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.
Banks Kept $485B a Year of the Fed’s Rate Hikes From Savers, 17-Year Analysis of Federal Reserve and FDIC Data...
A 17‑year study of Federal Reserve and FDIC data shows U.S. banks captured roughly $485 billion each year by paying savers far less than the Fed’s benchmark rate. At the August 2023 peak, the Fed Funds rate was 5.33% while the average savings rate lingered at 0.43%, a record‑wide 4.90‑point gap. Across four rate cycles, banks passed through no more than 7% of any Fed hike to deposit accounts, often delaying rate cuts to savers for weeks. The analysis estimates the typical household left about $3,300 in interest on the table during the latest cycle.
CFPB Fair Lending Rule Change: What Mortgage Borrowers Should Know
On April 22 2026 the CFPB finalized a rule that strips the disparate‑impact theory from ECOA enforcement for mortgage loans, taking effect July 21 2026. The change narrows federal fair‑lending tools to intentional discrimination only, while the Fair Housing Act, HMDA and state statutes...
InComm, Zip Partnership Brings Buy Now, Pay Later to Gift Cards
Zip, the Australian‑based fintech, has partnered with Atlanta‑headquartered InComm Payments to embed Buy Now, Pay Later (BNPL) functionality into the gift‑card market. The integration lets eligible U.S. consumers select and finance gift cards directly within the Zip app, choosing installment...
Even JPMorgan Payments Feels Pressure to Compete with Fintechs
JPMorgan Payments, the United States’ largest credit‑card issuer and merchant acquirer, moves roughly $12 trillion in transactions each day, peaking at $15‑$16 trillion. Facing new payment rails like blockchain and stablecoins, the unit is reshaping its technology approach to mirror nimble fintechs....
China Regulator Fines Futu, Tiger Brokers, Longbridge, Forces Offshore Broker Wind‑down
China's securities regulator slapped more than $330 million in fines on offshore brokerages Futu, Tiger Brokers and Longbridge, ordering a two‑year phase‑out of mainland‑facing services. The crackdown wiped out roughly a quarter of Futu’s market value and is driving Chinese investors...
Fed Proposes Direct Settlement Access for Crypto Firms, Capping Balances at $1 B
The Federal Reserve announced a proposal to let qualified crypto‑native firms settle payments directly on Fedwire, FedNow, and other Fed services, imposing a hard $1 billion balance limit. The move follows Kraken’s limited‑purpose master account and a Trump‑signed executive order urging...
Executive Interview Series: Holli Targan, TSG Strategic Advisor
In a candid interview, payments veteran Holli Targan reflects on four decades of industry change, noting the surge of electronic payments while legacy card and ACH networks still dominate transaction volume. She highlights progress for women in fintech, yet points...
Exclusive Research: Banks up AI Investment to Cut Costs
Banks are accelerating AI spending to streamline operations, boost employee productivity and trim costs. Survey data shows 74% of both national and community banks prioritize productivity gains, while 78% of community banks focus on workflow automation. Cost reduction is a...
Ghana’s Central Bank Suspends Proposed MTN Mobile Money Transfer Fee
Ghana’s central bank has ordered MTN Ghana’s fintech subsidiary, Mobile Money Fintech Limited (MMFL), to suspend a proposed 0.75 percent fee on wallet‑to‑bank transfers that was set to start on June 1. The fee would have affected about 7 percent of the country’s...
Plaid Targets ACH Payment Risk with New Guaranteed Settlement Solution
Plaid has introduced Plaid Guaranteed Payments, a new service that eliminates settlement risk for ACH transactions by assuming losses on failed payments. The solution leverages Plaid's AI‑driven Signal and Protect platforms to deliver millisecond‑fast approval decisions, achieving approval rates as...
Sponsor Bank for Wise, Crypto.com Told to Fix AML Program
The OCC issued a consent order requiring Community Federal Savings Bank to rebuild its anti‑money‑laundering (AML) program after finding systemic control failures. The order targets the bank’s fintech‑partner line, which includes Wise’s U.S. dollar accounts and Crypto.com’s prepaid card. Community...
Morningstar DBRS Posts Webinar Replay on 2025 Saskatchewan and BC Credit Union Earnings Round-Up
Morningstar DBRS released a replay of its webinar covering the 2025 earnings round‑up for Saskatchewan and British Columbia credit unions. Speakers Jiani Wu and Josh Veenkamp examined divergent credit‑metric trends, macro‑economic pressures, and projected earnings and credit performance through the rest...
