Wise bets on its bank workaround to entice investors
By establishing direct connections to clearing networks such as Japan’s central bank, the cross-border payment firm avoids intermediaries, feeding its strategy to undercut traditional financial institutions.
Truist culls some consumer loans, cites long-term strategy
The Charlotte, North Carolina-based bank stopped originating marine and recreational vehicle loans during the second quarter. Executives said the change will reduce net interest income in the short term, but deliver higher profitability over the long run.
How ETF conversions unlock diversification, tax deferral in stock portfolios
Clients with concentrated stock holdings might be better off turning their portfolios into ETFs in a tax deferral transaction called a Section 351 conversion.
OpenUSD has its work cut out if it hopes to challenge incumbent stablecoins
The recently announced consortium of crypto companies behind OpenUSD, a new dollar-denominated stablecoin, will have to demonstrate that it can build partnerships with banks and intermediaries before it can challenge USDC and Tether.
Lumin Digital gets $70 million from bank, credit union users
The customer-sourced investment will continue to support the digital banking provider’s AI and digital loan origination initiatives.
Banks have never had it this good
Banks are posting record profits, benefitting from being in the middle of a hot credit cycle. Everything is going their way. The only question is, how long can it last?
State AGs sound alarm over Enova, OppFi buying banks
A coalition of 20 state attorneys general, most of them Democrats, is opposing efforts by the high-cost lenders Enova International and Opportunity Finance to acquire banks. The state AGs warn that the companies are trying to dodge state interest-rate caps.
How good was 2025 for brokerages? They made $115B in pretax profits
FINRA’s annual snapshot shows how the wealth industry is changing, from key business metrics and marketing trends to shifts in registration and a shrinking branch footprint.
Citizens to exit in-store branches, build standalones nearby
The regional bank revealed plans Thursday to close most of its supermarket-based branches and replace about half of them with new, nearby standalone branches. The multiyear transition could attract $20 billion to $30 billion in low-cost deposits, executives said.
Bessent doubles down on ‘antifa’ crackdown, with stakes for banks
The Treasury’s leader said the administration is not letting up on its efforts against alleged political violence, a campaign likely to raise the stakes of banks’ relationships with politically sensitive nonprofits.