Lenders paint bleak picture of consumer credit in 3Q survey
Business conditions for consumer-credit firms deteriorated significantly during the third quarter, as higher interest rates left an imprint on funding costs and loan demand, according to new survey results.
Circle’s revenue boosted by Arc token presale
The stablecoin issuer attributed 88% of its non-reserve income revenue to a one-time presale of its Arc blockchain tokens after the network went public in September.
The ‘advisor paradox’ of clients who trust AI for financial advice
Adults who have financial advisors are three times as likely to act on AI’s money advice without checking, new research shows. Those results, which defy conventional wisdom, will outlast the company that uncovered them.
Public banks get tepid response from California voters
Though the votes are not all counted, a ballot measure to establish and fund a public bank in Berkeley appears headed toward defeat. San Francisco voters were almost evenly split on a related proposal.
Court Calif. new-build buyers: Prop 37 funds up to 17% down
Voters comfortably passed the measure creating a $25 billion revenue bond that will provide a second mortgage for large down payments for new home purchases.
EWA fintech EarnIn evokes the Constitution in fight over tips
Maryland’s law regulating the earned wage access industry bars EWA providers from soliciting tips. EarnIn is suing the state on free speech grounds.
Rep. Huizenga, No. 2 on House finance panel, defeated
Democratic challenger Sean McCann ousted Rep. Bill Huizenga, R-Mich., who serves as vice chair of the House Financial Services Committee, in a close race that was only called Wednesday afternoon.
$6.4 billion Binance heist leaves banks off the hook
The FBI’s alert on the theft names only crypto services in its request to companies to help freeze the stolen funds.
Key Senate Democrat vows probe into banks linked to Epstein
Following the Democratic sweep of Congress, Sen. Ron Wyden is expected to chair the Senate Finance Committee and has vowed “full accountability” for the Epstein scandal.
What gets Edward Jones to open its wallet for wealthtech?
Edward Jones Ventures gets 2,000 tech pitches a year. What gets their execs’ attention has far more to do with wallet share than time savings these days.