Study shows growing bank entanglement with private credit
A new Federal Reserve Bank of Boston report shows bank lending to private credit has grown over the past decade, though insight into the opaque lending market is limited.
Stablecoins need more than an act of Congress to get clarity
Congress has little time to move on the CLARITY Act before it breaks for recess. But even that bill won’t ensure the future for stablecoins.
The Fed needs to affirm the ‘moneyness’ of stablecoins
If the Federal Reserve wants to keep the U.S. dollar competitive in the 21st century it must move boldly to declare dollar-backed stablecoins equivalent to other forms of money.
USAA and BofA swap patent rights in first two-way deal
Neither company would say how many patents the deal covers, whether either paid the other, or whether USAA pressed its claims first.
Banks price in higher rates as Fed credibility wanes
Bond yields rose after Federal Reserve Chair Kevin Warsh’s second press conference last week, and bankers may have to accept higher rates as the price of a more parsimonious Fed.
Fed gives final approval needed for Santander-Webster merger
Banco Santander’s pending acquisition of Webster Financial got approval from the Federal Reserve Board about five months after the deal was first announced.
Amid AI threat, LPL reviews reliance on ‘cash sweeps’
Brokerages are too dependent on the billions they make every year from clients’ uninvested cash, industry analysts say. LPL is responding with a long-term review of its pricing.
Cross River aids X Money’s quest to disrupt banking
The social media app has partnered with Cross River to manage tasks such as compliance and deposit insurance. But fintech experts say more work is needed before X can threaten traditional banks.
Wells Fargo joins the fast-growing tokenized-deposit club
Big banks, including San Francisco-based Wells Fargo, are eager to defend themselves from the competitive threat posed by stablecoins, analysts say.
Western Union adds stablecoin card as banks push digital assets
The remittance company and stablecoin payments platform Rain are launching Stablecard, a digital wallet and Visa secured credit card backed by Western Union’s stablecoin, the U.S. Dollar Payment Token, or USDPT.