Today's Banking Pulse
Mortgage refinance demand falls 18% as rates climb to 6.65%
Refinance applications dropped 18% week-over-week, with the average 30-year fixed rate rising to 6.65%, the highest since August 2025. Refinance filings now represent just 38% of total mortgage applications, the lowest share since June 2025, while purchase‑loan volume edged down 0.4% and average loan size hit $473,600.
Seventh Circuit Resets Illinois Swipe-Fee Fight as July 1 Deadline Looms
The U.S. Court of Appeals for the Seventh Circuit vacated a February district‑court ruling upholding Illinois’ Interchange Fee Prohibition Act and remanded the case to the Northern District of Illinois. The decision cancels scheduled oral arguments and returns the dispute to a trial court just weeks before the law’s July 1 effective date. The Office of the Comptroller of the Currency has issued an interim order asserting that federal law preempts the state ban for national banks and federal savings associations. Stakeholders now await how the district court will weigh the OCC’s preemption order amid a compressed timeline.
GSB Loan Scheme to Cover School Expenses
The Government Savings Bank (GSB) has launched a 1 billion‑baht (≈ $27 million) “People’s Bank Back‑to‑School” loan programme to help Thai parents cover school‑related costs. Eligible borrowers can receive up to 10,000 baht (≈ $270) per child, with a fixed 0.60 % monthly interest rate and...
OCC Recommends Banks Sharpen AI Defense Tactics
The Office of the Comptroller of the Currency (OCC) released its Spring 2026 Semiannual Risk Perspective, flagging artificial intelligence as both a cyber‑risk and an innovation driver for banks. It urges institutions to tighten AI‑related defenses with multifactor authentication, rapid...
Joseph Fingerman, Signature Bank's Former CRE Head, Is Growing A New Lending Force
Joseph Fingerman, former head of Signature Bank’s commercial‑real‑estate (CRE) unit, joined Peapack Private in March 2025 to spearhead its aggressive CRE expansion. Within his first year he is on track to originate $750 million in loans, driving the bank’s quarterly CRE...
Morningstar DBRS Confirms Coast Capital Savings Federal Credit Union's Long-Term Issuer Rating at BBB (High), Stable Trend
Morningstar DBRS confirmed Coast Capital Savings Federal Credit Union’s long‑term issuer rating at BBB (high) with a Stable trend, alongside an R‑1 short‑term rating. The rating reflects the credit union’s expanded footprint after merging with Prospera and Sunshine Coast Credit...
Goldman Taps Feldgoise, Schiffrin; Fidelity to Cut 800 Staffers
Goldman Sachs announced that Stephan Feldgoise, head of global M&A, and Joshua Schiffrin, appointed global head of risk for banking and markets, will join its 47‑member management committee, reinforcing the firm’s “OneGS 3.0” integration agenda. At the same time, Fidelity Investments...
Equity‑Rich Home Rate Falls to 43.3% in Q1 2026, Underwater Homes Rise to 3.2%
ATTOM released its first‑quarter 2026 Home Equity & Underwater Report, finding equity‑rich mortgaged homes fell to 43.3% of the market, the lowest level since late 2021. At the same time, seriously underwater properties rose to 3.2%, up from 3.0% a...
Zimbabwe’s Gold‑Backed ZiG Currency Stumbles as Merchants Favor US Dollars
The Reserve Bank of Zimbabwe’s gold‑backed ZiG legal tender is hitting roadblocks as retailers and online merchants default to US dollars, despite a recent policy lift that raised transaction limits to ZiG 13,000 (≈$9.30). Consumers face higher prices, settlement delays and...
Celtic Bank Teams with AI Firm Casca to Speed SBA Loan Approvals
Celtic Bank announced a partnership with San Francisco‑based AI company Casca to automate SBA 7(a) loan origination. The move promises to shrink processing cycles from months to weeks, leveraging Casca’s cloud platform to handle document collection, financial analysis and compliance.
ClearBank and Fiat Republic Launch First Live SEPA Indirect Product for Euro Payments
ClearBank partnered with crypto‑banking platform Fiat Republic to launch the first live SEPA Indirect product, allowing Fiat Republic to issue virtual IBANs and BICs while ClearBank handles scheme access and settlement. The service promises faster, more reliable euro payments for...
