Ex-Fed Gov. Kugler resigned after violating trading rules
The Department of Government Ethics on Saturday released financial disclosures for former Federal Reserve Gov. Adriana Kugler, showing she had executed several individual stock trades in 2024, including during Fed blackout periods, an apparent violation of Fed ethics rules. The Federal Reserve Inspector General has launched an investigation.
JPMorgan shutters payments platform it acquired from Volkswagen
While the bank will no longer run the platform, it will continue providing mobility services to clients in the industry.
Nonbank financial firms have been running wild. A reckoning is coming
From private credit to stablecoins, firms with scant oversight have been allowed to gobble up business that formerly went to regulated banks. Until balance is restored, the system is overburdened with risk.
BNY predicts digital assets will expand quickly
BNY estimates the market for stablecoins, tokenized deposits and other assets will reach a combined value of $3.6 trillion in four years, while Standard Chartered says the entire banking industry will soon be “tokenized.” The trend is creating pressure to update strategies and technology.
Finzly brings agentic AI to back-end payments processing
The payments fintech recently introduced AI agents to its lineup of products banks and credit unions can pick from and add to their existing technology stacks.
Quantum startup claims advance in fraud detection technique
Haiqu’s new encoding technique allows quantum computers to process high-dimensional financial data, showing improved performance in spotting anomalies.
Blue Ridge, which erred with fintechs, exits consent order
The Virginia-based bank had been an example of what can go wrong when banks partner with fintechs. After being released from an OCC enforcement action, Blue Ridge is now focused on operating as a traditional community bank, said CEO Billy Beale.
Block beefs up Cash App to pry consumers from banks
The payments company is expanding the transfer app in an effort to entice more consumers to use the service as their primary banking relationship
Synapse bankruptcy dismissed, CFPB may start paying victims
Customers of fintechs like Yotta and Juno, who in some cases lost their life savings, may start to get reimbursed out of the agency’s Civil Penalty Fund, but no timeline has been announced for repaying them.
Georgia banks set December acquisition date
MetroCity Bankshares in Doraville, Georgia, plans to finalize its acquisition of First IC Corp; Rockefeller Capital Management’s Brian D. Riley will join BNY Wealth as global head; Blackstone appoints former Morgan Stanley rainmaker Franck Petitgas to a top role in Europe; and more in this week’s banking news roundup.