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
Best 12-Month CD Rates for April 22, 2026: Up to 4.15%
As of April 22, 2026, the best 12‑month certificates of deposit (CDs) are offering up to 4.15% APY, far outpacing the national average of 1.53%. Credit One Bank tops the list with a 4.15% jumbo CD requiring a $100,000 minimum, while Finworth, Live Oak Bank, Navy Federal and Alliant Credit Union provide rates between 3.75% and 3.95% with lower minimums. Over recent weeks, many banks have nudged their 12‑month CD rates upward, making short‑term, insured deposits an attractive hedge against potential rate cuts. Savers seeking a predictable return can lock in these yields now before the cycle peaks and rates potentially retreat.
RBI Floats New Draft Rules To Govern Prepaid Payment Instruments
India’s central bank released a draft Master Direction to overhaul prepaid payment instruments (PPIs). The rules split PPIs into General‑Purpose (full‑KYC and small) and Special‑Purpose categories, setting caps such as ₹2 Lakh (~$2.4k) for full‑KYC wallets and ₹10k (~$120) for small...
With Optimism Giving Way To More Volatility, Maxim Capital Group Stepping Up Lending
Maxim Capital Group, a 15‑year‑old commercial‑real‑estate bridge lender, is increasing its loan activity in South Florida despite heightened macro‑economic volatility from geopolitical tensions and stagnant Fed rates. The firm recently closed a $70 million loan for a Boca Raton condo project and...
DoorDash to Offer Gig Workers Stablecoin Payouts
DoorDash announced that it will allow its gig couriers to receive earnings as a dollar‑pegged stablecoin through Stripe’s Tempo blockchain. The partnership aims to give drivers near‑instant access to funds, cutting the typical one‑to‑two‑day bank delay. Tempo, launched only last...
Bessent Says 'Many' U.S. Allies Have Asked for Currency Swaps Amid Iran War Turbulence
U.S. Treasury Secretary Scott Bessent told a Senate appropriations hearing that many Gulf allies, including the United Arab Emirates, have asked for dollar‑denominated currency swap lines to offset the economic shock from the Iran‑U.S. conflict. A swap line would provide...
Banks to Reinforce Cyber Defences as AI Changes the Threat Model
Banks are accelerating cyber‑defence programs as artificial intelligence reshapes the economics of digital attacks. AI shortens the time needed to locate vulnerabilities, craft convincing fraud attempts, and launch large‑scale intrusion campaigns, making the financial sector a prime target. Recent data...
![[Targeted] Barclays Spend Bonuses – Get 5x Everywhere & Other Offers](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://www.doctorofcredit.com/wp-content/uploads/2019/09/barclay.png)
[Targeted] Barclays Spend Bonuses – Get 5x Everywhere & Other Offers
Barclays has rolled out a new series of spend‑bonus promotions on its co‑branded cards, including Hawaiian and Wyndham, that award up to five points per dollar on all purchases. Some offers also grant 5× miles on restaurant spend and a...
Rack Up A Quick & Easy $50 With Chase Business Checking Promo (Targeted)
Chase is rolling out a targeted promotion that rewards business checking customers with a $50 bonus after they complete at least 15 Zelle transactions of $5 or more each by July 16, 2026. The offer arrives via email rather than a public...
The Role of Cloud-Native Infrastructure in Payments Modernization
Banks are racing to modernize payments, but legacy systems hinder real‑time processing, increase fraud exposure, and demand costly integrations. A webinar hosted by FIS and AWS highlighted the FIS Money Movement Hub, a cloud‑native solution built on AWS that promises...
Paper Prepaid Cards Emerge as an Eco-Friendly Tool to Fight Hunger
CPI Card Group is donating 25,000 eco‑friendly paper prepaid cards to Street Charity, a nonprofit that serves people facing food insecurity. The cards, built on the Discover Network, can be used only at fast‑food and quick‑serve restaurants, ensuring funds go...
House Committee Passes CTA Repeal Bill
The House Financial Services Committee voted 26‑25 to advance the Repealing Big Brother Overreach Act, which would effectively repeal the Corporate Transparency Act (CTA) and limit beneficial‑ownership reporting to foreign‑owned companies. The measure, backed by more than 190 co‑sponsors, responds...