Mastercard Rallies Partners to Support MENA Small Businesses
Mastercard has launched the "Built Small. Moving Strong." program to help small‑ and medium‑size businesses in the Middle East and North Africa navigate war‑driven trade disruptions and rising costs. The initiative brings together banks, governments and ecosystem partners to provide...
What Payment Leaders Had to Say at American Banker's Payments Forum
Top executives gathered at American Banker’s Payments Forum in San Francisco discussed how AI, blockchain and real‑time processing are reshaping the payments landscape. Wells Fargo highlighted that AI now drives 85 % of its new payment initiatives, enabling tokenized deposits and near‑instant settlement....
World’s Best Banks 2026: North America
The 2026 World’s Best Banks awards highlight North American banks accelerating growth through AI, fintech partnerships, and embedded finance. Leaders such as BMO, RBC, Bank of America, Truist, Citizens, Fifth Third, Regions, and BMO Harris are rolling out AI‑driven platforms, open‑banking...
World’s Best Banks 2026: Western Europe
Western European banks proved resilient in 2025 despite the ECB’s rate‑easing cycle, with the sector’s aggregate CET1 ratio climbing to 16.1% and ROE stabilising around 10%. Margin pressure prompted a shift toward fee‑based income, M&A activity and fintech acquisitions to...
Alaska Airlines Survey Suggests Atmos Rewards Business Card Refresh
Bank of America and Alaska Airlines appear to be planning a refresh of the Atmos Rewards Visa Business card, as indicated by a leaked survey. The proposed changes include a steep annual fee increase from $95 to $195 and new...
Warsh Seeks Fed Balance‑sheet Cuts Post‑LCR Easing
Serious question for fixed income experts: Warsh wants to reduce the Fed balance sheet after bank regulations are eased - specifically the liquidity coverage ratio requirements that forces banks to hold large reserve balances (~$3 trillion). So if/when the reserve requirements are...
Not a Politics Breaker, Just a Bank‑Tax Enthusiast
I feel really bad for all the new followers from the last two weeks who think that I routinely break politics-adjacent news. But if you also are fascinated with the interaction between banks and property tax collection vis escrow services...
Private Credit Not a "Systemic Issue", Industry Says, Though Defaults May Climb
The private‑credit market, now surpassing $1.5 trillion in assets, is seeing a modest uptick in borrower defaults as interest rates climb and credit conditions tighten. Industry participants, including major fund managers, argue that the rising default rates—projected to reach roughly 4%...
Regulators Block Bank Liquidity Requests, Scarce Reserves Inefficient
How to shrink the balance sheet? @DuffieDarrell Due to regulatory pressure, large banks have not come to the Fed to get liquidity. Making reserves scarce again would be 'massively inefficient and stupid' (referencing Fed's Chris Waller's recent speech)
Payward Seeks Federal Bank Charter for Crypto Custody
Kraken's parent company, Payward, applies to become a Federal Bank, offering Bitcoin and crypto custody services https://t.co/hKVxGVLfFY
Kraken Parent Goes for the OCC Charter in Bid to Become a Federal Crypto Bank
Payward, the parent of crypto exchange Kraken, has filed an application with the U.S. Office of the Comptroller of the Currency for a national trust company charter. If approved, the new Payward National Trust Company would provide federally regulated custody...
FCA Warns Lenders to Prepare for No-Scheme Scenario
The FCA warned UK motor‑finance lenders to prepare for a possible “no‑scheme” outcome as four legal challenges to its proposed compensation framework proceed. The regulator said the Upper Tribunal is unlikely to hear the case before October, leaving uncertainty over...
Higher Rates Hit Mortgage Apps, But Only Modestly
Mortgage applications slipped 4.4% week over week as the 30‑year fixed rate rose to 6.45%, the highest in a month. Both purchase and refinance activity declined, with the Refinance Index down 5% but still 29% above a year ago. The...
