Today's Banking Pulse
Mortgage refinance demand plunges 18% as rates climb to 6.65%
Refinance applications fell 18% week‑over‑week, dropping to 38% of total mortgage filings—the lowest share since June 2025. The average 30‑year fixed rate rose to 6.65%, while purchase‑loan volume edged down 0.4% and the average loan size hit $473,600.
Also developing:
By the numbers: OakNorth acquires Monite to boost business banking
US Banks Push Treasury to Pause GENIUS Act Stablecoin Rules Amid Charter Race
The American Bankers Association, the Bank Policy Institute and two other trade groups wrote to the Treasury and the FDIC on April 22, requesting a pause on three GENIUS Act rulemaking comment periods until the OCC finalizes its stablecoin framework. At the same time, stablecoin startup Agora filed for a national trust bank charter, positioning itself to issue stablecoins under federal oversight.
FinWise Q1 Earnings Show 38% Loan Origination Surge but Rising Credit Losses
FinWise reported $2.7 million net income for Q1 2026 and $1.7 billion in loan originations, a 38% year‑over‑year increase. The earnings release also flagged higher charge‑offs in its SBA portfolio and a widening efficiency ratio, underscoring both momentum and mounting credit risk...
EV, Solar Loans Emerge as Bright Spots for Banks
Philippine banks BDO Unibank and Bank of the Philippine Islands are tapping electric‑vehicle (EV) and residential‑solar loans as a nascent growth engine amid soaring oil prices and grid‑price volatility. BDO’s sustainable‑finance portfolio reached roughly $22 billion in 2025 and it arranged...
A More Deliberate Path Forward
Security Bank Corp., celebrating its 75th anniversary, is shifting from broad expansion to a disciplined, performance‑focused strategy under CEO Victor Lee. After a hands‑on review of operations, the bank reported 2025 revenue of PHP66.9 billion (≈$1.2 billion), up 22%, and net income...
American Airlines Gives New Business Accounts 10,000 Miles — Stacks With 75,000 Mile Card Offer
American Airlines is offering a 10,000‑mile bonus to new AAdvantage Business accounts that enroll by Dec 31 2026, using promo code BNS10K. The bonus stacks with the existing Citi / AAdvantage Business World Elite Mastercard, which grants 75,000 miles after $5,000 spend in the...
![[Ada County or Canyon County, ID] Tech CU $500 Checking Bonus](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://www.doctorofcredit.com/wp-content/uploads/2025/08/tech-cu-500.png)
[Ada County or Canyon County, ID] Tech CU $500 Checking Bonus
Tech Credit Union in Idaho is offering a $500 cash bonus for new checking accounts opened by residents of Ada or Canyon County. To earn the bonus, customers must receive at least $1,500 in direct deposits each month for six...
AI Risks Keep Me up at Night, Says Kotak Bank CEO
Kotak Mahindra Bank CEO Ashok Vaswani warned that AI‑driven cyber threats are now moving at machine speed, forcing banks to overhaul detection and patching processes. The concern prompted Finance Minister Nirmala Sitharaman to direct banks to prioritize AI‑related cyber defenses and...
Q4 Results Today Live: Kotak Mahindra Bank Profit Jumps 13%; CDSL Q4 Profit Dips; Avenue Supermarts, APL Apollo Tubes, Epigral,...
Kotak Mahindra Bank posted a 13% jump in Q4 profit to ₹4,027 crore (≈$491 m), beating analyst forecasts, driven by strong loan demand and deposit growth. Central Depository Services (CDSL) saw its profit fall 20% to ₹80 crore (≈$9.8 m) despite higher income, as...
Mastercard and Rabobank Execute First AI-Agent Payment in the Netherlands
On April 30, 2026, Mastercard and Rabobank completed the first consumer‑facing AI‑agent payment in the Netherlands, where an AI assistant booked a coffee tasting on Priceless.com and paid with a Rabobank Mastercard via Mastercard’s new Agent Pay infrastructure. The transaction...
Banks Favor Real Estate Over Stocks for Loans
You can’t call the bank and say: “I’d like to borrow $240,000 to invest in the S&P 500.” They’ll laugh at you. Ask for $240,000 to buy a rental property and they’ll hand it to you. The bank has been telling you which asset...
