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.
PSR Publishes Proposed Direction and Guidelines: Regulatory Financial Reporting in Relation to the Market Review of Card Scheme and Processing...
On 21 May 2026 the Payment Systems Regulator (PSR) issued a draft direction and accompanying guidelines to implement its Regulatory Financial Reporting (RFR) remedy for card‑scheme and processing fees. The proposal trims reporting obligations, dropping annual balance‑sheet submissions deemed unnecessary, while retaining core financial data to improve fee transparency. The PSR stresses that the direction will stay under review and may be expanded if new market data or developments warrant further action. Stakeholders have until 3 July 2026 to comment on the draft.
Ukrainian Banks Post Record Growth in Hryvnia Business Lending
Ukrainian banks recorded a historic surge in hryvnia‑denominated commercial loans, reaching UAH 609.28 bn (≈$13.8 bn) in April 2026. The growth was led by financing for the defence industry, energy projects and agriculture, reflecting a shift from direct state‑budget funding to market‑based lending....
Why the 2026 World Cup Is a Test of AML Readiness
FinCEN has issued a formal notice urging banks to heighten AML vigilance for the 2026 FIFA World Cup, citing heightened human‑trafficking risks across the United States, Canada and Mexico. The tournament’s massive visitor influx will drive surges in cash, prepaid‑card...
Visa Flags AI‑Driven Scams as Fastest‑Growing Consumer Payment Fraud
Visa’s Spring 2026 Biannual Threats Report warns that AI‑accelerated scams have become the fastest‑growing source of consumer payment fraud, with almost $1 billion in scam‑related activity detected between July and December 2025. The report says fraudsters are using AI‑generated content and...
Agentic Commerce and the Battleground for New Payments Infrastructure
Agentic commerce—AI agents that recommend, negotiate, and pay for users—is emerging rapidly, prompting a shift from human‑initiated to agent‑initiated transactions. Visa proposes a four‑step framework that moves agents from product recommendation to full‑lifecycle payment orchestration. The fragmented landscape of identity...
Canadian Credit Union Association's 2026 National Conference: Credit Unions Focus on Scale, Growth, and Modernization
The Canadian Credit Union Association’s 2026 National Conference in Ottawa highlighted a sector shift toward scale, collaboration, and modernization. Leaders emphasized mergers, federalization, and partnerships as pathways to compete with fintech and larger banks. While preserving their cooperative ethos, credit...
ASIC Warns of "Lost Generation" Risk if Australia Falls Behind on Fintech and AI
ASIC warned that Australia could create a "lost generation" of citizens with lower living standards if the nation falls behind in fintech and AI, releasing a Digital Finance Cooperative Research Centre review that benchmarks the country against six leading jurisdictions....
Credit Saison India Raises $500 Million via ECB
Credit Saison India secured a $500 million multi‑currency external commercial borrowing, the largest in its history, pushing its cumulative ECB fundraising past $1.1 billion within a year. The syndicate included the Asian Development Bank’s first participation alongside returning lenders such as SBI,...
Exploring Australia’s Proposed Payments Reforms
Australia is set to modernise its payments regulatory framework with a two‑tranche reform package, targeting a parliamentary rollout of Tranche 1 in 2026. The first tranche expands the regulatory perimeter to cover stored‑value facilities, payment initiation services, tokenised assets and stablecoins,...
Nigerian Fintechs March Into Banks' Territory
Flutterwave’s April 2 banking licence marks a watershed as Nigerian fintechs move into full‑service banking. The unicorn, now valued at over $3 billion, aims to offer a unified platform for accounts, payments, payroll and credit powered by transaction data. Peer firms...
The Non-Agency Market Is Bigger than You Think
At the Mortgage Bankers Association’s Secondary and Capital Markets Conference, panelists declared that non‑agency (non‑QM) mortgages have shed their niche label and now account for roughly half of new originations. Lenders such as Deephaven Mortgage report mainstream demand, while investors...
Starling’s SaaS Business Sees Revenue Lift but Group Profits Dip
Starling Bank posted a 3% drop in pre‑tax profit to £217 m ($276 m) and revenue fell to £887 m ($1.13 bn) for the year to March 2026, mainly because lower interest rates cut interest income. Transaction volume rose to £216.7 bn ($275 bn) and average deposits...
