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.
Huawei Unveils HiFS 2026 Suite, Upgrading Four Core Digital Finance Solutions for Banks
Huawei announced the HiFS 2026 suite at its Shanghai summit, rolling out Financial Data Intelligence Solution 6.0, Digital CORE Solution 6.0 and a new AI‑resilience infrastructure. The launch aims to accelerate “agentic banking” for more than 150 financial institutions using hybrid open‑source AI models.
Lenders Dump Distressed CRE Loans, Absorbing Heavy Discounts
U.S. banks are rapidly selling distressed commercial‑real‑estate (CRE) loans at losses, driven by plunging office valuations and balloon‑payment pressures. The wave of sales reflects lenders’ reluctance to foreclose and the widening gap between loan balances and property values.
SoFi Aims for Top‑10 U.S. Bank Status as Digital Banking Momentum Builds
SoFi Technologies, currently the 50th‑largest U.S. bank with $46 bn in assets, announced its ambition to join the top‑10 banks. The plan rests on rapid revenue growth, strong product‑to‑member expansion and a focus on young professionals, underscoring the accelerating blend of...
Mercury Secures $200 Million Series C, Valued at $5.2 Billion
Mercury announced a $200 million Series C financing that lifts its valuation to $5.2 billion. The capital will fund expansion of its banking platform for startups, adding AI‑driven services and broader credit products. The raise reflects strong market appetite for fintech solutions that...
Chase 5/24 Rule Explained: What It Is and How To Work Around It
Chase’s 5/24 rule denies new card applications when a consumer has opened five or more credit‑card accounts in the past 24 months, regardless of issuer. Both active and closed personal cards, as well as authorized‑user accounts that appear on the...
Greenvale Capital Dumps $37 M Payoneer Stake, Hinting at Bearish Fintech Outlook
Greenvale Capital LLP sold all 7.08 million Payoneer shares in Q1, realizing about $37.4 million and wiping out a $39.8 million loss on the position. The exit underscores a shift in hedge‑fund sentiment toward fintech payment providers as Payoneer’s stock slides 33% year‑to‑date.
FDIC Approves BSA and Sanctions Rule for Stablecoin Issuers, Targeting $323B Market
The FDIC Board of Directors voted 3‑0 to adopt a proposed rule that imposes Bank Secrecy Act and sanctions compliance standards on permitted payment stablecoin issuers (PPSIs). The rule mandates AML/CFT programs, FinCEN and OFAC reporting, and a $5,000 SAR...
ECB Rejects Euro Stablecoin Push, Citing Bank Lending Risks and Digital Euro Tensions
The European Central Bank rebuffed proposals to ease rules for euro‑denominated stablecoins, warning that wider issuance could drain bank deposits, curb lending and complicate interest‑rate policy. The stance deepens a rift with banks and fintech groups as the ECB also...
CFRA Cuts Bank of America and Citigroup to Hold, Citing Big‑Bank Risk
Research firm CFRA downgraded Bank of America (BAC) and Citigroup (C) to Hold on May 19, flagging valuation stretch, net‑interest‑income vulnerability and commercial‑real‑estate exposure. The move reflects a sector‑wide caution even as both banks posted strong Q1 2026 earnings and...
Trump Order Pushes Fintech Access to Fed Payment Rails, Prompting Regulatory Review
President Donald Trump signed Executive Order 14181, ordering federal regulators to examine and streamline rules that limit non‑bank fintechs from accessing Federal Reserve payment accounts. The order gives agencies 90 days to identify barriers and 120 days for the Fed...
Bank of England’s 24/7 Settlement Plan Shows Where Tokenized Finance Can Enter Core Markets
The Bank of England launched a formal consultation to extend the operating hours of its core payments infrastructure, RTGS and CHAPS, toward near‑continuous 24/7 settlement. The phased plan envisions weekend and holiday settlement by 2029, a full 22×6 or 23.5×7...
Fintech Parker Files Chapter 7 After Raising $200 Million, Leaving Small Businesses in Limbo
Fintech Parker, which raised $200 million in venture funding since 2019, filed for Chapter 7 bankruptcy in May 2026. The collapse leaves small‑business customers without a corporate‑card solution and raises questions about the oversight of its banking partners, Piermont and Patriot Bank.
