How the World Cup boosted BofA’s payments
The bank reports an increase in spending in host cities and in restaurants, along with an early read on the role of agentic AI.
Synchrony: Affordability crisis isn’t hurting spending
Synchrony Financial joined the chorus of banks that were enjoying the healthy credit cycle as consumers maintained discretionary spending despite ongoing affordability concerns and persistent inflation.
Schwab vacuums up assets, says there’s plenty to share with RIAs
Schwab directly or indirectly manages only 2% of the $37 trillion in U.S. wealth that could be in the hands of advisors, according to CEO Rick Wurster. The size of the opportunity means there is no need to compete with the firm’s RIA clients.
Chime brings investing directly to its digital banking users
The neobank fintech built investing services into its mobile banking app as it anticipates the potential of rollovers from newly-opened Trump Accounts.
Anthropic cracks Claude’s black box open. Banks may benefit.
In a new paper, the frontier model creator shares how its LLM processes information and generates responses. This could open doors to training, interpretability and governance issues for banks that aim to use it.
Congress needs to stabilize the foundation of interstate bank lending
Efforts by individual states to rewrite existing rules governing interstate bank lending risk throwing the entire system into chaos. Only Congress has the ability to reestablish a workable set of national rules.
The Federal Reserve’s not-quite-as-independent independence
The central bank’s long-held independence from government interference is under siege and its role as a regulator may be a wedge the president uses against it.
Ex-TD Bank employees sentenced in money-laundering scheme
Two former mid-level employees at the Toronto-based bank received U.S. prison sentences for their roles in funneling nearly half a billion dollars through TD accounts.
Samsung launches Galaxy credit card to rival Apple Card
Samsung is taking a page from Apple’s playbook and launching its own, digital wallet-native credit card with Barclays and Visa as the South Korean electronics company looks to expand digital services. It is Samsung’s first credit card in the U.S.
Republicans ask CFPB’s Vought how to curb agency’s power
At a House hearing last week, GOP lawmakers asked Russell Vought, the acting director of the Consumer Financial Protection Bureau, for advice on how to craft legislation to permanently change the CFPB’s authority. The hearing highlighted a consensus among Republicans that administrative policy rollbacks are not enough.