National Bank of Canada Backs Sardine in Fraud Tech Push
National Bank of Canada, through its corporate venture arm NAventures, led a $25 million Series C extension for fraud‑prevention platform Sardine, bringing the startup’s total funding to $170 million. The bank will roll out Sardine’s device intelligence and real‑time risk scoring across its...
What Banks Are Doing with AI
Banks are quietly embedding generative AI into middle‑office functions rather than replacing core systems. Anthropic, OpenAI, Google Gemini, Microsoft Copilot, IBM watsonx and AWS Bedrock each target specific workflow bottlenecks such as KYC, AML, document processing and operational automation. Real‑world...
Starling and Adyen Target SME Pain Points Together
Starling Bank and payments platform Adyen have teamed up to launch tap‑to‑pay functionality for UK small‑business customers. The service will let merchants accept contactless card and mobile‑wallet payments directly through a smartphone inside the Starling app, eliminating the need for...
U.S. Regulators Propose Overhaul of CAMELS Bank‑Rating System to Spotlight Financial Risks
The Federal Financial Institutions Examination Council released a proposal on May 19 to revamp the decades‑old CAMELS rating system, emphasizing material financial risks over procedural compliance. FDIC Chair Travis Hill praised the shift, while OCC Comptroller Jonathan Gould warned the...
Banks Clamp Down on NDFI Lending as Credit Risk Concerns Rise
U.S. banks have tightened lending standards for all five categories of non‑depository financial institutions (NDFIs) after the Federal Reserve’s April 2026 SLOOS flagged rising credit risk. The pull‑back is sharpest for business and consumer credit intermediaries, even as demand for...
Visa's Agentic Ready Program Rolls Out in UAE, Enlisting Major Banks for AI‑Driven Commerce
Visa has launched its Agentic Ready program in the United Arab Emirates, allowing leading banks and fintechs such as ADCB, ADIB, Emirates NBD and Tabby to trial AI‑driven, agent‑initiated payments. The initiative creates a controlled environment for testing the next...
Zerohash Secures First EU EMI Licence for Stablecoin Payments
zerohash Europe B.V. has been granted an Electronic Money Institution (EMI) licence by De Nederlandsche Bank, making it the first MiCAR‑licensed firm to hold both a crypto‑asset and a payment licence in the EU. The dual licensing clears a regulatory...
Blockchain Association Calls on FDIC to Trim Stablecoin Rules Under GENIUS Act
The Blockchain Association submitted a joint comment letter to the FDIC on May 18, urging the agency to keep its GENIUS Act rulemaking narrowly focused on Congress’s intent. The group warned that expansive requirements on reserve segregation, ownership structures and...
Basel Committee to Release ICT Risk Report, Advance Cryptoasset Review and Liquidity Updates
The Basel Committee on Banking Supervision met in Basel on May 19‑20, 2026 and approved a report on information and communication technology (ICT) risk management that will be published next month. The Committee also signaled progress on its targeted crypto‑asset...
RBI Rolls Out New E‑Mandate Framework to Streamline Digital Payments
The Reserve Bank of India issued the Digital Payments – E‑Mandate Framework on April 21, 2026, standardising electronic mandates and permitting recurring transactions up to INR 15,000 (~$180) without additional factor authentication. The rules also exempt high‑value insurance, mutual‑fund and credit‑card...
Federal Reserve Board Requests Public Comment on a Proposal to Establish a "Payment Account," Which Legally Eligible Financial Institutions Could...
The Federal Reserve Board has opened a public comment period on a proposal to create a “payment account” that eligible financial institutions can use solely for clearing and settling payments. The account would grant direct access to Fed payment services...
Mortgage Rates Drop 8 Bps, Now 6.67%
Mortgage rates back off 8bps to 6.67% today, down from 6.98% a year ago https://t.co/35WGHKd75r
CFPB Final Rule Narrows Small Business Lending Data Collection Requirements
On May 1, 2026 the CFPB issued a Final Rule revising its Section 1071 data‑collection mandate. The rule raises the covered‑institution threshold to 1,000 small‑business originations, trims the revenue cap to $1 million, and excludes Farm Credit System lenders, agricultural loans, merchant...