Adyen: The Silent European Giant Powering Global Payments
Every time you pay Uber, Spotify, Meta, H&M, or McDonald’s, there’s a good chance Adyen is behind it. It processes hundreds of billions of dollars every year. Yet most people have never heard of them. This is the story of...
Kevin Warsh Sworn in as Fed Chair, Raising Questions on Policy Direction and Independence
Kevin Warsh was sworn in as the 17th Federal Reserve chair in a White House East Room ceremony overseen by Justice Clarence Thomas and attended by President Donald Trump. The appointment comes amid soaring oil prices, stubborn inflation and heightened...
Hong Kong Executes First Regulated Stablecoin Transaction on Ethereum
Anchorpoint Financial completed the first regulated HKDAP stablecoin transaction on Ethereum on May 13, under the Hong Kong Monetary Authority’s Stablecoins Ordinance. The pilot covered token issuance, fiat redemption and bank settlement, proving the city’s new licensing regime is operational....
Irreconcilable Differences: Analyzing the Split in the First and Second Circuit Courts of Appeals’ Decisions on National Bank Act Preemption...
On May 5, 2026 the Second Circuit ruled that the National Bank Act preempts New York’s interest‑on‑escrow law, reversing the Supreme Court’s guidance in Cantero II and joining its 2022 decision. The ruling creates a circuit split with the First and Ninth Circuits, which...
H&M Names New CIO, PayPal Creates AI Chief, Citi Announces Tech Leadership Shuffle
H&M Group installed Diego Teijeiro Ruiz as chief information officer, PayPal elevated Anshu Bhardwaj to chief AI transformation and simplification officer, and Citi disclosed a senior technology leadership change. The moves highlight a wave of talent realignment aimed at accelerating...
National Bank of Canada Deploys Sardine AI Platform, Leads $25 Million Funding Round
National Bank of Canada signed a multi‑year contract to embed Sardine’s agentic AI risk platform across its retail, commercial and wealth divisions, while also leading a $25 million Series C extension that lifts the startup’s total capital to $170 million. The deployment aims...
OCC Blocks Illinois Swipe‑Fee Cap, Extending Federal Preemption to All States
The Office of the Comptroller of the Currency issued an interim final order that preempts Illinois' Interchange Fee Prohibition Act, shielding national banks and federal savings associations from a state‑level cap on swipe fees. The move, effective immediately, preserves a...
House Subcommittee Flags Gaps in Bank‑FinTech Oversight Amid Rapid API Expansion
At a May 20 hearing, the House Financial Services Committee’s subcommittee on digital assets, financial technology and AI heard testimony from banking and FinTech executives who warned that existing oversight is outpaced by the surge in API‑driven collaborations. The discussion...
FDIC Establishes Bank Secrecy Act Standards for Stablecoin Issuers
The FDIC Board unanimously approved a proposed rule to apply Bank Secrecy Act (BSA) and sanctions compliance standards to FDIC‑supervised permitted payment stablecoin issuers (PPSIs). The rule, mandated by the GENIUS Act, requires PPSIs to meet AML/CFT obligations, report to...
Fed Account Access Raises Questions Over FinTech Readiness
The White House issued an executive order urging federal agencies to streamline fintech access to regulated financial infrastructure. In response, the Federal Reserve proposed a new “payment account” category that grants fintechs direct settlement via Fedwire and FedNow while stripping...
Morningstar DBRS Confirms Bank of Montreal's Long-Term Issuer Rating at AA; Stable Trend
Morningstar DBRS reaffirmed Bank of Montreal’s long‑term issuer rating at AA and short‑term rating at R‑1 (high), with a stable trend. The agency highlighted BMO’s diversified earnings, strong liquidity and capital buffers, noting that the U.S. franchise now generates roughly...
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FutureCard App & Web App To No Longer Be Available [Shutting Down]
FutureCard announced that its consumer app and web platform will be discontinued after May 2026, and the underlying Visa debit accounts issued through Piermont Bank will be closed on April 23, 2026. The fintech, which marketed itself as a climate‑friendly...
Banks Surge Into Commercial Real Estate Lending, Originations Up 80% YoY
Bankers are rapidly expanding commercial real‑estate pipelines as credit‑market anxieties ease, with loan originations up 80% year‑over‑year in the first quarter of 2026. The surge has sparked a “food fight” among banks of all sizes, tightening terms for borrowers and...
