Washington bank hopes BaaS investments will pay off soon
Coastal Community Bank reported smaller profits in the second quarter as it prepared for a growth spurt. “We think we’re winning the right business,” said CEO Eric Sprink.
Upstart returns to profitability in second quarter
The online lender reached profitability ahead of schedule with a boost in loan volumes and increased its outlook for the year despite macroeconomic uncertainty.
TD Bank, despite asset cap, eyes growth in small biz banking
Industry veteran Chris Ward has been tapped to lead the Canadian bank’s new U.S. small-business banking department. “It’s absolutely a growth opportunity,” he said.
Fed’s Cook warns against assuming AI will counter inflation
Federal Reserve Board member Lisa Cook said artificial intelligence will be transformative, but cautioned government officials not to assume that gain in AI technology will offset inflationary pressure elsewhere arising in the economy.
Global Payments misses earnings estimates amid Worldpay deal
Global Payments executives touted the company’s Genius point of sale rollout and Worldpay acquisition during a second-quarter earnings call with analysts, but some are concerned the reinvention is coming too late.
Visa’s bank tech hits New Zealand, Tether’s Africa stablecoin push
The card brand’s Pismo platform will support banking services for the Auckland-based fintech Dosh; Tether collaborates with a blockchain firm to expand USDT. That and more in American Banker’s global payments and fintech roundup.
Rhode Island writes its own cybersecurity rules for nonbanks
With federal oversight easing, Rhode Island joins states pushing cybersecurity laws for finance companies not covered by federal bank regulators.
Credit unions turn to tech to compete for young customers
In an effort to compete with the vast resources of big banks, credit unions are partnering with fintechs to deliver banking products designed for children.
Stablecoins are going to greatly complicate AML compliance
As stablecoins and related products gain traction in the U.S., bankers are going to have to face the fact that their current anti-money-laundering controls simply aren’t up to the task anymore.
Grasshopper Bank adds capital, will use it to fuel expansion
The New York-based digital-only bank is seeking to partner with more brands after a recent deal opened the way to serving millions of AAA customers.