Adoption is key to stablecoin ‘rewards’ threat to bank deposits
In its recently-passed bill, Congress prohibited stablecoin issuers from offering interest, but left the door open to “rewards” from exchanges. That provision could drive adoption of stablecoins and compete for deposits, but experts say the technology would have a long way to go.
‘Soulbound’ tokens offer versatile options for identify verification
By encoding and decentralizing on-chain identity management, soulbound tokens enable institutions to streamline compliance while introducing a base for new services.
Climate First presses on in disrupted solar lending market
The Florida community bank, which raised $46 million earlier this summer, is moving ahead with its efforts to expand its national solar and renewable energy line of business.
Citi sells Banamex stake to Mexican businessman for $2.3B
Citi had been courting wealthy investors to buy a chunk of Banamex that could be built into a controlling stake after a plan to sell the Mexican unit outright fell apart,
Employees expect CFPB to terminate all enforcement actions
The embattled regulator has dropped more than half its Biden-era docket, including cases against Apple and U.S. Bank. But insiders at the bureau say that’s just the beginning.
Bank alleges rival tried to bar it from lucrative business
Flatirons Bank in Boulder, Colorado, has filed suit against a Virginia-based trust company for allegedly attempting to block its entry into the multibillion-dollar qualified settlement fund business.
Morgan Stanley partners with crypto platform Zerohash
The digital asset tech provider, which recently raised $140 million, will power Morgan Stanley’s E*Trade crypto offerings early next year.
New framework aims to reduce SaaS security risk
A new industry standard from the Cloud Security Alliance aims to solve major security challenges for companies that rely heavily on cloud-based operations.
PayPal inks BNPL deal; Revolut promises to invest in UK
PayPal agrees to a $7 billion BNPL loan purchase agreement with Blue Owl Capital, while Revolut, which is building a financial superapp, is looking for permission to offer more banking products. That and more in the American Banker global payments and fintech roundup.
Bank economists say inflation, job market will deter growth
The American Bankers Association’s Economic Advisory Committee expects the economy to grow, albeit at a slower pace than it previously anticipated. The group pointed to stubbornly high inflation and a weakening job market.