Basel Committee to Review ASTRA Rule Favoring European Banks
The Basel Committee on Banking Supervision said it will conduct a limited review of the ASTRA provision that grants European lenders a more favorable risk‑weighting on cross‑border exposures. The move follows complaints from U.S. officials that the rule tilts the...
Agencies Publish Resolution Plan Feedback Letters for Certain Domestic and Foreign Banking Organizations
The FDIC and Federal Reserve released feedback letters on the 2025 resolution‑plan (living‑will) submissions for the eight largest U.S. banks and 56 foreign banking organizations. The joint review identified no shortcomings or deficiencies in any of the plans. Agencies also...
BSP to Finally Enforce Tighter Capital Buffer Rules on Banks
The Bangko Sentral ng Pilipinas (BSP) issued Circular No. 1235, activating the counter‑cyclical capital buffer (CCyB) even during normal credit growth. Banks must now hold a positive neutral capital buffer, which can be raised up to 2.5% based on systemic risk....
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Nonperforming Assets: Impacts and Effective Recovery Strategies
Nonperforming assets (NPAs) are loans where borrowers have missed payments for at least 90 days, prompting lenders to classify the debt as impaired. NPAs damage borrowers' credit scores, limit future borrowing, and can lead to foreclosure or asset repossession. For...
How Kazakhstan’s Super-Apps Outpace the Law
Kazakhstan’s fintech giants, led by Kaspi.kz, have turned their banking platforms into all‑in‑one super‑apps that handle payments, e‑commerce, government services and biometric authentication for 13.5 million users—about two‑thirds of the population. The rapid rollout outpaces the country’s weak regulatory framework, allowing...
TD Bank Deploys Agentic AI to Cut Real‑Estate Secured Lending Processing to Minutes
TD Bank unveiled its first agentic AI model to automate the pre‑adjudication stage of mortgages and HELOCs, trimming average processing time from 15 hours to under three minutes. The initiative is part of a broader AI strategy that seeks to generate...
ECB‑Bank Rift Delays Digital Euro Rollout, Threatening Payments Sovereignty
The European Central Bank’s plan to issue a digital euro by 2029 has hit a legislative snag as a coalition of banks warns the scheme will siphon deposits and cut revenues. The clash over fee caps and design choices could...
AI Beats Humans at Transaction Monitoring, Revolut US CEO Says
Revolut’s U.S. CEO Cetin Duransoy said AI now underpins the fintech’s compliance engine, outperforming human reviewers in transaction monitoring across 39 countries and handling KYC, AML and customer‑service queries. The firm’s agentic AI tackles roughly half of support interactions, freeing...
Fed Economist Says ‘Extend‑and‑Pretend’ in CRE Loans Is a Myth, Citing New Data
Federal Reserve Board economist David Glancy released a paper that finds large banks have not been “evergreening” commercial real‑estate (CRE) loans. Data show extensions have fallen for low‑yield, non‑recourse loans, contradicting industry narratives of a looming “extend‑and‑pretend” crisis.
Personalised Rewards Can Incentivise Financial Loyalty, New Research Suggests
Cardlytics’ 2026 Banking Index, based on a survey of 4,000 UK adults, shows that loyalty is increasingly conditional, with financial value driving retention. Only 16% of respondents plan to change banks within a year, but the hassle of switching motivates...
PayModum Acquires Floid Inc., Adding Direct Instant Bank‑Payment Infrastructure
PayModum announced the acquisition of Floid Inc., a Delaware‑based firm that owns direct relationships for instant online bank payments. The deal expands PayModum’s suite to include local, real‑time bank‑payment capabilities, a move the companies say will sharpen their competitive edge...
With Deals Booming and Regulations Lightened, Bankers Are Back on Top
Bankers are experiencing a renaissance as trading profits reach record levels and deal activity accelerates to the second‑fastest pace in a decade. Deregulation under the Trump administration has relaxed capital constraints, enabling banks to expand risk‑taking and capture billions in...
