PayPal eyes industrial loan charter
The payments company submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. to create PayPal Bank. If approved, Mara McNeill, the former president and CEO of Toyota Financial Savings Bank, will serve as PayPal Bank’s president.
How OMB Bank became a fintech sponsor bank
The small Missouri community bank partnered with embedded banking provider Treasury Prime to connect with fintechs and signed on its first sponsoree earlier this year.
Bots and gift card theft drive holiday fraud surge
New data shows a 21% jump in fraud attempts during Thanksgiving week, with automated bots and credential stuffing leading the charge.
Navy Federal, Vystar sign up for Visa’s stablecoin consulting
Visa launched its Stablecoin Advisory Practice, a value-added service from its consultancy arm Visa Consulting & Analytics, to help financial institutions, fintechs and merchants deploy stablecoin technology.
To stop scammers, banks should offer dual approval of transactions
As AI makes financial scams more and more convincing, banks would do customers a real service by allowing them to opt in to dual approval of transactions above certain dollar limits.
JPMorgan debuts first money market fund tokenized on Ethereum
The New-York based bank on Monday debuted the My OnChain Net Yield Fund, or MONY, a private fund supported by JPMorgan’s tokenization platform, Kinexys Digital Assets.
Fed Gov. Miran says goods inflation may remain elevated
Federal Reserve Gov. Stephen Miran said higher goods prices could be the tradeoff for bolstering national security and addressing geoeconomic risks.
City National joins crowded field of banks in the Carolinas
The Los Angeles-based subsidiary of Royal Bank of Canada is elbowing into fast-growing North Carolina and South Carolina with a strategy focused on middle-market banking.
Bank stress tests are too important to be left to regulators
Passing a federally mandated stress test is table stakes in risk management. Banks need to be proactive about designing and implementing stress tests that consider a wide range of scenarios, with a particular focus on tail risks.
No downside to nixing Comerica deal, says activist investor
HoldCo Asset Management says that shareholders should reject Fifth Third’s proposed acquisition of Comerica during a Jan. 6 vote due to what it calls an “unacceptable” negotiation process and the possible upside from another deal.