Chase Sapphire Preferred Ending 10% Anniversary Bonus Points Perk
Chase announced that the 10% anniversary bonus on the Sapphire Preferred card will end on October 1, 2026. The card’s $95 annual fee and its core rewards—5x points on travel booked through Chase, 3x on dining, streaming and online groceries,...
40% of Americans Hold Super‑prime Credit Scores
JUST IN: 40% of Americans have a “super prime credit score" of 781 or higher, per TransUnion
SEC Slashed Offer to Wells Fargo Whistleblower by $125M
The SEC reduced its proposed whistleblower award to former Wells Fargo security chief Michael Bacon from about $180 million to roughly $55 million, prompting Bacon to appeal the decision. The cut came shortly after Paul Atkins, a vocal critic of the SEC’s whistleblower...
Ripple CTO Dismisses Bank Adoption Concern, Cites Business Logic
Ripple’s chief technology officer David Schwartz answered a crypto‑investor’s question about whether banks would adopt XRP simply because it would make Ripple the world’s most valuable financial institution. In a one‑sentence reply, Schwartz said the profit motive alone isn’t enough...
10x Banking and Tweezr Partner to Speed Core Migration
10x Banking has teamed up with deterministic AI specialist Tweezr to streamline core banking migrations. Tweezr’s tooling analyzes legacy source code, exposing hidden business rules, dependencies, and data flows, giving banks a transparent view of their existing estates. Combined with...
ECB's Lagarde’s Digital Euro Warning: Why Europe Shouldn’t Just Copy the U.S. Stablecoin Model
ECB President Christine Lagarde cautioned that the $310 billion stablecoin market, dominated by U.S. dollar‑pegged tokens, poses systemic risks that could spill over into asset markets during stress. She argued Europe should not replicate the private stablecoin model but instead develop...
Regional Fed Presidents Guard Against Groupthink
David Wilcox: regional Federal Reserve Presidents play crucial role in avoiding groupthink at the Fed. @HooverInst
London Urges UK Tech to Build Digital Verification Network
City of London calls UK tech firms to set up digital verification network https://t.co/oBpIOdWJWW This is exactly what was proposed by the TechUK/APAC working group that I co-chaired approximately a thousand years ago (it feels like). https://t.co/0MqQctxXpK
Flipkart, Axis Bank, PayU Launch Biometric Card Authentication, Ditching SMS OTPs
Flipkart, Axis Bank and payment gateway PayU have deployed a fingerprint and Face ID based authentication system for card purchases on Flipkart, eliminating the need for SMS one‑time passwords. The device‑bound solution, built on Axis Bank’s Wibmo platform, aims to curb...
BMO Bank $400-$1,500 Business Checking Bonus
BMO Harris has refreshed its business checking bonus program, extending the offer through August 31 2026 and adding a $1,500 tier. Businesses that open a new Digital, Simple, Premium or Elite checking account and complete ten debit‑card transactions in the first 90...
Justice for Covered Bonds (and Securitization)
The episode examines recent EU regulatory proposals affecting covered bonds and securitisation, highlighting the European Parliament’s approval of a 5% risk‑weighting for senior STS securitisation tranches while rejecting a similar reduction for AA‑ rated covered bonds. Panelists discuss the covered‑bond...
Isle of Man Regulator Consults on ‘Legitimate Interest’ Route for Public Access to Beneficial Ownership Info
The Isle of Man Financial Services Authority has launched a consultation to create a “legitimate interest” route for public access to beneficial‑ownership information. The proposal would allow case‑by‑case applications, assessed by the Central Registry, to obtain data when a genuine...
European Lenders’ AI Payoff Will Take Time
European banks are stepping up AI spending, shifting from pilots to full‑scale rollouts. The move is driving higher operating costs and a 4% rise in headcount as banks upgrade infrastructure and hunt for engineering talent. Analysts estimate a €27 billion (≈$29 billion)...
Car Finance Scandal Payments Face Big Delay Due to Legal Challenges
The UK Financial Conduct Authority’s Motor Finance Redress Scheme, designed to pay roughly £700 (about $900) to each of 14 million affected motorists, is now delayed by four legal challenges. The FCA warned that a "no scheme" scenario could force consumers...