Rize Credit Union 7.5% Checking, Up To $10,000
Rize Credit Union’s Beyond Checking account now offers a 7.5% APY on balances up to $10,000, extending the promotion nationwide except for Idaho, Utah, Louisiana, and Texas. To earn the rate, members must complete five debit‑card purchases each statement cycle...
China Bank Savings Earnings Jumped 11.5%
China Bank Savings posted an 11.5% rise in Q1 2026 net income to PHP 631.2 million (≈$11.4 million). Net interest income surged 20.4% to PHP 2.8 billion (≈$51 million) as loan growth accelerated. Total assets reached PHP 217.3 billion (≈$4.0 billion) with deposits up 12% to PHP 191.4 billion (≈$3.5 billion). The bank’s...
BSP Boosts Sustainability Reporting Rules
The Bangko Sentral ng Pilipinas (BSP) will require banks to adopt the Philippine Financial Reporting Standards S1 and S2 for sustainability disclosures, aligning with International Sustainability Standards Board guidelines. A draft circular sets a phased rollout, with publicly listed tier‑1 banks above...
Open Banking to Reshape Retail Payments in Canada
Canada’s retail payments are on the cusp of a rapid transformation as open‑banking frameworks move toward implementation. Interac’s Konek platform, backed by major banks, will let shoppers pay directly from chequing or savings accounts while preserving existing trust. The shift...
Upstart Applies for National Bank Charter to Cut Funding Costs After Weak Earnings
Upstart Holdings filed for a U.S. national bank charter days after reporting a disappointing quarter, hoping to tap cheap deposit funding and shift from a loan‑origination platform to a full‑stack lender. The move follows a $1.25 billion loan‑purchase agreement with Fortress...
RBI Proposes To Let Lenders Restrict Smartphone Functions In Case Of Default
The Reserve Bank of India has issued draft amendments that would let banks and NBFCs disable certain non‑essential functions of a financed smartphone, tablet or similar device when a borrower defaults. Restrictions can only be applied after 90 days of...
BBVA Launches ChatGPT‑powered Banking App in Italy and Germany
Spanish lender BBVA has rolled out a conversational banking app inside OpenAI's ChatGPT for customers in Italy and Germany. The pilot lets users ask natural‑language questions about accounts, cards and savings products without logging into a separate bank portal, signaling...
Monzo Just Posted £1.7B in Revenue. Here Is the Pitch Deck That Started It All
Monzo reported full‑year results of roughly $2.1 billion in revenue, a 39% year‑over‑year increase, and $109 million in pre‑tax profit. The UK challenger bank now serves 15.2 million customers, adding a record 3 million in the past year. It is positioning itself for a...
JPMorganChase Expands in Germany With Consumer Banking Unit Chase
JPMorgan Chase launched its first digital consumer bank, Chase, in Germany, offering a fee‑free savings account with a 4% annual promotional rate for the first four months before settling at roughly the 2% market average. The service features remote onboarding via...
Bank CEOs’ AI Obsession Collides with Warning From Watchdogs
Bank CEOs across Europe and the U.S. are touting AI as a lever to slash middle‑ and back‑office staff, with Standard Chartered targeting more than a 15% reduction by 2030 and HSBC eyeing roughly 20,000 cuts. Regulators, led by the...
Trump Order Seeks to Open Fed Rails
President Donald Trump issued an executive order directing the Federal Reserve to review how its payment rails, including FedACH and FedNow, can be opened to fintech firms. The order tasks Fed Governor Christopher Waller with delivering findings and recommendations within...
Square Picks up Well-Known Restaurant Chain The Hat; 33% of C-Store Operators Manage Four or More POS Terminals
Square, the POS arm of Block Inc., added the Southern‑California restaurant chain The Hat to its roster, deploying Square for Restaurants, Square Register, and Square Marketing across all 11 locations—including a new Las Vegas site—by March. The rollout follows a...
Singapore Wants Banks to Use AI to Create Jobs
Singapore’s Deputy Prime Minister Gan Kim Yong urged banks and financial firms to deploy AI as a tool for creating higher‑value jobs rather than merely cutting staff. The call follows Standard Chartered’s announcement that it will eliminate roughly 8,000 positions...
