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Bank of New York Mellon didn't think it would need to record on its balance sheet digital assets held in custody when it asked the New York State Department of Financial Services for permission to offer the service, according to a filing obtained by American Banker. The SEC has since said otherwise.

The legislation would have allowed nonbank lenders to charge more for consumer installment loans. Gov. Ron DeSantis, a Republican presidential candidate, explained his veto by saying that the bill might result in additional consumer indebtedness.

The Federal Reserve's highly anticipated stress tests indicate that all banks are sufficiently capitalized to weather an economic downturn, but midsize banks were among those with the lowest minimum capital levels.

Globally, deal values have fallen more than 40% this year to $1.2 trillion, according to data compiled by Bloomberg.

Dallas-based Texas Capital Bank believes virtual credit cards, offered through a new fintech partnership, can help small-business customers make their payment processes more efficient.

Younger customers want personalized engagement, including in their music playlists, experts said at American Banker's recent Digital Banking conference.

The payments and bank technology firm says its stand-alone NCR ATMCo will focus on "ATM-as-a-service."

A new inspector general report suggests that grifts were more pervasive than has previously been reported. The Small Business Administration, which drew blame in the watchdog report, took issue with the findings.

Sen. Elizabeth Warren, D-Mass., said bank regulators have been shortsighted in allowing banks to merge and should be tougher when issuing M&A guidelines.

So says Solidus Labs, a New York-based company that specializes in ways to monitor suspicious crypto transactions.

This week in global news, U.K. payment regs draw fire, Alipay expands, Italy considers a central bank digital currency and more. 

The startup processes more than $10 billion of purchases annually and was among the first digital lending platforms in India to provide short-term working capital for small or family-owned merchants.

Vantage Bank of Texas will be allowed to add a new branch in Houston, but Fed Gov. Michelle Bowman said the episode highlights the need for new policies around assessing public commentary.

The Ninth U.S. Circuit Court of Appeals reversed a prior ruling made in 2021 that dismissed the class action, thereby reinstating the litigation that claims the media giant's advertising platform allowed for redlining practices.

Wise bank managers make sure that they are training employees for their next roles, and creating a deep bench of versatile talent.

The Block unit's new American Express card credits users with $1 in payment-processing fees for every $3 they spend on business expenses. It's also offering new loan terms and other tools for managing expenses and cash flow.

Between 2004 and 2021, the share of originations under $150,000 has declined by 70%, forcing a growing number of consumers to seek alternative forms of financing instead of getting a mortgage, a Pew Charitable Trusts report found.

Cullen/Frost, Columbia, Synovus, Valley National and Associated all have relatively large exposures to the office sector, which has been hurt by the popularity of remote work. Their executives point to factors that offer protection, including the geographic composition of their portfolios and the types of buildings that serve as collateral.

About 90% of surveyed bankers said cybersecurity was their biggest worry, ahead of legacy tech and talent shortage issues.

Industry leaders cautioned the National Credit Union Administration against drafting new regulations to address the financial risks associated with climate change.