Citi records $1.3 billion reserve build for Argentina, Russia
Citigroup recorded a $1.3 billion reserve build tied to its exposure in Argentina and Russia, it said in a filing.
Republicans push back against FSOC designation guidance
Republican lawmakers spelled out concerns that the Financial Stability Oversight Council’s ability to designate nonbank financial companies as systemically important could circumvent the lawmaking process when it comes to cryptocurrency.
IRS move narrowing access to tax data sparks lender outrage
The agency plans to restrict access to a system that provides borrower tax returns to mortgage lenders beginning June 30. Left out of the loop, small-business lenders say getting credit to borrowers will become more difficult as a result.
Legal hurdles laid bare in CFPB’s proposal to supervise Big Tech firms
In comments submitted to the Consumer Financial Protection Bureau concerning its “large participant” rule governing Big Tech in payments, many commenters outlined procedural concerns, suggesting there may be grounds for litigation when the rule is finalized.
Hacker hijacked phone number to post fake SEC tweet
SEC Chairman Gary Gensler clarified Tuesday that a post on X from the official SEC account that the commission had approved bitcoin ETFs was the result of a hack. X said the SEC did not have multifactor authentication enabled on its account.
Ant looks to buy Dutch firm; Adyen seeks merchants in Iceland
In addition to Ant’s possible deal to buy MultiSafepay and Adyen’s work with Straumur, Visa has partnered with TECH5 on government ID and Mastercard is expanding its virtual-card network through Rawbank.
How payments companies are driving their businesses forward
From Mastercard partnering with banks and third parties in new open-banking relationships to PayPal stepping into the cryptocurrency payments market by launching its own stablecoin, payments firms are taking on new opportunities.
Banks tap corporate litigator Eugene Scalia to fight capital hikes
Former Trump Labor Secretary Eugene Scalia has been enlisted by the Bank Policy Institute to utilize his procedural expertise in advising on potential legal challenges to the Basel endgame capital proposal, as the banking industry intensifies efforts to challenge increased capital requirements for large banks.
The year’s first credit union purchase of a bank is a big one
Hudson Valley Credit Union, which has $6.9 billion of assets, is buying Catskill Hudson Bancorp, which has $593 million of assets — more than any bank acquired by a credit union last year.
The Navy Federal discrimination case should be a lesson for banks
The country’s largest credit union is learning the hard way that failure to assure inclusivity in lending practices is a recipe for both financial and reputational damage.