Mortgage Rates Rebound From Historic Lows to 6.3%
Average 30-Year Mortgage Rate in the US… 1970s: 8.9% 1980s: 12.7% 1990s: 8.1% 2000s: 6.3% 2010s: 4.1% 2020s: 5.3% --- All-Time Low (Jan 2021): 2.65% 2023 Peak (Oct 2023): 7.79% Today's Rate: 6.30% https://t.co/Ji2noTwgDL
More Wall Street Leverage Won’t Help Main Street
Regulators are proposing to cut aggregate capital requirements for the largest U.S. banks by about 6%, reversing a 2023 push for a 19% increase and simplifying risk‑weight calculations. The changes aim to reduce compliance complexity and spur more lending, but...
Bowman Warns on AI's Impact in Finance
Speech by Vice Chair for Supervision Bowman on #artificialintelligence in the #Financial system https://t.co/IhR7VLeOSz #AI #USA @SpirosMargaris @ahier @JimMarous @TheRudinGroup @FinMKTG @Hana_ElSayyed @Khulood_Almani @HaroldSinnott @GlenGilmore @AkwyZ
RBI Governor Pushes for Deeper Liquidity and Expanded Derivatives Infrastructure
Reserve Bank of India Governor Sanjay Malhotra told the 25th FIMMDA‑PDAI conference that India’s next growth phase hinges on deeper liquidity, broader participation and a stronger derivatives framework. He announced extensions to central clearing, new total‑return swaps on corporate bonds...
Santander-Backed Ebury Secures $700 Million to Accelerate Cross‑Border Payments Expansion
Ebury, Santander’s international payments fintech, closed a £550 million ($700 million) funding round led by Centerbridge Partners, with Santander contributing £50 million and retaining a 55% stake. The capital will fund AI‑enhanced product development and geographic expansion, underscoring rising demand for faster, scalable...
Visa's Stablecoin Settlement Volume Hits $7 B Annualized, Sparking Card‑Network Debate
Visa announced stablecoin settlement volume running at a $7 billion annual rate, up more than 50% year‑over‑year, while value‑added services grew 27% and payment volume rose 9%. The data intensifies speculation that digital‑currency rails could challenge traditional card networks.
Best Money Market Account Rates Today, May 2, 2026 (Best Account Provides 4.01% APY)
Money market account (MMA) rates have rebounded, with the national average at 0.57% APY—up from 0.07% four years ago—while several banks now offer over 4% APY. TotalBank leads with a 4.01% APY, requiring a $2,500 balance, and Brilliant Bank follows...
IFSCA in Talks with RBI over Foreign Asset Reporting Rule for GIFT City Funds
The International Financial Services Centres Authority (IFSCA) asked funds in GIFT City to pause actions after a Reserve Bank of India (RBI) FAQ created confusion over their regulatory status. The RBI clarified that entities in the GIFT IFSC must file...
Monument Technology Lands Castle Trust Bank in Major Platform Deal
Monument Technology announced a partnership with UK‑regulated Castle Trust Bank to migrate the bank’s entire savings business onto its cloud‑native Banking Platform as a Service (BPaaS). The migration, which includes core banking, payments and customer channels, is already underway and...
Why a Canadian Bank Is Trying to Predict Earthquakes with Quantum Computers
Bank of Montreal (BMO) has filed a provisional patent on a quantum algorithm aimed at seismic forecasting and launched the BMO Institute for Applied Artificial Intelligence & Quantum. The institute consolidates AI and quantum research, backed by partnerships with Quantum...
New Free Financial Advice Plan Aims to Help Britons Build Savings
The UK Financial Conduct Authority has launched a regulated "targeted support" service that lets banks, building societies and platforms provide free, commission‑free investment suggestions to customers with cash savings. The scheme, aimed at the estimated 7 million adults holding £10,000 (≈ $12,500)...
Can You Get a Business Loan With Only an EIN?
An employer identification number (EIN) is the first step in establishing a separate legal identity for a business, but it alone is insufficient to secure most traditional loans. Banks, credit unions, and SBA lenders still require personal credit checks, financial...
Legal Residency Shouldn't Matter, but Stripe Still Cares
“No matter where you live” … I’m not saying that SHOULD matter, but legally it does. You’d think @stripe knows that?
Cure Mechanics Meet Cayman Capital Call Securitization, May 2026 - Securitisation of Capital Call Facilities Under Cayman Law
Fund‑finance lenders are increasingly using securitisation of capital‑call facilities to free regulatory capital and tap broader funding markets. The structures rely on Cayman Islands SPVs that are bankruptcy‑remote and can issue notes on the Cayman Islands Stock Exchange, qualifying for...
