Citi wins bank support for tokenized deposit tools
Bangkok-based The Siam Commercial Bank will use New York-based bank’s 24/7 clearing and tokenized deposit service in a sign that the banking industry is beginning to look past individual tokenized deposit platforms and toward interoperability.
Bernanke joins Anthropic’s oversight trust, JPMorgan inks NBA deal
Anthropic appoints Former Federal Reserve Chair Ben Bernanke to its long-term benefit trust, JPMorganChase signs a multiyear agreement to be the official jersey patch and banking partner of the Dallas Mavericks, Brazil-based Nubank receives full regulatory approval to open Nu Mexico, and more in this week’s banking news roundup.
Trump says he won’t sign the housing bill
The bill, which passed with wide bipartisan support, will become law at midnight if President Donald Trump doesn’t veto it.
CFPB job cuts frozen until a new director is confirmed
A federal judge has put on hold a plan for mass layoffs at the Consumer Financial Protection Bureau until a new, permanent director is confirmed by the Senate. The judge’s order ratifies an agreement on the issue between the CFPB and its union.
Money supply features in first Fed monetary policy report under Warsh
The Federal Reserve’s semiannual monetary policy report — released just days ahead of Fed Chair Kevin Warsh’s inaugural testimony to Congress in his new role — highlights rising inflation and capital investment-driven economic growth.
When a checkbook IRA is a good idea — and when it’s not
Although there are advisors who suggest steering clear, there are times when clients might benefit from using a checkbook IRA to invest in alternative assets.
OCC, FDIC encourage banks to share data on fraud
The Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. encouraged banks to heed Fincen guidance expanding the PATRIOT Act’s safe harbor for voluntary information sharing between banks to combat fraud.
Finance is not prepared for the coming wave of value destruction
Just as internet connectivity destroyed the market for long-distance telephone service, blockchain technology is going to make high-margin transactions, like cross-border funds transfers, dirt cheap. Established players should brace themselves.
Community banks notch rare victory in housing package
As the deadline for President Donald Trump to sign or veto a housing package looms, hanging in the balance is a reciprocal deposit provision that would give small banks more room to compete for large corporate and municipal depositors.
The housing bill will become law today. Maybe, possibly, it depends
Trump has until midnight tonight to either sign or veto the housing bill; if he does neither, it automatically becomes law.