How the Trump administration has neutralized the CFPB
Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.
The new rules of financial wellness
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More rate cuts eyed as Fed zeroes in on soft labor market
Federal Reserve Chair Jerome Powell said there was a “high degree of unity” among committee members during this week’s Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
Bank stocks rise on Fed’s first rate cut of 2025
The Federal Open Market Committee’s decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
New York bank doubles down on insurance with big investment
Community Financial in Syracuse has made its biggest investment ever in an outside company, taking a $37.4 million equity stake in an insurance provider that focuses on the rental housing market.
Minnesota credit union is launching its own stablecoin
St. Cloud Financial Credit Union will be issuing its own stablecoin at the end of this year, becoming one of the first U.S. credit unions to do so.
Auto lender’s bankruptcy sets off scramble after alleged fraud
Creditors of the subprime auto lender Tricolor, which filed to liquidate in bankruptcy this month, are staking their claims on the company’s remaining assets.
Affirm, Klarna, deepen ties with Apple
The two BNPL giants’ pay-over-time loans will now be available for in-store purchases on Apple Pay in a move to capture more sales at brick and mortar stores.
NY regulator tells banks to monitor customers’ crypto risk
State regulator says blockchain tools are key to detecting money laundering and sanctions violations.
Visa targets wealthy consumers in the UAE
Visa is introducing a premium service to the Middle East, and Lloyds Banking says its cash protection product is showing results. Plus, Brex teams up with Doordash and more in the American Banker global payments and fintech roundup.