Swift recruits big banks to test its new blockchain ledger
Seventeen banks, including BNY, Citi, HSBC, Standard Chartered, and Wells Fargo, will make tokenized cross-border payments as the messaging network looks to counter threats from digital asset fintechs.
Iowa bank holding company cited for inadequate capital
The Federal Reserve ordered TS Banking Group to shore up capital at two of its community banks, one of which is already under an enforcement action from the Office of the Comptroller of the Currency.
Citizens’ latest move further positions Coughlin as next CEO
Brendan Coughlin, who is widely viewed as the heir apparent to Citizens Financial Group CEO Bruce Van Saun, will now oversee all of the regional bank’s lines of businesses.
CFPB, in major turnabout, to revisit credit-card late fees
The Consumer Financial Protection Bureau is preparing to request information from credit-card issuers about their late fees. The renewed interest in late fees is a surprise, given the agency last year sided with the banking industry to kill a Biden-era rule that would have dropped the charges from $32 to $8.
Truist’s Chris Ward on “rail simplification” for payments
The Most Innovative People in Finance honoree discusses why consumers and businesses only care that their payments get to the right place at the right time, and how banks can fix this problem.
The history of the US dollar is the history of our country’s growth
In the year of the country’s 250th anniversary celebrations, it’s worth looking back at the long road the U.S. dollar took to global dominance, and the lessons we can learn from it.
Prediction markets are unreliable truth machines: lawsuit
Polymarket’s process for divining “the truth,” the heart of its entire operating model, is itself open to manipulation, a new lawsuit alleges.
Can banks skirt the Durbin Amendment by owning a debit network?
Some of the country’s largest banks are reportedly considering buying a Fiserv-owned debit card network as a workaround to interchange caps instituted by the Durbin Amendment. It’s an idea that looks good on paper, but could be harder to actually implement.
Will the crypto market structure bill cross the finish line?
Banking lobbyists’ push for changes to stablecoin yield rules as part of long-embattled crypto market structure legislation has stalled, with no new talks in sight.
Activist investors demand changes at Alabama community bank
Two investors are in open revolt over what they see as inaction and underperformance at United Bancorporation of Alabama. Among their demands: more stock buybacks, lower expenses and new faces on the board of directors.