Georgia investors evolve their plan for starting a new bank
The group behind the proposed Georgia Skyline Bank says recapitalizing a 24-year-old Virginia bank offers a faster path to success than a new charter would.
Bank ID vendor traced to a dark web license sale
IDScan.net removed the pages naming its bank and credit union integrations after KrebsOnSecurity traced 153 million license scans to the company.
Int’l banks plan stablecoin, OpenPayd enters US market
A consortium of international FIs are planning to issue a U.S. stablecoin in early 2027; London-based OpenPayd has entered the U.S. through its acquisition of MSB USA; the U.K. fined Citi £4.7 million ($6.3 million) for hundreds of transactions in breach of sanctions against Russia; and more in this week’s banking news roundup.
After owner couldn’t repay debts, NM bank poised for sale
The controlling owner of Santa Fe-based Century Financial Services Corp. wound up in bankruptcy court. Now his 71% stake is on the verge of being sold to an Oklahoma bank.
Citi’s use of Swift blockchain extends tokenized deposits’ reach
Swift’s network of 11,500 banks can exchange deposit tokens in a standardized way.
Pulte: ‘cartel-like’ bureaus should cut costs, eyes bi-merge
The big three’s trade group has said they operate legally and protect the industry with a trio of reports. FHFA also is opening up VantageScore for all lenders.
SEC moves to nullify pay-to-play ban for federal contracts
The Securities and Exchange Commission proposal would eliminate a ban on investment advisors receiving government contracts within two years of making political contributions. The agency says existing laws can address pay-to-play conflicts of interest.
Schwab raises fees on wealthy clients as upmarket push continues
Fee increases Charles Schwab is adopting for its in-house advisory business will keep a cheaper alternative for high net worth clients while helping to plug revenue holes.
Walmart-linked fintech’s banking incursion reaches autos
OnePay’s My Garage combines payments and financial information as it continues to build out a financial app.
Tax ‘traps’ and capital gains strategies for in-kind charitable donations
While donating stock is a clear win for clients to avoid capital gains taxes, gifts of property require a qualified appraisal to get a deduction.