EMEA Emerges as Global Hotspot for Financial Services DDoS Attacks
Akamai’s 2026 State of the Internet Security report reveals that financial services are now the most targeted sector for DDoS attacks, with median attack duration up 738% since 2024. The surge is driven by AI‑enabled botnets and hacktivist campaigns, especially...
Philippine Central Bank Governor Says It Is Considering Off-Cycle Rate Hike
The Bangko Sentral ng Pilipinas (BSP) signaled it may raise rates before its June 18 policy meeting, after an April 25‑basis‑point hike to 4.50% proved insufficient amid a persistent supply shock. Governor Eli Remolona cited spiralling fuel costs and a weakening peso...
Landbank Q1 Profit Slips to P12B
State‑run Land Bank of the Philippines reported a 9% decline in first‑quarter 2026 net profit, falling to ₱12.05 billion (about $219 million) from ₱13.3 billion a year earlier. Despite the earnings dip, the bank reduced its InstaPay person‑to‑person transfer fee from ₱15 to...
Early 401(k) Hardship Withdrawals Jump to 6% as Workers Face Rising Financial Strain
Hardship withdrawals from 401(k) plans surged to 6% of Vanguard participants in 2025, up from 4.8% a year earlier. The rise reflects mounting cost pressures, regulatory changes that lower withdrawal barriers, and could reshape banks' retirement‑product strategies.
X Financial Posts $210M Q4 Revenue as Delinquency Spikes and New Regulations Bite
X Financial (XYF) posted Q4 2025 net revenue of $209.9 million and net income of $8.2 million, but loan origination fell 29.5% and 30‑day delinquency rose to 2.9%. The company warned that new regulatory cost caps could further erode margins, underscoring stress...
European CRE Loan Spreads Near Triple as Banks Tighten Leverage
European senior commercial‑real‑estate loan spreads have surged to almost three times their January 2024 levels after banks sharply reduced leverage ratios. The tightening credit environment is forcing borrowers to face higher financing costs and more stringent underwriting, reshaping investment strategies...
Judge Closes Detroit's Historic Bankruptcy, Signaling Fiscal Turnaround
U.S. Bankruptcy Court Judge Thomas Tucker terminated court oversight of Detroit on May 19, officially closing the city’s Chapter 9 case that began in July 2013. The decision follows a decade of balanced budgets, pension restorations and $500 million in reserve buildup, positioning...
Trump Executive Order Orders Fed to Open Payment Rails to Fintechs
President Donald Trump signed an executive order on May 19, 2026 that compels the Federal Reserve to evaluate expanding fintech and digital‑asset firms’ access to its payment infrastructure, including Fedwire master accounts. The move marks the administration’s most aggressive push...
Wealthsimple Unveils New Family and Business Products as It Broadens Banking Push
Wealthsimple unveiled a suite of family‑focused and small‑business banking products, including a kids’ chequing account with parental controls, a multi‑account household tool, and a business chequing account that offers up to 2.25% interest, a USD account, prepaid card and line...
Axos Financial Shares Jump 15% as Ategra Cuts $3.6M Stake
Ategra Capital Management sold 39,577 Axos Financial shares worth about $3.61 million in Q1 2026, reducing its stake to 4.81% of its reportable assets. The transaction coincided with a 15% rise in Axos’s share price, underscoring investor optimism about the digital‑banker’s...
Senate Banking Committee Moves Forward on Digital Asset Market Structure Bill
On May 14, 2026, the Senate Banking Committee advanced a substitute version of the Digital Asset Market Clarity Act, introducing a comprehensive market‑structure framework for digital commodities. The bill defines “network tokens” and “ancillary assets,” adds disclosure and certification requirements,...
How Figure Is Cutting Mortgage Costs From $12,000 to $1,000, with CEO Michael Tannenbaum
In this episode, Figure CEO Michael Tannenbaum explains how his blockchain‑based platform slashes mortgage origination costs from roughly $12,000 to $1,000 and speeds closing from 45 days to five. He describes Figure’s end‑to‑end solution—automated underwriting, instant appraisal, and a capital‑markets...
Fed Chair Warsh Hints at Rate Hike as Inflation Rises to 3.8%
Federal Reserve Chair Kevin Warsh told Senate reviewers that the central bank may need to raise rates again after inflation edged up to 3.8%. His comments have reignited a debate within the Fed about tightening policy amid persistent price pressures.