BankThink
Given new government rules on payment processing, giants like Bank of America, Chase and Wells Fargo would benefit immensely from acquiring proprietary debit card networks. Why they haven't done so already is a mystery.
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Every business needs a competitive advantage. But for banks their core product, money, is by definition commoditized. So where do banks find an advantage?
May 15
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Lawmakers are moving toward a compromise that would ban yield payments on stablecoins, but allow other rewards. The distinction is functionally meaningless, and leaves small banks in danger of losing deposits.
May 14
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Financial institutions, regulators, and developers are aligning around a common goal of creating infrastructure that makes our global financial system faster, more efficient, and more secure.
May 13
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There are a lot of worrisome things going on out there, but the credit markets overall appear to be okay. For now. And that, really, is all that matters.
May 13American Banker
In a move seen to bolster his 2028 presidential run, California Governor Gavin Newsom named Rohit Chopra, the former director of the Consumer Financial Protection Bureau, to lead a new oversight agency; a Pine Bluff, Arkansas, bank employee was sentenced to 36 months in federal prison for bank theft; a Fairfax, Virginia, security administrator has been charged with allegedly stealing more than $6.6 million from his employer; and more in this week's banking news roundup.
The company's new CEO, and long-time chief technology officer, shares his views on why some banks are stuck in old ways of determining creditworthiness, how Upstart has been modifying its underwriting models and the objections people sometimes have to AI-based lending.
Stephan Feldgoise and Joshua Schiffrin will join Goldman Sachs' management committee; Fidelity Investments is dismissing about 800 personnel as it restructures its technology and product-delivery teams; Citi has hired JPMorgan's André Ross as its country officer and banking head for South Africa; and more in this week's banking news roundup.
BankThink is American Banker's platform for informed opinion about the ideas, trends and events reshaping financial services. View our