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.
Retailers Challenge $200 B Visa‑Mastercard Swipe‑Fee Settlement
Retail groups including Walmart have asked U.S. District Judge Brian Cogan to reject a proposed $200 billion antitrust settlement with Visa and Mastercard. The deal would shave 0.1 percentage points off interchange fees for five years, but merchants argue it limits their negotiating power.
Nigeria Rolls Out $92 Billion Offshore Crypto Oversight Framework
Nigeria's government released a White Paper outlining a $92 billion offshore crypto oversight framework, seeking to bring the country's fast‑growing virtual‑asset market under formal regulation. The plan promises tighter supervision, broader tax collection and greater investor confidence, while critics warn enforcement...
Roundtable Opens Public Consultation on Draft Vision for Account-to-Account Payments in Australia
The Account‑to‑Account Payments Roundtable, made up of AusPayNet, Australian Payments Plus, the Reserve Bank of Australia and the Commonwealth Treasury, released a draft vision for Australia’s A2A payments system and opened a public consultation that runs until 22 May. The vision...
Social Engineering Breach Forced Me to Quit Wells Fargo
Last month my WellsFargo online banking account was taken over theu a social engineering attack on the WellsFargo call center. (I know this because a fraud investigator walked thru their logs with me; account phone number changed via call in...
Amazon, Meta Join Fight to End Google Pay, PhonePe Dominance in India
Amazon Pay, Meta’s WhatsApp, CRED, MobiKwik and Flipkart’s Super.money will meet India’s National Payments Corporation to challenge the dominance of Walmart‑owned PhonePe and Google Pay on the UPI network. PhonePe and Google Pay together handled about 80% of the 22.6 billion...
One‑Third of U.S. Car Buyers Face Negative Equity as Pandemic Bubble Bursts
Roughly one in three U.S. car owners who traded in a vehicle in Q1 2026 are underwater on their loans, with an average equity gap of $7,183. The surge reflects pandemic‑era price spikes, longer loan terms and rising interest rates, threatening...
JPMorgan CIO Deploys $19.8 Billion for AI‑Powered Bank‑Wide Transformation
JPMorgan Chase’s global chief information officer, Lori Beer, has committed $19.8 billion to technology and artificial intelligence, aiming to embed AI agents across the bank’s 319,000‑person workforce. The budget, covering 65,000 technologists, signals a sweeping operational overhaul that balances rapid innovation...
Opus Technologies Names Milind Kukday Chief Engineering & Delivery Officer to Drive AI‑Led Execution
Opus Technologies announced the appointment of Milind Kukday as Chief Engineering & Delivery Officer, tasking him with scaling AI‑augmented delivery across its banking, payments and fintech portfolio. The move signals a strategic push to embed opus.AI into core engineering practices...
Citi Appoints Former Google Executive Brian Saluzzo as Chief Information Officer
Citi announced that former Google executive Brian Saluzzo began his tenure as chief information officer in March, tasked with scaling AI initiatives and completing a multi‑year modernization effort. The hire underscores the bank’s push to leverage AI for revenue growth...
OnePay Teams with Stripe-Backed Tempo to Deploy Stablecoin Payouts for Millions
OnePay announced a partnership with Tempo, the payments‑first Layer‑1 blockchain incubated by Stripe and Paradigm, to launch stablecoin‑powered payouts and instant account‑funding for its Banking product. The collaboration includes OnePay running a validator on Tempo, positioning the fintech to offer...
The Flawed Fundamentals of Failing Banks
MIT economist Emil Verner argues that bank failures are primarily driven by deteriorating fundamentals rather than panic‑induced runs. His research, spanning U.S. data from 1863 to 2024 and cross‑country studies, finds that insolvent banks are the norm before a run...
Brics to Push for Intra-Currency Payments as ‘Immunity’ Against Western Clout
BRICS is evaluating a digital payments framework that would settle cross‑border transactions in member currencies, aiming to reduce reliance on the US‑dollar‑centric SWIFT system and mitigate sanctions risk. The proposal, spearheaded by India’s central bank, will be discussed at a...
NewtekOne Inc (NEWT) Q1 2026 Earnings Call Transcript
NewtekOne reported Q1 2026 earnings with net income before taxes of $80 million, a 16.4% rise, and total revenue of $284 million, up 10.6% year‑over‑year. Diluted EPS surged 1,211% to $2.18, and the company raised its 2026 EPS guidance to $2.35 while...
