National bank preemption is settled law, and good policy
The perennial effort by state-level lawmakers and regulators to impose their will on national banks risks damaging a well-balanced system that has allowed the U.S. economy to thrive.
Bankers don’t see stablecoins as an existential threat, yet
Execs say other banks are still more of a rival for deposits than the digital currency.
Wash. bank rocked by scandal chooses new CEO
First Northwest Bancorp in Port Angeles has selected an Everett, Washington-based competitor’s president to serve as its new top executive.
BofA shuffles leadership, CEO Moynihan to stay at least five years
The Charlotte-based megabank announced that it had appointed two business leaders to be co-presidents of the bank, and elevated its chief financial officer to serve as executive vice president.
Berkshire Bank accused of aiding small-town Ponzi scheme
The Massachusetts bank is being accused of aiding and abetting the operation of a Ponzi scheme centered in Hamilton, New York. The bank declined to comment on the allegations.
City National promotes Brandon Williams
City National Bank promotes Brandon Williams to head private banking and wealth management; a former U.S. Postal Service letter carrier is sentenced to five and a half years for stealing over $10 million in checks from the mail; Lazard expands its North American investment banking franchise with two managing director hires; and more in this […]
FedNow to raise transaction limit to $10 million
The government-powered network is allowing larger payments to settle instantly, a move The Clearing House has also made for its RTP network. Payment experts say more than higher limits are needed to make speedy processing ubiquitous.
Tether targets December for launch of U.S.-regulated stablecoin
The world’s largest stablecoin issuer is preparing to launch USAT, its U.S.-regulated, dollar-backed stablecoin, by the end of the year, Tether CEO Paolo Ardoino told reporters at an event in New York. Bo Hines was also named CEO of USAT.
Auto lending fintech Lendbuzz files for IPO
The AI-powered auto lender is the latest fintech to debut an IPO in recent months, even as a different auto lender filed for bankruptcy this week.
Why payment firms are pushing biometrics for e-commerce
Biometrics for in-store payments are taking off; the next logical step is e-commerce. Here’s how that may work.