Centri Scores $20M Credit Facility
Centri Business Consulting, a Philadelphia‑based regional advisory firm, has secured a $20 million credit facility from Citizens Financial Group. The financing will fund acquisitions, leadership hires, and the expansion of service offerings across its eight‑office footprint. Centri, which posted $48.85 million in...
FDIC Insurance Remains Bank Edge as Stablecoins Expand
"What is going to differentiate a traditional bank from a nonbank permitted payment stablecoin issuer? We're getting to that point" Katherine on what's left that separates the two under the Genius Act "FDIC insurance. There's definitely going to be a sector of...
Vulnerable Bank Customers Could Face ‘Higher Barriers’ to Redress in Treasury Overhaul
The Treasury’s Enhancing Financial Services Bill will overhaul the Consumer Credit Act and the Financial Ombudsman Service, removing punitive sanctions for minor data‑entry errors and aiming to save banks over £1 bn in a decade. The reforms are projected to cut...
New Details Emerge About Pepkor’s Bank Launch Plans
South African discount retailer Pepkor Holdings aims to launch its own bank in April 2027, targeting 1.8 million primary banking customers within five years. The bank will leverage Pepkor’s network of over 6,500 stores and its existing financial‑services footprint of 22 million...
Beacon Bank Launches Free Aira Explorer Service for Visually Impaired Across 145 Branches
Beacon Bank has rolled out Aira Explorer, an on‑demand visual‑assistance platform, to every one of its 145 branches and its digital channels. The service connects visually impaired users with live guides via a smartphone app at no cost to account...
Fed, FDIC Clear Living Wills for JPMorgan, BofA, Citi and All Major U.S. Banks
The Federal Reserve and the FDIC announced on May 22 that the resolution‑plan filings of JPMorgan Chase, Bank of America and Citigroup, along with five other systemically important banks, received clean grades with no identified deficiencies. The approval eliminates prior...
Catena Labs Raises $30M and Secures OCC Approval to Pursue National Trust Bank Charter for AI Agents
Catena Labs, founded by Circle co‑founder Sean Neville, closed a $30 million Series A led by Acrew Capital and a16z crypto and received Office of the Comptroller of the Currency approval to seek a national trust bank charter. The funding and regulatory...
Wells Fargo to Offer Mortgage Incentives on 3D Printed Homes with Icon
Wells Fargo will write mortgages for homes built with Icon’s 3‑D‑printing technology and provide a 50‑basis‑point lender credit to buyers. The partnership makes the bank the preferred lender for Icon‑constructed homes, addressing the long‑standing financing gap for 3‑D‑printed housing. It also...
Wall Street Is Paying $25,000 a Day for AI Trainers Who Used to Work There
Former investment bankers Felipe Sinisterra and Dave Wang are charging up to $25,000 a day to train senior staff at major banks on how to use generative‑AI tools already purchased. Their consultancy, Wall Street Prompt, is fully booked for the...
Not All Verticals Are Created Equal, and the Data Proves It
TSG’s latest analysis of over 260 merchant category codes reveals that vertical mix, not sheer volume, drives profitability in merchant acquiring. Healthcare and hardware stores top the list for longevity, low chargebacks and steady growth, while EV‑charging and orthopedic goods...
EU Pushes Ahead with Digital Euro, Critics Warn of Hidden Capital Controls
The European Union is accelerating its digital euro project, targeting the rollout of digital wallets by the end of 2029 with a €3,000 (≈$3,250) balance limit. Bundesbank President Joachim Nagel defended the design, but analysts warn the centralised CBDC could...
SoFi Acquires Peach to Expand Lending Infrastructure in a Strategic Consolidation
SoFi announced the acquisition of Peach, a fintech infrastructure firm that builds end‑to‑end lending platforms, with financial terms undisclosed. The deal folds Peach into SoFi Technology Solutions, broadening SoFi's capabilities in processing, core banking, payments, and risk management.
Slice Reports Profitability in First Full Year as Bank; Revenue Jumps 2.3X in FY26
Slice, the AI‑native digital bank from India, posted its first full‑year profit in FY26, reporting revenue of roughly $169 million— a 132% jump from the prior year. Net income swung from a $26 million loss to a $5.8 million profit, while Q4 alone...
