Cannabis advocates see banking opportunities under Trump
The cannabis industry and its financial partners see potential gains under Trump, either in the form of direct changes in policy, economic incentives or the nascent effort to curb debanking.
Who will Trump pick to run his banking agenda at the Fed?
Federal Reserve Gov. Michelle Bowman is widely seen as the president’s most likely choice for vice chair for supervision, a position soon to be vacated by Michael Barr. But while Bowman is the administration’s most straightforward option, it’s not the only one being considered.
CFPB orders Wise to pay $2.5M for illegal remittance practices
Money remittance provider Wise said it “strongly disagrees” with the Consumer Financial Protection Bureau’s characterization that it advertised inaccurate fees and did not properly disclose exchange rates.
Visa’s holiday spending, partnerships fuel earnings beat
The card brand also touted its payments partnership with the social media platform X as evidence of strength in its partnership strategy.
Banks increasing tech spend overall in 2025: Research
More than 80% of bankers surveyed said they increased their tech budgets to invest more in security, data analytics and AI.
First Foundation gets Wall Street dress-down amid strategy remix
The Dallas bank made some headway on its goal to slim down its multifamily loan portfolio, but $17 million in bad loans led to a bottom-line loss in the fourth quarter.
Flagstar projects profitability by Q4 as turnaround continues
The Long Island-based company, which is in the middle of a makeover, saw its stock price rise sharply after reporting a net loss that was less than what analysts expected.
Senate Budget advances Russell Vought over Democrats’ protest
Russell Vought, should he be confirmed by the full Senate, would join a short list of those able to lead the CFPB, as his predecessor Mick Mulvaney did, per the requirements of the Vacancies Act.
DeepSeek’s lower-cost AI: What bankers need to know
The Chinese startup roiled markets with its AI assistant, which appears to be a less expensive answer to ChatGPT. Banks have reasons to be cautious about this particular model but also to hope it will bring down AI’s costs.
Bread warns political uncertainty could hinder its growth
The credit card issuer’s earnings missed Wall Street estimates, but it reported improvement in sales, delinquencies and chargeoffs. Its management added unclear political direction and cloudy monetary policy threatens an already conservative outlook for 2025.