BNPL debt accumulates in the U.K., Ripple expands cross-border tech
The U.K.’s Financial Conduct Authority released data that shows buy now/pay later lending on the rise, Ripple is working with Uphold to improve crypto liquidity, and more.
Should banks fear — or favor — a slowdown in AI investment?
Venture capital was pouring into new generative artificial intelligence technology before President Biden issued an order that could cool the rate of funds from flowing into the sector. Experts say that’s not necessarily a bad thing for bank use of AI.
The roots of customer trust are more varied than you think
Customers cite a large mix of reasons for why they do or do not trust specific financial institutions.
Bipartisan group asks bank regulators to weigh in on SEC custody plan
The group, which is led by Rep. Andy Barr, R-Ky., and includes two high-ranking Democrats on the House Financial Services Committee, says the Securities and Exchange Commission’s crypto-custody proposal could encroach on banking regulators’ jurisdiction.
Can Elon Musk’s X create a financial super app in one year?
The tech billionaire wants the former Twitter’s users to manage all of their finances on the site — the sooner, the better.
Banking group says Durbin is trying to ‘silence and intimidate’ critics
The Electronic Payments Coalition said that Sens. Dick Durbin and Roger Marshall are retaliating against the airline industry, which has been critical of their credit-card swipe-fee legislation. The two senators have called for an investigation of airlines in connection with purportedly unfair practices in their loyalty programs.
More cardholders with solid credit are struggling to stay current
As the holiday shopping season approaches, late payments on credit cards have surpassed their pre-pandemic levels, according to a new VantageScore report. The consumers showing signs of deterioration include not only subprime borrowers, but also those with prime credit scores.
AI, black boxes and bias: The impact of the White House’s executive order
The president directed government agencies to frame new rules on protecting privacy and security, preventing intellectual property theft, reducing bias and more in banks’ use of AI models.
Republic First got a hand up from investors. Is it out of the woods?
A $35 million capital bump from a once-hostile investor group may have helped the Philadelphia bank avoid collapse. Still, it reported $30 million of quarterly operating losses and heavy securities risk in a recently filed call report.
Master account ruling raises questions about other Fed challenges
In a lawsuit between a Puerto Rican bank and the New York Fed, a federal judge ruled that reserve banks are not obligated to give master accounts to banks they deem risky. The decision could have implications for other master account challenges.