PNB Partners Kiwi to Launch Credit-Enabled UPI for Users
Punjab National Bank (PNB) has teamed up with fintech Kiwi to roll out a credit‑enabled UPI solution for its 180 million customers, anchored by the new PNB Kiwi RuPay credit card. The card delivers 0.5‑1.5% cashback on online purchases and supports fully...
Banorte Pushes Cashless Payments at Azteca as World Cup Deadline Nears
Mexican lender Banorte, which holds naming rights to Estadio Azteca, is racing to make the stadium fully cashless ahead of the 2026 FIFA World Cup. The bank has rolled out portable card readers and installed Banorte‑branded ATMs, but early test...
Banks Seek to Slow Down Implementation of Crypto's GENIUS Act on Stablecoin Oversight
U.S. banking groups have asked the Treasury Department to pause the comment periods for three GENIUS Act rule proposals that govern stablecoins until the Office of the Comptroller of the Currency (OCC) finalizes its own oversight framework. The banks argue...
Absa Kenya to Spend $23.2 Million a Year in Digital Banking Push
Absa Bank Kenya plans to allocate up to KES 3 billion ($23.2 million) each year to technology, cementing its digital‑banking strategy. In 2025 the bank already spent KES 2.16 billion ($16.7 million) on tech, with 94% of transactions processed outside branches, up from roughly...
Revolut Spent Zero on Marketing in Beginning, CEO Says
Revolut’s CEO Nik Storonsky revealed the fintech grew its first five‑to‑seven years without spending a single dollar on marketing, relying entirely on word‑of‑mouth referrals. The company, now valued in the billions, is focused on securing a U.S. banking licence, a...
Bank OZK Q1 Profit Falls 5% and Misses Earnings Estimate
Bank OZK reported a first‑quarter profit of $159.3 million, a 5.1% decline from a year earlier and below analysts' $1.46 per‑share earnings forecast. The Arkansas‑based regional bank raised its quarterly dividend to 47 cents per share, marking the 63rd consecutive increase.
Emirates NBD and Dubai South Ink MoU to Boost SME Banking Services
Emirates NBD and Dubai South signed a Memorandum of Understanding on April 22, 2026 to streamline corporate account opening and deliver tailored banking solutions for small and medium‑size enterprises in the free‑zone. The partnership is positioned to accelerate Dubai’s goal...
Mind the Wealth Gap: The Secret Entry Points of Private Banking
Coutts, the private bank that serves King Charles III, has raised its minimum opening deposit from £1 million (≈$1.25 million) to £3 million (≈$3.75 million), the biggest jump in its 333‑year history. The move, effective for new clients in November, signals a strategic pivot...
Draft Delegated Act – Market Risks – Own Funds Requirements
On 21 April 2026 the European Commission released a draft delegated act amending the Capital Requirements Regulation to provide temporary, targeted relief for market‑risk capital. The proposal modifies both the alternative internal model and the standardized approaches, and adds an overall multiplier...
Tech Vendors Aim New Devices at a More Complex Point of Sale
Payroc introduced Bodega AI, an artificial‑intelligence platform that automates inventory tracking and dynamic pricing for merchants handling thousands of SKUs, such as convenience and pet‑supply stores. The service adds dual‑pricing and built‑in surcharging to cut processing costs. At the same...
Does Private-Credit Smoke Mean Financial Fire?
The private‑credit market has exploded, with assets topping $1.2 trillion and non‑bank lenders now supplying roughly 30% of U.S. middle‑market loans. While default rates stay modest, the sector’s rapid expansion raises questions about data transparency and oversight. Analysts warn that the...
Term Sheet: BNP Paribas Plans an SRT, a UK Retail CMBS Gets Underway, MERA Eyes Preferred Equity Deals
BNP Paribas is weighing a synthetic risk transfer (SRT) to shed credit exposure, marking the latest European bank to consider such structures. In the UK, a new securitisation of the Westfield Stratford City shopping centre will launch a fresh retail CMBS,...
Repay Attracts $1B Takeover Offer
Repay Holdings received an unsolicited $1 billion takeover proposal from Forager Capital Management, offering $4.80 in cash per share—a 75% premium to the 30‑day volume‑weighted average price. Forager, which already owns a 13% stake, disclosed the offer in an SEC filing...
