When the Swiss banking giant bought rival Credit Suisse in 2023, it inherited an investigation over money the Nazis looted from European Jews. The issue now seems to be coming to a head in Washington.
At a time when banks have tokenization, stablecoin and blockchain projects in the works, senior leaders will exchange ideas at a New York conference.
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While stablecoins aren't widely used for merchant payments, blockchain tech firms such as BVNK and Polygon Labs are seeking opportunities to add speed to slow-moving international transfers.
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The neobank was bullish on cryptocurrency and stablecoins, which could provide tailwinds as it looks to launch new products including crypto-based lending, institutional trading, and correspondent payments and settlements via stablecoins.
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Like other payment executives, Steve Squeri expressed concern about affordability, but is not in favor of heavy restrictions.
The credit card issuer said it had little to add to widespread discussions regarding the Trump administration's proposed 10% cap on credit card interest rates.
The digital bank added two new board members and raised $123.9 million as it continues to manage regulatory costs amid its push for profitability.
President Trump's announcement Friday morning that former investment banker and Fed Governor Kevin Warsh would be his selection as the next chairman of the Fed ends months of speculation and gives the president a key ally at the central bank.
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Instead of fighting to keep the banking industry unchanged, perhaps it's time for banks to accept that change is inevitable and focus on adapting to remain competitive.
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As tokenization increasingly brings instant settlement to transactions, the liquidity buffer that batch settlement has provided for decades is going to shrink and then disappear. Banks will need to rethink liquidity management.
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While they may look like a tool for reinforcing customer's connection to their banks, loyalty coalitions present serious risks if they are not constructed properly and monitored continuously.
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The digital bank added two new board members and raised $123.9 million as it continues to manage regulatory costs amid its push for profitability.
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CEO Ryan McInerney reiterated the company's long-held stance that the Credit Card Competition Act was "very harmful" and "just simply not needed."
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Even with the 4 basis point rise in the 30-year fixed over the past two weeks, mortgage rates are still hovering near three-year lows, Freddie Mac said.
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The president has called for a 10% interest rate cap and endorsed the Credit Card Competition Act. Michael Miebach expressed strong opposition to the CCCA while expressing concern about a cap's potential impact on access to credit.
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A one-time accounting change will boost the bank's ability to spend on marketing. Traders flinched at the change; analysts called it a buying opportunity.
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