Federal Reserve Vice Chair Philip Jefferson said that as interest rates have moved toward a more neutral level, "it makes sense" now to proceed with caution.
Bangladesh's central bank has suggested the Federal Reserve Bank of New York had a "major lapse" in allowing hackers to transfer $101 million in transactions that it later flagged as suspicious, according to an internal document seen by Bloomberg.
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U.S. customers who have previously used Sweden-based Klarna's buy now/pay later financing — and paid off their loans in full — will be prequalified for interest-bearing loans through a new version of the Klarna Visa card rolling out later this year.
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Banking Circle US is the first company to use Connecticut's uninsured bank charter for wholesale and merchant activities. This kind of charter makes sense for payments firms, but questions persist about overall viability.
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Ant Group's Alipay is linking to Pakistan's NayaPay as part of a push to support tourism to China, Revolut has obtained a license from Mexico's National Banking and Securities Commission, and more.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
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This summer, Fiserv plans to implement a solution that will move managed accounts using mutual fund advisory and exchange-traded funds on to its existing unified managed account platform.
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"Follow the money" can serve as a good starting point for identifying strong-performing mutual funds, said analysts at Standard & Poor's.
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The Delaware company, best known for issuing prepaid cards, has ramped up commercial real estate securitizations. The shift promises to deliver big fees, but it could also cause headaches if defaults spike.
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Some believe the administration will delay action on Fannie Mae and Freddie Mac to avoid any political fallout. Others say the window for reform is closing.
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The Department of Housing and Urban Development approved a settlement in favor of the California Reinvestment Coalition against CIT Group's OneWest Bank, which Steven Mnuchin ran before he became Treasury secretary.
The Chicago-area bank closed the fifth-largest deal announced this year in a matter of months. It may bode well for M&A, as several big transactions have been announced in 2024.
Democratic lawmakers signed an amicus brief with the D.C. District Court supporting a preliminary injunction to stop mass firings by the Trump administration at the Consumer Financial Protection Bureau.
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The Federal Housing Finance Agency may have gotten more than it bargained for in its review of the Home Loan banks, but there is little doubt that the effort will result in significant structural change.
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The agency should be asking why, in today's America, there is anyone who wants a full-service checking account but can't get one.
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The agency needs to demonstrate the moral courage necessary to break up unmanageably large banks.
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The Minneapolis-based bank is still exploring stablecoin options outside of custody services, but sees opportunity in trade finance, CEO Gunjan Kedia said at The Clearing House Annual Conference in New York Wednesday.
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Large banks seem comfortable paring back their capital positions while they await an updated proposal on the so-called Basel III endgame. The rules are widely expected to be more lax than what was proposed during the Biden administration.
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The ICBA opposed Coinbase's filing for a trust charter in a public letter as Comptroller Jonathan Gould defended the fintech charter process on Tuesday.
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After more than a quarter-century as a regulator, Jason Sisack had planned to enjoy some time off before taking a new job. He reversed course once Carver, which is operating under an enforcement action, approached him.
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Comptroller of the Currency Jonathan Gould said Tuesday that chartering compliant fintechs is "the only way" to level the playing field between banks and nonbanks. His comments come as the Office of the Comptroller of the Currency weighs new trust charters and stablecoin rules.
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With the U.K. and U.S. giving a green light to the company's $22.7 billion scale-building deal to buy Worldpay, Global Payments has begun its integration strategy.
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The challenger bank in the third quarter launched Cash Coach, an AI-powered customer insights engine that helps consumers optimize earned interest in deposit accounts and minimize interest charges on credit cards. SoFi plans to roll out a "more comprehensive" SoFi Coach that incorporates all areas of financial services as part of its strategy to rival banks.
FirstSun Capital Bancorp plans to buy First Foundation in an effort to accelerate its Southern California growth. The $785 million transaction follows FirstSun's failed takeover of Seattle-based HomeStreet.
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