JPMorgan Chase reopens branch in fire-ravaged LA community
For the first time since the Eaton Fire erupted more than a month ago, Altadena has a bank branch that’s open for business.
HFSC will hold hearing after new CFPB director confirmation
A House Financial Services Committee spokesperson said the committee will hold its required semiannual hearing with the Consumer Financial Protection Bureau director after nominee Jonathan McKernan is confirmed rather than with interim director Russell Vought.
Western Union cuts off Cuba; crypto draws global bulls
The money-transfer company’s move came after the U.S. State Department last week renewed sanctions against the island nation. That, plus Klarna and Standard Chartered get bullish on crypto; Trump’s not the first politician to rail at pennies; and other international payments and fintech news.
Citi’s Sieg: New clients take backseat to getting more from current
Citi’s head of wealth said the firm is already working with a quarter of the billionaires in the world through its private bank. Now it just needs them to entrust it with managing more of their money.
El-Erian sees Fed holding rates for longer than markets expect
The Federal Reserve is set to refrain from cutting interest rates for “quite a while,” following a hotter-than-expected inflation report, according to Mohamed El-Erian.
SEC’s Peirce says agency wants new approach to crypto
Hester Pierce, a Republican SEC appointee, said industry watchdogs had previously been practicing regulation by enforcement with digital assets.
Affirm to offer BNPL through FIS-issued debit cards
FIS’s debit-processing bank clients will soon be able to integrate Affirm’s pay-over-time-products into existing digital banking infrastructure. For Affirm, it means even more potential BNPL transactions.
Google, Corridor Platforms partner on gen AI controls for banks
The governance platform is meant to prevent hallucinations, errors, bias and other problems, and to track model activity to make sure nothing goes awry.
SBA fires staff, calls it an error, fires them again
Trump’s Small Business Administration told probationary staff members it had mistakenly sent them termination notices, then informed some of them the next day they were fired after all.
Powell backs leverage ratio update, Treasury market reform
During congressional testimony, Federal Reserve Chair Jerome Powell said he supports changes to the supplemental leverage ratio to make it easier for banks to intermediate the Treasury market.