Analysts: Chime a ‘superior value prop’ compared to banks
The neobank in the second quarter blew past Wall Street’s expectations and posted its second quarter of GAAP profitability as its payments-centric business model continues to resonate with consumers and challenge incumbent banks.
Onity’s 2Q revenues jump, other costs tip scales to a loss
Record lending drove a top-line gain on the year but one-time costs from reverse mortgage servicing sales as negative fair value changes hurt the bottom line.
GOP lawmaker calls for GSEs to buy portable mortgages
The bill, which is meant to free up housing supply locked in by high mortgage rates, does not include assumable mortgages which stick with the property.
Block’s Dorsey evangelizes AI reorganization for financial services
The payment company’s CEO says it’s developing and shipping products faster despite cutting nearly half of its staff. It’s a strategy he says can be replicated at other businesses.
Why a $1.5B wirehouse team considered independence but jumped to Merrill
Although many advisors choose to leave Wall Street mainstays in favor of firms offering greater independence, some find they’re still most at home at another wirehouse. Just ask Todd Hatfield.
The oversight gap: banks must ramp up internal protections in a deregulatory climate
Expanding fintech charters and workforce shrinking across the Fed, OCC, and FDIC require financial services leaders to assume the role of technical auditor to protect against systemic contagion.
Bankers are asking the wrong questions about artificial intelligence
The biggest barrier to effective adoption of AI within banks is not the capability of the AI systems themselves, but the failure to recognize that the technology is only as good as the underlying systems it helps automate.
What good is a high yield on an empty account?
Whether or not the CLARITY Act becomes law, cryptos have a problem protecting assets, and that problem is not going away.
What we know about the CFPB’s forthcoming open-banking rule
The Trump administration is currently reviewing a soon-to-be-released proposal on consumer financial data rights.
Who loses when Upstart becomes its own lender?
The online lender said its national bank will become the “primary originator,” displacing the banks that are lenders of record. Loan buyers keep their role.