Trump’s threats to the Fed’s independence must be resisted
Trump’s demand that Federal Reserve Board Governor Lisa Cook resign is the latest in his dangerous effort to assert control over the central bank. Fed independence is critical to the health of the U.S. economy and must be preserved.
CFPB revamps 1033 open banking rule with new focus on fees
The Consumer Financial Protection Bureau initiated a new rulemaking process for its open banking rule with a focus on who can serve as a representative for the consumer and whether banks can charge fees to third parties for consumer data.
OCC terminates consent order against Anchorage Digital
The Office of the Comptroller of the Currency Friday terminated a 2022 enforcement order against Anchorage Digital, the first federally regulated crypto bank, at a time when fintechs and crypto firms are increasingly seeking national trust charters.
Grasshopper Bank lets customers ask Claude about their money
The digital bank gives its business clients the option of feeding their bank account data into Anthropic’s large language model, which will then provide answers to their questions.
High-profile new blockchains signal a shift in power over payments
Noelle Acheson writes that new blockchains from Circle and Stripe are about more than customization and control over the features. They’re about redistributing power across the payments landscape
As crypto trust applications grow, so do banks’ objections
More nonbank digital asset firms are applying for national trust charters, a development that many banking organizations oppose due to what they say is inadequate oversight, lack of congressional intent and no FDIC backstop.
Trump calls on Fed’s Cook to quit over mortgage probe
The Federal Open Market Committee member is the third Democrat the Trump administration has accused of committing occupancy fraud.
Truist to open 100 branches, hire more financial advisors
The Charlotte, North Carolina-based bank, which is focusing its growth push in the Southeast, is also planning to renovate 300 existing offices as part of an effort to attract more mass-affluent customers.
Klarna inks loan sales deal ahead of IPO
The Swedish financial institution will sell future buy now/pay later originations to Nelnet. Also, RBC and BMO may sell their payments joint venture; and other news in the global payments and fintech roundup.
Credit union leader: Banks object to ‘fact that we exist’
Scott Simpson, the next CEO of America’s Credit Unions, talked to American Banker about how he plans to fend off a “clear attempt to try to destroy the business model.”