Why fintechs have been buying up banks
The OCC’s approval of SmartBiz buying a bank opens the door to other fintech M&A deals for accessing bank charters, which can help a fintech stay in business.
Bank-insurance agency deals return with Georgia acquisition
The Fitzgerald-based Colony Bankcorp agreed to pay $3.5 million to purchase an agency in Monroe, Georgia. The deal signals the potential return of more banks buying insurers than selling them.
DOJ says CFPB stop-work order maintains statutory functions
The Department of Justice said in a court filing Friday that a February stop-work order from acting Consumer Financial Protection Bureau director Russell Vought did not entail stopping statutorily-mandated work by the bureau, defying earlier testimony.
‘Complete whiplash’: Bank stocks fall after recent euphoria
Wall Street continued its selloff of financial institutions as the increasing likelihood of a U.S. recession fuels fears of revenue pressures.
Trump’s tariffs scuttle Klarna’s bellwether IPO
The Swedish institution’s New York listing, which was viewed as a sign of fintech’s recovery, has been delayed due to market volatility.
Powell: Fed will wait to see tariffs’ effects before acting
The central bank wants to let Trump’s policies play out across the economy before deciding which way to move interest rates, and it’s too soon to know what the impacts will be, the Federal Reserve chair said.
JPMorgan, Axis partner to boost blockchain-based payments
Banks in the U.S. and India will offer cross-border transactions using the technology that underpins cryptocurrency. Our global payments roundup also includes updates from PayPal, Lloyds and a very remote ATM deployment.
Fed’s Barr: Banks should think through AI liability questions
In a speech Friday, Federal Reserve Gov. Michael Barr said the advent of generative artificial intelligence promises to boost bank productivity, but banks should be careful in choosing AI partners to delineate data security responsibilities.
Fintech Plaid will not go public in 2025, raises $575 million
A Plaid spokesperson said an IPO remains ‘a milestone we’re tracking towards’ but it wouldn’t happen this year.
Mr. Cooper in court on two fronts following IT breach
The megaservicer is fending off a class-action lawsuit while suing its insurers for allegedly failing to indemnify it following its breach in 2023.