Venezuela Sanctions, Licenses, and Complications - April 2026
The Trump administration continues its sanctions regime against Venezuela while issuing a new set of licenses that allow U.S. firms to conduct limited transactions with the Venezuelan Central Bank and other designated financial institutions. These authorizations extend earlier oil‑and‑mining licenses,...
KBRA Direct Lending Deals: News & Analysis – 4/20/2026
KBRA released its latest Direct Lending Deals (DLD) default index covering the trailing twelve months through April 21, 2026. The index shows a modest decline in default rates to 1.2% and loss severity staying below 30%, while deal issuance rose 8% year‑over‑year....
Mortgage Rates Poised to Climb Despite Low Oil
I find it interesting how many people think mortgage rates won't up from here. Despite $100 a barrel oil, total unknowns in the Middle East, and the fact that mortgage rates are historically HIGHEST in the months of May and June. Seems...
RBA Nightmare as 90pc of Banks Hike Mortgage Rates
Around 90% of Australian banks have lifted at least one fixed mortgage rate since the Reserve Bank of Australia’s last meeting, signaling aggressive pricing ahead of the May 5 decision. The average variable home‑loan rate has risen to 6.42%, up 0.25...
Leverage Like Banks: Build Wealth Through Real Estate
Banks have been using leverage to build wealth for 200 years. They lend money to people who buy assets that go up in value. They've been running the real estate playbook on you. Time to run it yourself.
Agentic AI in Financial Services: The Ecosystem Agent Framework
Snowflake unveiled the Ecosystem Agent Framework, a unified data‑and‑AI platform that lets autonomous agents operate directly on first‑ and third‑party data without movement. By integrating Cortex Analyst, Search, Agents, and Code, the framework transforms manual data‑gathering into continuous, system‑driven workflows...
ECB Fuels US‑payment Paranoia to Accelerate Digital Euro
ECB's Piero Cipollone is currently being grilled by Nicolas Veron on the digital euro in a refreshingly sharp way. Veron just pointed out that the ECB's paranoia about the US payment companies pulling out of Europe is somewhat far-fetched, to...
BMO Launches Governance-First Institute for AI and Quantum
BMO Centralizes AI and Quantum Efforts Into Governance-First Institute to Scale Responsible Innovation Launched enterprise-wide institute for applied AI + quantum technologies. Coordinates expertise: data science, governance, ethics, commercialisation. Goals: accelerate responsible AI adoption, improve client experience, boost operational efficiency, develop...
Debanking, Crypto, and the Next Wave of D&O Exposure
Federal regulators, led by the OCC and FDIC, are eliminating “reputation risk” from bank supervision following the 2025 “Guaranteeing Fair Banking” executive order. The new guidance forces banks to base service decisions on measurable credit, liquidity, operational and legal risks,...
Farmers & Merchants Bancorp Names Shalini Singhal as Chief Information and Technology Officer
Farmers & Merchants Bancorp has appointed Shalini Singhal as its Chief Information and Technology Officer. The move reflects a growing trend among regional banks to merge information and technology leadership under a single executive, aiming to accelerate digital transformation and...
Capital One Posts $2.2B Q1 Net Income as CFO Young Flags NIM Dip and Credit Loss Surge
Capital One reported GAAP net income of $2.2 billion and adjusted earnings of $4.42 per share for Q1 2026. CFO Andrew M. Young highlighted a 39‑basis‑point drop in net interest margin to 7.87% and a $4.1 billion provision for credit losses, underscoring the...
What Is Private Credit?
Private credit has surged to over $1.5 trillion in assets, driven by stricter bank regulations that left a financing gap for mid‑market firms. Pension funds, insurers and sovereign wealth funds supply capital to specialized funds that originate direct loans with flexible...
FAB Rolls Out 2026 Net‑Zero Plan, Mobilising $31 B in Sustainable Finance
First Abu Dhabi Bank (FAB) announced its 2026 Net‑Zero Transition Plan, detailing a 35% cut in Scope 1‑2 emissions intensity since 2019 and the mobilisation of AED 114.4 billion ($31 billion) in sustainable and transition finance in 2025, positioning the bank as a regional...