OCC Responds to the District Court’s Decision in Illinois Bankers Association V. Raoul by Issuing Interim Final Actions Addressing State...
On April 24, 2026 the Office of the Comptroller of the Currency issued an interim final rule amending 12 CFR § 7.4002 and an interim final order preempting Illinois’s Interchange Fee Prohibition Act (IFPA). The rule clarifies that national banks may assess and...
BPCE Finalizes $7.3 Bn Takeover of Portugal’s Novobanco
French banking group BPCE completed the acquisition of Portugal's Novobanco for €6.7 bn (about $7.3 bn), raising its exposure to the Portuguese market to nearly 8,000 employees. The deal, valued at a 7.85‑times price‑to‑earnings multiple, adds a 9% market share and a...
Opay Taps Citi, Deutsche Bank, JPMorgan for $4 B US IPO
SoftBank‑backed Opay Digital Services Ltd. has engaged Citigroup, Deutsche Bank and JPMorgan Chase as lead advisers for a planned US initial public offering. The fintech is aiming for a valuation of roughly $4 billion and could sell shares later this year,...
Nigeria’s Banks Finish $10bn Recapitalisation, Eye Growth‑Driven Lending
Nigerian banks have completed a $10 billion recapitalisation, strengthening capital buffers and setting the stage for accelerated credit growth. The IMF praised the move as a safeguard against external shocks, while regulators aim to channel the new capital into productive lending...
UK Mortgage Approvals Jump to 63,531, Defying Forecasts and Boosting Property Stocks
Bank of England data showed UK mortgage approvals rose to 63,531 in March, a four‑month high and well above the 60,000 consensus forecast. The surprise uptick came alongside the fastest growth in consumer credit since early 2024 and a continued...
RBI Tightens Auto‑Pay Rules, Allowing ₹15,000 Recurring Payments Without OTP
The Reserve Bank of India announced immediate changes to its Digital Payments – E‑mandate Framework 2026, permitting recurring card, wallet and UPI transactions up to ₹15,000 (≈$180) without OTP after a one‑time e‑mandate registration. Banks cannot levy extra charges, must...
CFPB Cuts Small‑Business Reporting Burden, Boosting Community Bank Flexibility
The Consumer Financial Protection Bureau issued a final rule that relaxes data‑collection and reporting requirements for small‑business lenders under Regulation B. The rule raises the origination threshold to 1,000 transactions, narrows the definition of a small business to $1 million in...
Tillis, Alsobrooks Drop New Stablecoin Yield Compromise
Senators Thom Tillis and Angela Alsobrooks unveiled a bipartisan compromise to the crypto market‑structure bill that would bar stablecoin rewards that are "economically or functionally equivalent" to traditional bank deposits. The Treasury Department and CFTC would issue rulemaking to define...
FCA Shifts to ‘Adaptive Regulation’ as AI Redefines UK Banking Supervision
The Financial Conduct Authority’s chief executive Nikhil Rathi unveiled an “adaptive regulation” framework at the Association of Foreign Banks in London, citing AI and heightened market volatility. The move promises a more flexible supervisory approach while preserving market integrity and...
Morningstar DBRS Confirms The Toronto-Dominion Bank's Long-Term Issuer Rating at AA; Stable Trend
Morningstar DBRS reaffirmed Toronto‑Dominion Bank’s long‑term issuer rating at AA with a stable trend, while maintaining its short‑term rating at R‑1 (high). The agency highlighted a rebound in FY2025 performance, noting a 5.2% rise in adjusted net income to CAD 15 billion...
![T-Mobile Money Review – Earn 4% APY On Balances Up To $3,000 [New Negative Changes From June 1]](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://www.doctorofcredit.com/wp-content/uploads/2018/11/t-mobile-money.png)
T-Mobile Money Review – Earn 4% APY On Balances Up To $3,000 [New Negative Changes From June 1]
T‑Mobile Money, the telecom‑backed digital checking account, will slash its Annual Percentage Yield on most balances to 1% starting June 1, 2026. The 4% APY on the first $3,000 of a checking balance remains only for customers who deposit at least $200...
