Digital dollars? The stablecoin impact on banks, payments
With licensing bills progressing through both the House and Senate, stablecoins are poised to become part of the regulated financial sector. How the banking and payments landscape will respond to that is up for debate.
SBA moves front and center in GOP’s manufacturing push
A pair of GOP-sponsored bills would modify three of the agency’s major programs in hopes of making more capital available to manufacturers.
The payment companies taking stablecoins mainstream
Visa, Mastercard, PayPal are among the firms moving the cryptocurrency option closer to the point of sale.
Democrats propose bill to limit officials’ crypto activities
House Financial Services Committee ranking member Maxine Waters joined fellow Democrats in introducing a bill barring the president, vice president, members of Congress or their families from owning so much of a cryptocurrency that they are able to influence the market.
Former banker pleads guilty to $2 million check kiting fraud
Andrew Blassie, a former executive at Illinois-based Bank of O’Fallon, pleaded guilty to inflating bank accounts, defrauding retirees and abusing insider access, according to the Federal Deposit Insurance Corp. Office of the Inspector General.
NCUA to cut staff by 20% in sweeping overhaul
More than 200 employees are exiting the National Credit Union Administration as the credit union regulator pursues its Trump-era mandate to shrink government and slash operating costs.
How JPMorganChase democratized employee access to gen AI
The bank’s LLM Suite, a portal through which all employees can use popular large language models, is American Banker’s Innovation of the Year in the Generative AI category.
Nu cuts management layers and plans C-suite hiring, CEO says
“There were four layers between me and the senior managers of the products and like 14 layers across the organization, which is too much for an organization that needs to be agile,” David Velez said.
TD to spend $1B in two-year span on compliance fixes
Upgrading its anti-money-laundering controls is the Canadian bank’s top priority following historic failures that led to a $3.1 billion penalty and a U.S. asset cap.
Waller: Fed not looking to buy bonds amid sell-off
Bond yields are shooting up for the second time in as many months. Federal Reserve Gov. Christopher Waller attributes the volatility to concerns about rising national debt levels.