Monzo Posts 44% Profit Surge and Announces Spanish Launch
Monzo reported a 44% jump in pre‑tax profit to £87.3 million ($111 million) for the year to March 2026 and announced its first foray into Spain as part of a broader EU expansion. The earnings boost came from higher lending income, a surge...
Plaid’s Payment Assurance and Other Digital Transactions News Briefs From 5/20/26
Plaid introduced Plaid Guaranteed Payments, a real‑time bank payment service that approves transactions in milliseconds and backs settlement, covering losses on failures. Devenex launched a platform to govern AI agents in online commerce, while Fireblocks unveiled an Agentic Payments Suite...
Digital Wallet Infrastructure in the US: What Sits Behind Apple Pay, Google Wallet and the Next Layer of Fintechs
The article dissects the layered infrastructure behind US digital wallets, highlighting tokenisation, secure elements, and network token services as the core security engine. It notes rapid adoption—Apple Pay, Google Wallet and PayPal now dominate point‑of‑sale and e‑commerce transactions, with under‑45...
Ex-CFTC Head Says Digital Dollar Is Inevitable in US
Former CFTC chairman Timothy Massad told CoinDesk at the Digital Money Summit that global market forces make a US digital dollar inevitable, despite President Trump’s public pledge to block any central bank digital currency (CBDC). He highlighted that the Federal...
Rick Wurster Launches (Initially) Unprompted Defense of Schwab's Business Model at Analyst Meeting, and Says AI Won't Threaten Schwab's Cash...
Rick Wurster defended Charles Schwab’s cash‑sweep model, arguing AI won’t erode its core cash‑deposit business. At the same time, RIA‑focused cash managers are thriving; MaxMyInterest offers a 1.71% FDIC‑insured yield while StoneCastle, Flourish and Galileo have cut rates to near‑zero...
SMCR Reforms Arrive, but Compliance Risk Remains
The FCA’s Phase 1 SMCR reforms, rolling out through 2026, simplify the regime’s structure while keeping accountability standards high. Changes include streamlined certification, clearer breach guidance, and more flexible submission formats, with key updates on 24 April, 10 July and 1 September 2026. The...
Standard Chartered to Cut 7,000 Back‑Office Jobs by 2030 in AI‑Driven Restructuring
Standard Chartered announced it will slash more than 7,000 back‑office positions – about 15% of its corporate function workforce – by 2030, redirecting savings into AI‑powered risk and compliance tools. The plan targets a 20% rise in income per employee...
SoFi Technologies Posts Wider Q1 Losses as Digital Banking Growth Slows
SoFi Technologies reported a larger-than‑expected first‑quarter loss, widening its deficit even as revenue jumped 43%. The digital‑banking firm’s stock fell 3% on the day, extending a 41% year‑to‑date decline, as investors worry about slowing loan growth, soaring Treasury yields and...
NMI Acquires Dwolla, Adding $700 Billion in Transaction Volume to Embedded Payments Platform
Payments infrastructure firm NMI announced the acquisition of A2A specialist Dwolla, bringing roughly $700 billion in annual transaction volume and over 400 customers into its white‑label platform. The deal adds real‑time, FedNow and open‑banking capabilities, positioning NMI to serve a broader...
What Is a Chattel Loan? A Practical Guide for Small Businesses
A chattel loan (or chattel mortgage) lets Australian small businesses own vehicles, machinery or equipment from settlement while the lender registers a security interest on the PPSR. The structure offers fixed repayments, upfront GST credits for registered businesses, and full...
Fundi Tshazibana: Regulation and Supervision of the Financial Sector in the Age of Artificial Intelligence
Chief Executive Officer of South Africa's Prudential Authority, Fundi Tshazibana, warned that artificial intelligence is rapidly reshaping the financial sector, from customer‑facing chatbots to behind‑the‑scenes predictive models. He highlighted five core AI risk categories—third‑party dependence, cyber threats, model shortcomings, market‑wide...
Rewiring Wires: Modernizing CHIPS and Fedwire® for a New Era of Demand
Wire payments underpin trillions of dollars in daily high‑value transactions, but rising client expectations for speed, transparency, and data richness are straining the legacy CHIPS and Fedwire infrastructures. The industry faces added pressure from ISO 20022 migration, higher transaction limits, and...