Banks Deploy Aggressive Strategy to Tackle Stablecoins
"The banks have a pretty comprehensive strategy against stablecoins. They're not going to let this issue rest." 🏦 https://t.co/Mwr3RXyd81
Wells Fargo: $400 / $825 Bonus for New Business Checking Account (No Direct Deposit Required)
Wells Fargo is running two limited‑time promotions for new business checking accounts that expire on July 7, 2026. Customers who deposit $2,500 and keep it for 31 days receive a $400 bonus, while a $25,000 deposit earns an $825 bonus. Both offers require the...
Canary in the Coalmine: Revolving Debt Surges 9.1%
On May 7 the Federal Reserve reported that revolving credit‑card debt grew at a 9.1% annualized pace, the fastest expansion since 2022. The surge follows a lull of 2.0% in January and 0.3% in February, highlighting a sharp uptick in consumer...
‘New Citi’ Makes Its Pitch
Citi used its first full investor day in four years to showcase a transformed, technology‑driven business model while still operating under two Federal Reserve and OCC consent orders. CEO Jane Fraser highlighted a modernized tech stack, $5 billion of self‑funded investments...
Eye on POS: Square Counts 140 ISO Partners; Toast Locations Increase 22%
Square, Block Inc.’s payments arm, reported a 13% rise in first‑quarter payment volume and highlighted partnerships with more than 140 independent sales organizations (ISOs), delivering a 200% quarter‑over‑quarter surge in new sellers. Overall gross payment volume grew 8.2%, while Cash...
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Exito Announces 2026 BFSI Innovation & Technology Summit
Exito Media Concepts announced the 2026 BFSI Innovation & Technology Summit in Johannesburg for June 10, 2026. The event will gather more than 200 senior technology leaders—CTOs, CIOs, CISOs—from South Africa’s banks, insurers and financial services firms. Under the theme “Recalibrating South...
UBO Due Diligence: Ownership Transparency as Strategic Control
Ethixbase360 released an eBook that positions ultimate beneficial ownership (UBO) due diligence as a strategic control rather than a routine compliance task. It explains how sanctions, export‑control regimes, the U.S. Corporate Transparency Act and evolving European AML rules are forcing...
Fino Payments Bank April Update: Deposits Cross ₹2,800 Crore, Loan Referral Business Triples
Fino Payments Bank posted a 13% year‑on‑year rise in total deposits to ₹2,801 crore (about $338 million) in April 2026, while its loan‑referral disbursements jumped to ₹166 crore (~$20 million), more than tripling the prior year. Despite the deposit and loan‑referral gains, profit after...
Barclays $200-$400 Savings Bonus
Barclays is running a limited‑time savings‑account promotion that pays a $400 bonus for new AARP‑linked accounts that receive a $40,000 deposit, and a $200 bonus for standard accounts that receive $25,000. Both offers require the balance to stay in place...
Automating Grunt Work Is Still Agentic AI's Sweet Spot
At SAS’s annual conference, financial‑services leaders emphasized that the near‑term value of agentic AI lies in automating high‑volume, low‑complexity back‑office work such as KYC onboarding, compliance documentation, and routine claims processing. JPMorgan Chase adopts a hybrid model—purchasing external AI models while...
Currenxie Launches EEA Accounts to Power SME Global Trade
Currenxie, a borderless‑business fintech, secured an Electronic Money Institution licence from the Central Bank of Ireland and launched a multi‑country, multi‑currency business account across the European Economic Area. The new EEA offering gives SMEs instant local collection and payout capabilities...
Failed Oklahoma Bank’s Ex-CEO Pleads Guilty to Bank Fraud
Former First National Bank of Lindsay CEO Danny Seibel pleaded guilty to bank fraud, facing up to 30 years in prison and a $1 million fine. Seibel approved loans to personal friends that never repaid and falsified records to mask overdrafts,...
ANNA Money Launches Business Savings Account for SMEs
ANNA Money, the AI‑driven UK business‑banking platform, has introduced a new business savings account in partnership with Griffin Bank. The account provides FSCS protection up to £120,000 (about $152,000) and a promotional 3.66% variable AER for the first three months,...