A new tax on digital asset transactions will harm consumers in Illinois
As stablecoins and other cryptocurrencies enter the mainstream, lawmakers in Illinois have imposed a new transaction tax on digital assets. It will raise costs for everyday consumers and drive away businesses.
Payward closes $600 million acquisition of Reap
The parent company for crypto exchange Kraken bought the stablecoin payments fintech as it awaits a response to its national trust bank charter application.
Fannie, Freddie release FICO 10T historical data
This data release means another milestone for the use of updated credit score models than the current FICO Classic has been met by Fannie Mae and Freddie Mac.
Patriot exits regulatory action, widens private banking push
The Connecticut-based bank announced its release from a formal agreement with regulators. It is pushing to expand in wealthy areas such as Beverly Hills, California, and Palm Beach, Florida.
Adyen appoints interim CFO, chief product officer
The fintech said that Senior Vice President of Group Finance Hwa Tsao would become the company’s interim chief financial officer effective Sept. 1 following the departure of CFO Ethan Tandowsky at the end of August. Separately, Gayathri Rajan will assume the role of chief product officer, effective immediately.
Bank loan mods rise 7.1% as FHA, VA rules shift
The rise in completed modifications occurred as many other loan performance indicators plateaued, and may reflect the temporary impact of recent rule changes.
House finance committee passes EWA bill, among others
A bill setting national standards for earned wage access programs passed the House Financial Services Committee in a 29-22 vote.
Swedish court orders Google to pay Klarna $2 billion
Courts in Sweden told Google to pay price comparison website and Klarna subsidiary PriceRunner nearly $2 billion after the court found that Google favored its own price comparison service. PriceRunner initially sought more than $8 billion in damages.
Foreign central banks embrace Warsh’s shift to less guidance
During his first overseas speaking event since taking over as chairman of the Federal Reserve, Kevin Warsh found common cause with other central bankers in his push for more restrained communications and forward guidance to markets.
Anthropic is restoring Fable 5, but questions linger
The company has built even more safeguards into the model, including a fallback to Opus 4.8 for requests that trigger security controls.