Claude Mythos Fears Startle Japan's Financial Services Sector
Anthropic’s new Mythos model demonstrated the ability to uncover previously unknown vulnerabilities across all major browsers and operating systems, including a 27‑year‑old flaw and a four‑step exploit chain. In response, Japan’s top financial officials—including the finance minister, central bank governor,...
First National Corp (FXNC) Q1 2026 Earnings Call Transcript
Simmons First National Corp reported 10% annualized loan growth in Q1 2026, crediting mature internal capabilities and favorable market timing. Consumer deposits rose 2‑3% quarter‑over‑quarter, supporting a 3‑basis‑point lift in net interest margin and a guidance target of mid‑3.80% by...
Mechanics Bank (MCHB) Q1 2026 Earnings Call Transcript
Mechanics Bank (MCHB) reported a strong Q1 2026, posting a 15.6% return on average tangible common equity and $235 million of loan growth, bringing its loan pipeline above $1.2 billion. Deposits rose 5% ($363 million), outpacing loan expansion and driving a 15‑basis‑point decline...
Cullen/Frost Bankers Inc (CFR) Q1 2026 Earnings Call Transcript
Cullen/Frost Bankers posted net income of $172.7 million, a 19.2% year‑over‑year increase, driven by robust loan and deposit growth. Average loans rose 6.8% to $21.5 billion and deposits climbed 3.3% to $42.1 billion, while net interest margin edged up to 3.69%. The...
Finwise Bancorp (FINW) Q1 2026 Earnings Call Transcript
FinWise Bancorp reported Q1 2026 net income of $3.9 million, a 26 % year‑over‑year rise, driven by $1.6 billion in loan originations that exceeded guidance. Credit‑enhanced loan balances grew to $118 million, lifting net interest margin to 11.42 % and non‑interest income to $22.3 million. The...
Escalade Inc (ESCA) Q1 2026 Earnings Call Transcript
Escalade Inc. (ESCA) posted first‑quarter 2026 diluted earnings of $1.30 per share, marginally down from the prior quarter and flat year‑over‑year. Net interest income held steady at $166 million, with the net interest margin expanding two basis points to 4.28%. The...
First Internet Bancorp (INBK) Q1 2026 Earnings Call Transcript
First Internet Bancorp reported Q1 2026 results highlighting a 21% revenue jump to $42.1 million and net income of $5.3 million, driven by a 27% rise in net interest income and an 18‑basis‑point lift in net interest margin. The bank’s Banking‑as‑a‑Service platform...
Southside Bancshares Inc (SBSI) Q1 2026 Earnings Call Transcript
Southside Bancshares reported a 327% jump in Q1 net income to $21 million, driven by the removal of a prior restructuring loss. Net interest margin improved to 2.98% and is expected to expand further after redeeming $93 million of subordinated debt. Credit...
Will the Bank of England Raise Interest Rates Today Amid Inflation Concerns?
The Bank of England is set to decide today whether to raise its base rate amid renewed inflation pressure from higher energy costs tied to the Iran war. After holding the rate at 3.75% in the March meeting, Governor Andrew...
Sub-4% Mortgage Return with Barclays – Will Other Lenders Follow?
Barclays has launched new purchase‑only mortgage products, featuring a two‑year tracker at 3.96% for Premier customers with up to 75% loan‑to‑value. Access is limited to Premier clients who hold a current account and meet income or asset thresholds of roughly...
SPECIAL REPORT: Chaos At The Fed? | Axel Merk
The Federal Reserve’s Open Market Committee left its policy rate unchanged, but a record three members dissented, warning that the escalating Iran‑Israel conflict could reignite inflation and strain supply chains. The vote marked the final meeting chaired by Jerome Powell,...
IDC Under Scrutiny as Entrepreneurs Detail Liquidation Fallout
The Industrial Development Corporation (IDC), South Africa’s state‑owned development finance institution, is facing mounting criticism after black‑owned entrepreneurs report aggressive liquidation and loan‑rejection practices. Cases such as Brewsters Craft, which received a R10 million (~$525k) loan but saw assets sold for...
Agentic AI: From Answers to Action in Banking
Agentic AI is not about answering questions. It is about taking action. In this episode, I explain why moving from passive to autonomous systems is critical for the future of banking. 👉 Watch the full episode: https://t.co/Sk040KYyAk https://t.co/BJPjJXhpkH
:max_bytes(150000):strip_icc():format(jpeg)/Primary-Image-edward-jones-cd-rates-in-2023-7486072-c80e63838d494936a0ac55d05674aa0b.jpg)
Edward Jones CD Rates: May 2026
Edward Jones offers brokered certificates of deposit (CDs) with APYs ranging from 3.85% to a peak 4.10% for a 60‑month term, well above the national average. Minimum deposits start at $1,000 and terms span 3 to 120 months, but interest...