Kempower Sets 2030 Goal to Rank Among Top Three Global DC Fast‑Charging Leaders
Kempower Oyj announced an updated strategy that pivots the company from a Europe‑centric hardware supplier to a global lifecycle player in DC fast charging. The firm targets 15‑25% annual revenue growth and a 10‑15% EBIT margin by 2030, with the...
Qfin’s Q4 Loan Origination Falls 22% as Liquidity Tightens, Citing New Rules
Qfin, China’s leading online lending platform, said its Q4 2025 loan facilitation volume dropped 21.8% year‑over‑year to RMB 70.3 billion (≈$9.8 billion). The decline follows tighter market liquidity after new loan‑facilitation rules were introduced, pressuring both consumer and SME financing.
IFC Mulls $110 Million Risk‑Sharing Facility for Grab‑Backed GXBank
The International Finance Corp (IFC) is weighing a $110 million risk‑sharing facility to bolster GXBank, the digital bank launched by ride‑hailing giant Grab in Malaysia. The move signals multilateral backing for Grab’s fintech expansion and could unlock new credit for underserved...
South Korea Eases Network‑Separation Rules for Banks to Boost AI Security
South Korea's Financial Services Commission announced a one‑year pilot that will ease network‑separation regulations for 49 financial institutions with assets over 10 trillion won. The move is designed to let banks and fintechs deploy high‑performance AI tools for cyber‑threat detection...
Georgia Central Bank Teams with Tether to Issue Lari‑Backed Stablecoin
Georgia’s National Bank has signed a partnership with Tether to launch an official stablecoin pegged to the Georgian lari. The move marks one of the few instances where a sovereign central bank formally backs a Tether‑issued digital asset, signaling growing...
BluePath Funding Launches Platform to Bridge $5 Million Small‑Business Lending Gap
BluePath Funding unveiled a nationwide online marketplace that links small‑business owners with up to $5 million in financing from more than 75 vetted lenders. The service targets firms denied by traditional banks as underwriting standards tighten, promising faster approvals and no...
SoFi Posts 41% Revenue Jump and 100% EPS Surge in Q1, Shares Slide 15%
SoFi Technologies announced Q1 results showing a 41% year‑over‑year increase in adjusted net revenue and a 100% rise in adjusted diluted EPS, driven by 1.1 million new customers. Despite the strong performance, the shares dropped 15% as the company held its...
FDIC Board Approves AML Rule Targeting Stablecoin Issuers Under GENIUS Act
The Federal Deposit Insurance Corporation’s board approved a notice of proposed rulemaking that adds anti‑money‑laundering and sanctions requirements to its payment stablecoin framework. The rule, part of the GENIUS Act, could affect 5 to 30 FDIC‑supervised institutions that issue payment...
Visa and Mastercard Face New Tariff Shifts in Uzbekistan as Azerbaijan Card Market Expands
Uzbekistan will raise fees for its premium Visa Infinite and Mastercard World Elite cards starting June 2026, while Azerbaijan reports a surge in payment card circulation. The moves underscore growing competition between the two networks in emerging markets and signal...
Zopa Becomes First UK Bank to Secure New ‘Targeted Support’ Regulatory Approval to Close the Advice Gap
Zopa has become the first UK bank to receive regulatory approval for a new “targeted support” framework, allowing it to deliver personalized nudges and actionable suggestions to retail investors. The permission sits between generic guidance and full‑blown financial advice, aiming...
Standard Chartered Cuts Jobs as AI Push Aims to Lift Profitability
Standard Chartered's chief executive announced a restructuring that includes job reductions and a new artificial‑intelligence initiative intended to improve the bank's profit margins. The move has ignited discussion about how leaders frame workforce changes and the balance between technology investment...
Zombie Foreclosures Spike in 38 States, Georgia Leads with 98% Surge
Real‑estate analytics firm ATTOM said zombie foreclosures rose to 8,312 properties in Q2 2026, representing 3.4% of all foreclosures. The surge appeared in 38 states, led by Georgia’s 98% quarter‑over‑quarter jump. Lenders face higher exposure as vacant homes linger in...