PNC Cuts 777 Jobs After $4.1 Billion FirstBank Acquisition
PNC Financial Services will eliminate 777 positions at its Lakewood, Colorado office as it integrates FirstBank Holding Company, a deal valued at over $4.1 billion. The layoffs, slated to begin June 30, 2026, reflect the bank’s effort to streamline overlapping functions...
ClearBank Europe Secures First Dutch MiCAR Notification to Offer Digital Assets
ClearBank Europe became the first Dutch credit institution to secure a notification under the EU Markets in Crypto‑Assets Regulation (MiCAR), gaining approval from the Dutch Authority for the Financial Markets (AFM) to operate as a Crypto Asset Service Provider (CASP)....
Block and Uber Expand Partnership Across Several Global Markets
Block and Uber announced an expanded global partnership that adds Cash App Pay as a payment option on Uber rides and Uber Eats in the United States, giving Uber access to roughly 59 million monthly Cash App users. The deal also...
SMBC Americas Launches Cash Management Platform
SMBC Americas has launched SMBC Connect, a digital cash‑management platform that gives corporate treasurers real‑time visibility and customizable dashboards. The solution was co‑created with input from more than 50 treasury clients, enabling widget‑based personalization and upcoming tagging features. SMBC Connect...
Block Expands Uber Deals and Other Digital Transactions News Briefs From 4/22/26
Block Inc. announced a global extension of its Uber Eats integration and the rollout of Cash App Pay within Uber and Uber Eats in the United States. Paysafe Ltd. launched PaysafeWallet, a debit‑card‑enabled personal payment account now live in 18...
Asset Match Gains Approval to Operate PISCES Platform
Asset Match has received FCA approval to operate the Private Intermittent Securities and Capital Exchange System (PISCES), joining a select group of firms with regulatory clearance. The London‑based marketplace, founded in 2011, facilitates secondary trading of unquoted UK company shares...
Mortgage Rates Sink Again, and Homebuyers Jump Back In
Mortgage rates slipped to 6.35% for 30‑year fixed loans, marking a third consecutive weekly decline and a 55‑basis‑point drop from a year ago. The Mortgage Bankers Association reported a 7.9% jump in total mortgage applications, with purchase‑loan requests up 10%...
AI and Chatbots Transforming the Future of Consumer Lending
Artificial intelligence and chatbots are reshaping consumer lending by automating applications, eligibility checks, and document verification. Lenders using AI report faster approvals, lower error rates, and reduced operational costs. Advanced algorithms also enable personalized loan offers and stronger fraud detection....
Winning the Attention War Redefines Banking
[New Episode] How to Win the Attention War: Why Banking Will Never Be the Same. Interview with @AlexH_Johnson of @FintechTakes & @MaryMWisniewski of @CstoneAdvisors. Watch the latest episode: https://t.co/KgtYKWsdlp https://t.co/1YoAmwYkAd
Fintech Mambu, Knowit Partner with Eiendomskreditt to Enhance Core Banking Infrastructure
Norwegian mortgage lender Eiendomskreditt has appointed fintech Mambu and digital consultancy Knowit to replace its legacy core banking system with a cloud‑native, SaaS platform. Mambu will provide the composable core engine while Knowit will handle integration and regulatory customization. The...
Chancellor Rallies Retail Banks Behind Her Economic Plan
Chancellor Rachel Reeves gathered the CEOs of Barclays UK, Lloyds, Santander UK, NatWest, Nationwide and HSBC to outline her economic plan amid heightened global uncertainty. She emphasized the financial services sector’s role in stabilising households and businesses while unveiling progress...
How Block Built a $200 Billion Credit Operation by Seeing Customers Traditional Lenders Can’t
Block has scaled its credit operation to $200 billion by leveraging first‑party data from Cash App, Square, and Afterpay. Head of credit Juan Hernandez explains that the company replaces traditional bureau scores with native transaction signals, enabling loans for 100 million Americans...
Easing Capital Rules Will Require Banks to Rediscover Self-Discipline
U.S. regulators have softened the Basel III endgame, cutting capital buffers for both global systemically important banks and smaller institutions. The change coincides with a surge in AI‑driven cyber attacks, with 90% of financial firms reporting more incidents and global fraud...