here’s what they’re saying.