Decoding Africa’s Payments Landscape: AI, Regulation and Trade Innovation
Africa’s payments ecosystem is rapidly evolving as AI, modular Banking‑as‑a‑Service (BaaS) platforms and new regional rails address the continent’s regulatory and currency complexities. Financial institutions are deploying plug‑and‑play solutions that separate data, meet local sovereignty rules and embed payment capabilities...
Europe’s Banks Get a Real-Time Reality Check
Europe’s instant‑payments ecosystem has reached a critical tipping point, with the SEPA Instant rail now fully operational across the region. Banks are shifting from treating real‑time payments as a standalone product to a cross‑functional capability that touches treasury, risk, and...
Millions of Chinese Consumers Ditch Their Credit Cards Amid Prudent Spending, Slow Economy
Chinese consumers held 687 million credit cards in Q1 2026, a 9 million drop and a 15% decline from the 2022 peak of 807 million. Transaction volume on cards fell 11% year‑on‑year to ¥1.9 trillion (≈$279 bn) in 2025, reflecting weaker retail demand amid a sluggish...
Governance Is BFSI’s Competitive Advantage in Scaling AI, Say Indian Banking Leaders
Indian banking leaders at the ETCIO Annual Conclave emphasized that governance, trust and explainability must be embedded when scaling AI across the BFSI sector. Executives from Yes Bank, Bandhan Bank, State Bank of India and others warned against AI hallucinations...
Guadalupe, Arizona Near Bankruptcy After Voters Reject $300K Property Tax
Guadalupe, a one‑square‑mile town wedged between Phoenix and Tempe, saw voters turn down a primary property tax that would have raised $300,000. The defeat leaves the town with a $1.16 million annual shortfall and pushes it toward a near‑bankruptcy scenario, forcing...
BSP Relaxes UITF Stock Exposure Limits
The Bangko Sentral ng Pilipinas has issued Circular No. 1234, raising the single‑issuer exposure limit for Unit Investment Trust Funds (UITFs) from 15% to 20% of assets. Equity‑index tracking UITFs may exceed this ceiling when the benchmark assigns a larger weight...
Fed Proposes Limited-Access Payment Account for Fintech Firms
The Federal Reserve announced a proposal for a new payment account that would let eligible fintech and crypto‑linked firms clear and settle transactions on Fed rails without full master‑account privileges. The plan, released on May 20, aims to balance innovation...
JPMorgan to Shed $4 Bn of Private‑Equity‑Linked Loans as Leveraged‑Finance Risk Tightens
JPMorgan Chase is in talks to transfer risk on more than $4 bn of private‑equity‑fund loans, shifting up to 12.5% of a loan pool off its balance sheet. The move reflects banks’ growing caution on leveraged‑finance exposure as higher rates and...
Philadelphia Becomes First U.S. City to Launch Automatic Retirement Savings Program
Philadelphia voters approved a charter amendment that creates PhillySaves, the nation’s first city‑run automatic retirement savings program. The plan forces employers without retirement benefits to enroll workers in an IRA unless they opt out, aiming to boost retirement security for...
Japan Bond Yield Surge Deepens Regional Bank Stock Divide
Japan’s long‑term government‑bond yields have surged to multi‑decade highs, driven by soaring energy prices and fears of increased fiscal debt issuance. The rise has split regional lenders: banks such as North Pacific and Senshu Ikeda, burdened by large unrealised bond...
Vietnamese Banks Block $183 Million in Fraud Through Digital Transformation
Vietnam's State Bank announced that its new risk‑monitoring platform helped block about $183 million in suspected fraudulent transactions, with over 1.3 million customers pausing or canceling risky payments. The success underscores how digital transformation can deliver measurable risk‑reduction for banks and consulting...
Beyond Digital Sign‑Ups: Culture, Ops, Data, Experience Drive Banking Transformation
Offering digital account opening is important, but true transformation goes much deeper. Culture, operations, data, and customer experience all matter. Download the 2026 Retail Banking Trends and Priorities report: https://t.co/gNGFxphUMy https://t.co/UqLetpxn89
Kevin Warsh Sworn In as Fed Chair, Signaling Shift in Monetary Policy
Kevin Warsh took the oath of office as Federal Reserve Chairman in a White House ceremony, pledging a reform‑oriented agenda and a departure from traditional policy frameworks. The appointment, backed by President Trump, has sparked immediate debate among market participants...