Prediction markets are unreliable truth machines: lawsuit
Polymarket’s process for divining “the truth,” the heart of its entire operating model, is itself open to manipulation, a new lawsuit alleges.
Can banks skirt the Durbin Amendment by owning a debit network?
Some of the country’s largest banks are reportedly considering buying a Fiserv-owned debit card network as a workaround to interchange caps instituted by the Durbin Amendment. It’s an idea that looks good on paper, but could be harder to actually implement.
Will the crypto market structure bill cross the finish line?
Banking lobbyists’ push for changes to stablecoin yield rules as part of long-embattled crypto market structure legislation has stalled, with no new talks in sight.
Activist investors demand changes at Alabama community bank
Two investors are in open revolt over what they see as inaction and underperformance at United Bancorporation of Alabama. Among their demands: more stock buybacks, lower expenses and new faces on the board of directors.
Deal deepens Business First’s bank-consulting prowess
The Louisiana-based lender’s acquisition of American Planning Corp. expands the list of advisory services it offers to other community banks.
Block to pay $45M to states for fraud on Cash App
A settlement with 46 states resolves allegations that Block’s Cash App engaged in deceptive marketing and failed to maintain legally mandated fraud protections. The deal also requires Block to honor an agreement with the Consumer Financial Protection Bureau made in the final days of the Biden administration.
Bank uses a twist on credit-linked notes for capital relief
OceanFirst Financial worked with an asset manager to apply the structure to a $1.5 billion portfolio of residential mortgages.
JPMorganChase’s tokenized money market fund vaults ahead
The nation’s largest bank’s fund for stablecoin issuers seeking GENIUS Act–compliant yield vehicles already has $700 million in assets.
Sony gets conditional approval to establish US trust bank
Sony Bank received conditional approval from the OCC to launch a national trust bank subsidiary called Connectia for making its own dollar-backed stablecoins.
Agency MBS issuance slows in June on fewer refis
However, for the second quarter, increased home purchase mortgage activity contributed to an industry-wide 11% increase in agency securitizations, BTIG said.