Bank trades take aim at stablecoin interest ‘loophole’
Bank groups, especially those representing the largest institutions, did little in the way of a public campaign against the provisions in the stablecoin bill that could disintermediate traditional banking, but are picking up steam for the upcoming market structure fight.
Why BNPL fintech Splitit is betting on big tech wallets
The lender, which uses existing credit balances to fund installment loans, has linked to Samsung Pay and plans other partnerships in the future to build a global merchant network.
What’s driving banks, credit unions towards automation?
New data from American Banker finds that use cases for intelligent automation are growing across banks and credit unions alike, such as fraud and lending.
Stablecoins need privacy baked in, not bolted on
Businesses accepting payments in stablecoins on a public blockchain are making vast amounts of data available to their competitors. For the technology to really take off, a privacy-preserving solution is needed.
Inside Municipal Credit Union’s plans for BNPL credit reporting
Affirm and FICO earlier this year took the first steps to incorporate buy now/pay later loans into consumer’s credit reports. But it will be some time before lenders start making credit decisions based on the short-term installments, even if holdouts like Afterpay and Klarna decide to report to the credit bureaus.
Circle reports increased revenue in first earnings after IPO
The stablecoin issuer said revenue and reserve income increased due to more stablecoins in circulation after its IPO and the passing of the GENIUS Act.
Canadian bank CIBC names new U.S. head amid CEO transition
The Toronto-based bank has promoted Kevin Li to take over as head of its American operations. He will succeed Shawn Beber, who is retiring.
July inflation shows modest rise, raising chance of rate cut
Core CPI, which excludes food and energy, rose to 3.1%, up from 2.9% in June.
Fed bans former First Horizon bank teller for embezzlement
The bank teller, Khalila Cooper, embezzled $34,000 over a six-month period. She has been banned from the banking industry for her “personal dishonesty,” the Fed said.
Bank fees for data access threaten the foundations of open banking
The CFPB must unequivocally state that consumers own their financial data and prohibit financial institutions from monetizing access to it. No one, not even the biggest bank in the country, should dictate with whom consumers can share their data.