The Diem project seeks U.S. regulatory approval to issue stablecoins to power its payments system; federal judge unfreezes the $5 billion Citigroup mistakenly sent to lenders last year.

As profit margins shrink, Rocket and UWM expect to make it up on greater volume; the program would put the auctioneer in competition with traditional lenders and its former unit, PayPal.

The deal, which could happen this week, would value the mortgage lender at $7 billion; lenders are worried about the impact of CECL, which requires them to recognize loan losses early.

CFPB sounds alarm on the number of borrowers in arrears while the originations market appears to have peaked; crypto firms bulk up on lobbyists as regulators seek more investor protections.

Banks remain well capitalized but hidden risks abound, especially at hedge funds, the Fed’s semiannual report says; the contracts will eventually pay out in cash.

Some of the lenders are demanding immediate repayment as SEC chair prepares to address the issue; the company plans to use its acquisition of BitGo to compete against traditional banks.

The bank told its U.S. employees to be ready to return by June 14, June 21 in the U.K.; the SBA is no longer taking applications for the small-business lending program.

The Fed chair says nonbank lenders should be subject to the law, which requires congressional action; the former head of the CFPB has been named head of the federal student aid program.

German regulator says the bank still has a lot of work to do on preventing money laundering; at 11%, the percentage of Blacks in mortgage forbearance is double the rate for all borrowers.

Biden spending proposal would require banks to report on their business clients to the IRS; Wells, JPMorgan Chase and Citi haven’t resumed offering the property-backed lines of credit.