A strategic bitcoin reserve raises real national security concerns
China currently dominates the market for the hardware and software used to mine cryptocurrency. Creating a large federal reserve would expose a major U.S. asset to potential Chinese meddling.
Ally drops credit card business, posts quarterly profit
The bank, which posted a 74% rise in fourth-quarter earnings, is focusing on its auto loans.
Inside Citi’s quest to battle BNPL fintechs
The bank is among traditional financial institutions attempting to counter the gains rivals have made in buy now/pay later.
Capital One, seeing a healthy consumer, leans into credit cards
CEO Richard Fairbank told analysts executives have their “microscopes” out for any signs of trouble, but consumers remain “in a great place.”
TD eyes selling $9 billion of mortgages as it faces asset cap
Toronto-Dominion Bank is looking to adjust its balance sheet to comply with a new cap imposed by U.S. regulators, part of a plea agreement reached last year for its role in failing to prevent money laundering.
Capital One’s five-day outage highlights third-party risk
A power outage and hardware failure at fintech FIS last week delayed deposits and payments at 27 banks, including Capital One.
Senate Finance advances Scott Bessent’s Treasury nomination
The hedge fund manager and Trump advisor also lent support to the idea of reconsidering deposit insurance limits for some kinds of accounts, such as those used for payrolls.
Bessent wants end to GSE conservatorship but is open to how
Trump’s pick for treasury secretary commits to a thorough and careful recapitalization and release process for Fannie Mae and Freddie Mac.
Trump issues federal workforce executive orders, union sues
President Trump reinstated a revised executive order from his first term that would make it easier for the White House to remove policy-facing federal employees — including Senior Executive Service employees. The National Treasury Employees Union sued the White House in response.
Unsecured database exposes 240k records of Willow customers
A security researcher found a database exposing names, addresses, and bills apparently belonging to Willow Pay, a fintech for short-term financing on bills.