How (and when) to Dispute a Credit Card Charge
The Fair Credit Billing Act (FCBA) gives consumers the right to dispute unauthorized, incorrect, or undelivered credit‑card charges. Cardholders should first contact the merchant, but if the issue isn’t resolved they can file a dispute with the issuer, typically online,...
Philippine Banks Keep Lending Rules Unchanged Despite War Impact
A quarterly survey of senior loan officers shows that most Philippine banks will keep lending standards unchanged in Q2 2026 for both business and household loans. About 61.5% of banks see business loan criteria staying the same, while 65.7% expect no...
BSP Directs Financial Firms to Do Cyber Self-Checks
The Bangko Sentral ng Pilipinas (BSP) issued Circular No. 1232 requiring all supervised banks and financial institutions to conduct regular cyber self‑assessments using a new Cybersecurity Maturity Framework and Control Self‑Assessment tool. Firms must submit an initial assessment within 60 days...
Powell Is Staying at the Fed: What to Expect
Jerome Powell’s chairmanship ends on May 15, but he is expected to remain a Federal Reserve governor possibly through 2028, pending the release of an inspector‑general report on headquarters cost overruns. Kevin Warsh, President Donald Trump’s nominee, is poised to...
Fed Prepares New Playbook to Support Bank AI Adoption
The Federal Reserve’s Vice Chair for Supervision Michelle Bowman announced a new supervisory playbook aimed at guiding banks through AI adoption. In a May 1 speech she cited Anthropic’s Mythos model, which can both strengthen and threaten cybersecurity, as a catalyst...
Banamex Returns to Global Bond Market After Citi Stake Sale
Mexico's Grupo Financiero Banamex has issued global bonds for the first time since Citigroup started offloading its stake in the bank. The move marks a re‑entry into international debt markets, though the size and pricing of the issue were not...
Jordan’s Housing Bank Launches Open‑Banking Platform, Expanding API Access for Fintechs
Jordan’s Housing Bank announced the launch of an open‑banking platform, giving third‑party fintechs API‑based access to its data. The move joins a wave of recent MENA open‑finance initiatives and signals growing regulatory and market support for data‑driven financial services.
Judge's Ruling Is Likely to Scuttle San Diego Credit Union Merger
A San Diego County Superior Court judge denied California Coast Credit Union’s request for a preliminary injunction, effectively ending the planned merger with San Diego County Credit Union. The dispute stemmed from SDCCU’s attempt to rewrite the deal, including replacing...
Alpine Banks of Colorado Announces Financial Results for First Quarter 2026
Alpine Banks of Colorado posted unaudited Q1 2026 results showing net income of $20.2 million, up from $14.3 million a year earlier, and basic earnings per share of $1.26. Net interest margin improved to 3.72% on a tax‑equivalent basis, while total assets reached...
Nearby Payments Let Friends Toss Money Instantly
Nearby payments was the feature. Many drinks in, and the idea that we could throw money at each other through the air from iOS *and* Android felt VERY fun. There are a lot of little Easter eggs we are playing...
Anchor Bank Takes Over Community Bank’s Insured Deposits
Very small bank failure Friday. Anchor Bank Assumes Insured Deposits of Community Bank and Trust - West Georgia, LaGrange, Georgia https://t.co/UAZCPbkPG9 https://t.co/CIOVBwE8kg via @FDICgov
Banks 'Fairly, but Not Totally' Satisfied with Basel Rule
Federal regulators have finalized a revised Basel III endgame capital proposal that banks view as a workable, more durable framework. Industry leaders say they are "fairly, but not totally" satisfied and are pushing for targeted tweaks, especially around double‑counting and G‑SIB...
Bluetooth Replaces QR Codes for Multiplayer Payments
You know what’s even more cringe? Using a QR code in 2026. Bluetooth is the way. Multiplayer money is here.
Stablecoins Grew Up. Now Come the Rules
Stablecoins are moving from niche experiments to mainstream finance as Visa expanded its settlement pilot to nine blockchains, reaching a $7 billion annual run rate, while Meta began offering stablecoin payouts to creators. FinTech OnePay teamed with the Tempo blockchain to...
Paystand Aims a Stablecoin at Lingering Holes in Business Automation
Paystand announced plans to launch its own B2B stablecoin, USDb, by the end of 2026. The token will be fully USD‑backed on a blockchain built with Blockstream and Rootstock, targeting enterprise‑resource‑planning, accounts payable/receivable, payroll and cross‑border settlements. Paystand, which has...