OCC cites 9 big banks’ ‘inappropriate’ debanking actions
The agency stopped short of detailing specific instances but pointed to policy statements from 2020 through 2022 in a preliminary report issued Wednesday.
(How many executives from these banks support MAGA? #FAFO)
#BNPL growing as charge-offs and late fees decline: CFPB
The report offers validation for the BNPL industry, which has faced criticism for expanding into everyday spending, such as food delivery.
https://www.americanbanker.com/payments/news/cfpb-report-finds-pay-in-4-bnpl-loans-growing
Stripe digs deeper into #CryptoCurrency
The digital payments player bought a crypto-focused digital wallet, and its Privy unit has joined with Klarna to develop a crypto wallet.
https://www.paymentsdive.com/news/stripe-digs-deeper-into-crypto/807678/
To quote the great Yogi Berra, it’s déjà vu all over again:
Fintech Lender Enova is acquiring digital-only bank Grasshopper. Some of you will remember that the current Grasshopper management team was the management team of Radius Bank when it was acquired by Lending Club.
https://www.americanbanker.com/news/high-cost-lender-enova-to-buy-digital-only-grasshopper-bank
PNC launches direct #CryptoCurrency trading through Coinbase
Major banks such as PNC are embedding direct #BitCoin trading into client platforms starting with private banking.
https://www.americanbanker.com/news/pnc-launches-direct-crypto-trading-through-coinbase
Goldman, Moody’s alum-led credit platform raises $6.1M
Available data to make credit decisions has grown tenfold in the last decade, one investor said, but most financial institutions’ systems haven’t evolved in that time. AIR aims to close that gap.
https://www.bankingdive.com/news/goldman-moodys-alum-AIR-credit-platform-raises-6-million/807581/
Wells Fargo's CEO calls out 'subpar' home lending returns
Despite the issues in Wells' residential mortgage unit, the bank's cards and auto lending businesses appear to be picking up steam.
https://www.americanbanker.com/news/wells-fargos-ceo-calls-out-subpar-home-lending-returns
PNC’s Demchak bemoans M&A speculation
The PNC CEO said everyone’s a buyer, and price tags are too high on small-bank sellers. But at the same time, he blasted critics of his franchise’s FirstBank deal.
Fifth Third CEO 'not worried' about suit over Comerica deal
The nearly $11 billion deal has been challenged in court by activist investor HoldCo Asset Management.
https://www.americanbanker.com/news/fifth-third-ceo-not-worried-about-suit-over-comerica-deal
Here's what is really behind all these stablecoin 'risk' reports
Recent weeks have seen a flurry of stablecoin risk reports from international finance institutions; Noelle Acheson deduces what's really going on.
https://www.americanbanker.com/news/stablecoin-risk-reports-are-everywhere-this-is-why
Monet Bank, a small Texas community bank owned by billionaire Andy Beal, is rebranding itself as an "infrastructure bank" for #DigitalAssets.
Nic Puckrin of Coin Bureau says digital assets shifting from fringe to a necessary innovation.
https://www.americanbanker.com/news/beal-owned-monet-bank-pivots-towards-digital-assets
Self-Help Credit Union recently filed a lawsuit against Fiserv alleging the tech giant knowingly provided insecure account processing systems and demanded "ransom" in the form of exorbitant termination fees when the credit union attempted to leave.
https://www.americanbanker.com/news/nc-credit-union-sues-fiserv-over-insecure-systems
#Payments players cozy up to #CryptoCurrency
Banks, card networks and fintechs are issuing #Stablecoins, and embracing the digital currency infrastructure to usher clients into a new financial era.
https://www.paymentsdive.com/news/payments-players-cozy-up-to-crypto/806751/
As NMI enters embedded lending, it faces a crowded market
The payment processor will need to recruit other large institutions to support the lending product.
https://www.americanbanker.com/payments/news/nmi-offers-embedded-lending-for-small-businesses
HSBC taps interim US CEO for permanent role
Jason Henderson took on interim duties after the bank’s previous U.S. CEO, Lisa McGeough, left HSBC to lead Deutsche Bank’s Americas region
https://www.bankingdive.com/news/hsbc-jason-henderson-us-ceo-interim-roberts-mcgeough-nelson/807433/
Sallie Mae's subdued earnings forecast puzzles investors
Sallie Mae, America's largest private student lender, predicted earnings per share for the next several years that fell short of analysts' estimates, alarming investors.
https://www.americanbanker.com/news/sallie-maes-subdued-earnings-forecast-puzzles-investors
