Machine-speed banking requires regulators who can keep up
The top Democrat on the House Financial Services Committee’s Financial Institutions subcommittee announces new legislation calling on the Federal Reserve to pilot a project allowing “real-time” regulation of banks.
Midterm drubbing may complicate GOP lame duck priorities
A tight timeline and narrowing margins will make final confirmations difficult and crypto legislation next to impossible to pass for the outgoing Republican majority before Democrats take control in January.
Lenders paint bleak picture of consumer credit in 3Q survey
Business conditions for consumer-credit firms deteriorated significantly during the third quarter, as higher interest rates left an imprint on funding costs and loan demand, according to new survey results.
Circle’s revenue boosted by Arc token presale
The stablecoin issuer attributed 88% of its non-reserve income revenue to a one-time presale of its Arc blockchain tokens after the network went public in September.
The ‘advisor paradox’ of clients who trust AI for financial advice
Adults who have financial advisors are three times as likely to act on AI’s money advice without checking, new research shows. Those results, which defy conventional wisdom, will outlast the company that uncovered them.
Public banks get tepid response from California voters
Though the votes are not all counted, a ballot measure to establish and fund a public bank in Berkeley appears headed toward defeat. San Francisco voters were almost evenly split on a related proposal.
Court Calif. new-build buyers: Prop 37 funds up to 17% down
Voters comfortably passed the measure creating a $25 billion revenue bond that will provide a second mortgage for large down payments for new home purchases.
EWA fintech EarnIn evokes the Constitution in fight over tips
Maryland’s law regulating the earned wage access industry bars EWA providers from soliciting tips. EarnIn is suing the state on free speech grounds.
Rep. Huizenga, No. 2 on House finance panel, defeated
Democratic challenger Sean McCann ousted Rep. Bill Huizenga, R-Mich., who serves as vice chair of the House Financial Services Committee, in a close race that was only called Wednesday afternoon.
$6.4 billion Binance heist leaves banks off the hook
The FBI’s alert on the theft names only crypto services in its request to companies to help freeze the stolen funds.