Digital Mortgage Direct Page

Daily edition for January 12, 2022

If the payments company moves ahead with a digital currency rollout, its network of merchants and consumers as well as its retail-payments focus could give it the upper hand over banks, whose products are limited to cryptocurrency exchanges, wholesale payments and other specific uses.

The standard charge for customers who overdraw their accounts is $30 or more. Analysts say one megabank’s decision to slash the price will pressure competitors to take similar steps.

Citigroup announced Tuesday that it plans to exit retail banking in Mexico, less than a year after Fraser said “there’s a lot to like in the franchise over the longer term.” She explains her new thinking.

The companies will use funding obtained from private investors to develop or expand products that help business owners send and receive money more quickly and manage their operations.

Jerome Powell sought to strike a political balance at his reconfirmation hearing. He assured Republicans the Federal Reserve wouldn't overstep its authority on bank mergers and other matters, while telling Democrats the central bank has a responsibility to monitor financial stability and the risks of climate change.

South Carolina Federal Credit Union and G.H.S. Federal Credit Union plan to combine into an institution with roughly $3 billion of assets and more than 176,000 members.

Cryptocurrency kiosks are increasingly suspected of being used in the smuggling of human beings and drugs. Law enforcement agencies need more information about their locations, according to a government watchdog report.

Michael Ritz is a relationship manager with Lenox Advisors.