![Chase World Of Hyatt Business Card: 80,000 Points With $10,000 Spend [Ends 4/30]](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://www.doctorofcredit.com/wp-content/uploads/2026/03/Screenshot-2026-03-12-at-1.12.24-PM-scaled.png)
Chase World Of Hyatt Business Card: 80,000 Points With $10,000 Spend [Ends 4/30]
Chase is promoting its World of Hyatt Business card with an 80,000‑point sign‑up bonus after $10,000 of spend within three months, a deal that expires April 30, 2026. The card carries a $199 annual fee and offers 4x points on...
Airwallex: Sign Up & Get $400 Via Finder After First Transaction (Global Business Banking Platform)
Airwallex, a global business‑banking platform, is running a limited‑time promotion through shopping portal Finder that rewards new account sign‑ups with a $400 cash‑back incentive after the first qualifying transaction. The offer, which supersedes a previous $250 reward, expires at 2 p.m....
Six Fintech Startup Predictions for 2026
Six #Fintech #Startup Predictions For 2026 https://t.co/gsnoGYCtY6 #GoogleAlerts #AI #VentureCapital @SpirosMargaris @ahier @sallyeaves @efipm @anand_narang @TerenceLeungSF @davidjmaireles @JimMarous @FrRonconi @davidjmaireles @FinMKTG @BetaMoroney @JohnNosta @dinisguarda @mvollmer1 @JohnNosta @Khulood_Almani @HaroldSinnott @Fabriziobustama
FinCEN Proposes Reforms to AML/CFT Program Requirements
FinCEN issued a proposed rule to overhaul AML/CFT program requirements under the BSA, replacing its 2024 draft. The rule introduces a two‑pronged establishment‑versus‑maintenance framework, codifies risk‑based policies, and mandates board approval of programs across banks, casinos, MSBs and other institutions....
DeepTarget Unveils Growth Hub to Cut “Disconnectivity Tax” For Community‑Bank Leaders
DeepTarget introduced a strategic growth hub on its revamped website to help community‑bank and credit‑union executives eliminate the “Disconnectivity Tax.” The platform offers a data‑driven blueprint for acquiring high‑value households, automating cross‑sell offers and retaining new accounts, positioning leaders to...
Fed Report Flags Surge in Fraud Across Debit, Check, ACH and Wire Payments
The Federal Reserve’s latest Financial Services Risk Officer Survey, covering more than 400 U.S. banks, shows fraud climbing on debit cards, checks, ACH and wire transfers. With unauthorized‑party fraud now responsible for 71% of incidents, banks are accelerating AI‑based detection...
On Prediction Market Regulation
The CFTC’s request for comments on prediction‑market regulation has sparked a debate about their role beyond risk hedging. An economist argues that these platforms act as information institutions, aggregating real‑time beliefs on political and policy issues, and should enjoy First...
Robinhood Q1 Revenue Jumps 15% as Gold Subscriptions Hit 4.3 Million
Robinhood reported $1.07 billion in net revenue for Q1 2026, a 15% year‑over‑year increase, propelled by a record 4.3 million Gold subscribers—a 36% jump. The fintech’s subscription‑based services, banking expansion, and a new public‑sector partnership signal a deeper move toward SaaS‑style monetization.
KeyBank and Qolo Unveil KeyVC Virtual Commercial Card for Business Clients
KeyBank and fintech provider Qolo have launched KeyVC, a virtual commercial card program that lives inside KeyBank's Virtual Account Management platform. The solution lets corporate clients create, control and reconcile virtual cards alongside existing treasury tools, promising faster supplier payments...
Santander Pulls in US Deposits While Waiting for Deal to Close
Banco Santander’s U.S. digital platform Openbank has amassed $11 billion in deposits since its October 2024 launch, helping the bank lower funding costs by roughly $150 million. In Q1, U.S. loans rose 5% year‑over‑year and return on tangible equity climbed to 11.6% from...
Dissent Shows Most Disunited Fed Since 1992
The Federal Open Market Committee left rates unchanged in April, but recorded four dissenting votes—the most since 1992—highlighting a deep split over inflation risks. The dissenters opposed both a rate cut and the Fed’s “easing bias,” signaling discomfort with any...
US and EU Sanctions Intensify Focus on Crypto Transactions : Research
Blockchain analytics firm Elliptic highlighted new U.S. and EU sanctions aimed at curbing crypto‑facilitated sanctions evasion. The U.S. Treasury’s OFAC placed two Iran‑linked Tether wallets holding about $344 million on its sanctions list, while the EU approved its 20th package banning...
AI Agents Are Streamlining Economic Activities but Traditional Banks Still Expected to Serve Key Role in Financial Services : Analysis
Circle argues that AI agents are automating core economic tasks such as payments, invoicing, and short‑term financing, creating an "agentic economy" that runs at machine speed. While the shift reduces banks' role as the primary customer interface, it simultaneously elevates...
Ex‑Rocket Exec Fawaz Launches Company, Shocks Industry with UWM, Ishbia Partnership
Mike Fawaz, a 15‑year Rocket Mortgage veteran, has launched Origna8, a new platform aimed at uniting mortgage brokers under a shared community. He announced that former Rocket executive Dan Sogorka will serve as CEO and that United Wholesale Mortgage (UWM) and...
Figure Technology Solutions Reportedly Cuts Lending Costs by 117 Basis Points, Funds Loans Faster than Incumbents
Figure Technology Solutions (NASDAQ: FIGR) has leveraged its Cosmos‑based blockchain, Provenance, to shave 117 basis points off cumulative lending costs. The on‑chain architecture accelerates loan funding three to eight times faster than legacy platforms, enabling the firm to originate $17 billion...
Morningstar DBRS Discontinues Credit Rating on TD Global Legislative Covered Bonds, Series CBL41
Morningstar DBRS announced the discontinuation of its credit rating for Toronto‑Dominion Bank’s Global Legislative Covered Bond Series CBL41, citing full repayment of the issue. The rating, originally initiated in 2014, was part of the bank’s broader covered‑bond programme, which saw...
Morningstar DBRS Confirms Credit Ratings on All Classes of Wells Fargo Commercial Mortgage Trust 2015-C31
Morningstar DBRS confirmed credit ratings for all remaining classes of the Wells Fargo Commercial Mortgage Trust 2015‑C31, assigning BBB (high) to Class C and stable trends to the other tranches. The agency noted $589.6 million of principal paydown since its May 2025...
Bank of Canada Holds Key Rate Steady but Warns Future Movements Unclear
The Bank of Canada kept its benchmark policy rate at 2.25% for a fourth straight meeting, in line with market expectations. Governor Tiff Macklem warned that elevated uncertainty—stemming from the war in Iran and a pending Canada‑U.S‑Mexico trade review—could push rates...
![[Targeted] Chase Business Checking Bonus – Up To $1,500](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://www.doctorofcredit.com/wp-content/uploads/2025/08/chase123.webp)
[Targeted] Chase Business Checking Bonus – Up To $1,500
Chase is running a targeted business checking promotion that can award up to $1,500 for new deposits. To qualify, businesses must fund the account within 30 days, keep the balance for 60 days, and complete five qualifying transactions within 90...
Private Banks Create 80% of US Money, Not the Fed
My take on @UnsiloedPodcast on what macroeconomics textbooks won’t tell you: "About 80% of US broad money is produced privately by commercial banks. It's not produced by the Fed. The elephant in the room is commercial banks. That’s where money is...
Fed Split Widens as Rates Stay on Hold Amid Inflation Fears
The Federal Reserve kept its policy rate in the 3.50‑3.75% range but issued its most divided statement since 1992, with an 8‑4 vote and three officials dissenting over an easing bias. The Fed highlighted rising inflation, now described as "elevated"...
Borrower Says PHH Mortgage Forced Foreclosure with Short Sale Still Pending
A Tennessee homeowner has filed a federal lawsuit against PHH Mortgage, alleging the servicer rushed his property to foreclosure while a short‑sale offer was still pending. The complaint claims PHH engaged in illegal dual‑tracking, violating RESPA and Regulation X by setting...
Powell to Remain Fed Governor, Echoing 1948 Precedent
POWELL: WILL CONTINUE TO SERVE AS A GOVERNOR FOR PERIOD OF TIME - Bloomberg **Last time this actually happened? 1948 — Marriner Eccles got the boot as Chair and kept his seat on the Board until 1951. - Grok