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
Cross-Border Payment Technologies, Innovations, and Challenges: Lessons From Domestic and Cross-Border Payments
Cross‑border payments, vital for global trade and remittances, lag behind domestic systems in speed, cost, and accessibility. While wholesale transfers have become relatively efficient, retail and remittance flows still rely on costly correspondent‑banking networks, despite fintech front‑end innovations like Wise and Revolut. Emerging technologies such as distributed‑ledger, DeFi, and stablecoins offer real‑time settlement potential, but regulatory gaps and limited public‑sector coordination impede widespread adoption. The G20’s cross‑border payments programme and public‑private partnerships are identified as key levers to harmonise standards and address market failures.
Hong Kong Banks Dependent on SWIFT Are Warned of New US Sanctions
The U.S. Treasury warned two Chinese banks that processed roughly $9 billion of Iran‑oil payments that flowed through Hong Kong, Oman and the UAE, threatening secondary sanctions. Hong Kong banks rely on SWIFT for global settlements and have already closed accounts linked to...
Senate Democrats Move to Stall Trump’s ‘Absurd’ Bid to Install New Fed Chair
Senate Democrats on the banking committee have asked Republican leadership to postpone the confirmation hearing for Kevin Warsh, President Donald Trump’s nominee to replace Federal Reserve Chair Jerome Powell. The request comes as the Justice Department investigates Powell over a...
Regulator: Bank Misled Veterans on VA Loan Refinances
The Office of the Comptroller of the Currency issued a consent order against The Federal Savings Bank, accusing it of false disclosures that steered veterans into costly VA cash‑out refinance loans between 2022 and 2024. Misleading ads and claims of...
Peru's Trusted Central Bank Governor Faces Retirement Amid Political Turmoil
Peru is gearing up to elect its 10th president in 10 years, but another serious question weighs on the nation of 35 million people: What happens if its central-bank governor of 20 years retires this year? The central bank has a...
IMB Profitability Hits 4-Year High in 2025, MBA Finds
Independent mortgage bankers (IMBs) posted their strongest origination profitability in four years, with average earnings of $785 per loan in 2025, up from $443 in 2024. The gain translated to 21 basis points per mortgage, double the prior year, yet...
Citizens Bank $400 Checking Bonus (Direct Deposit Required)
Citizens Bank is rolling out a $400 cash bonus for new checking customers who meet a straightforward set of conditions. Prospective members must open a qualifying account between April 1 and June 30, 2026, and receive a single direct deposit of at...
Citi Names Gonzalo Luchetti CFO as AI Fuels Record $24.6B Revenue Quarter
Citigroup appointed Gonzalo Luchetti as chief financial officer and used his debut earnings call to link a 14% year‑over‑year revenue jump to AI‑enabled efficiency. The bank reported $24.6 billion in revenue, $5.8 billion net income and a 13.1% return on tangible common...
UK FCA Unveils Open‑Finance Framework to Boost Credit Access
The Financial Conduct Authority announced an open‑finance framework that will let consumers and businesses share financial data with a wider range of providers, aiming to speed up loan approvals and broaden credit access. The regulator projects the combined impact of...
Bank of America Deploys AI Tool to 18,000 Advisors as Quarterly Earnings Hit 20‑Year High
Bank of America rolled out its new Meeting Journey AI platform to all 18,000 financial advisors while reporting a record first‑quarter net income of $8.6 billion, a 25% rise in earnings per share and its strongest revenue in nearly two decades....
Pakistan Ends 8‑Year Bank Ban on Crypto, Allows VASP Accounts for 40 Million Users
The State Bank of Pakistan revoked its 2018 prohibition on banks dealing with cryptocurrencies, allowing licensed virtual asset service providers to open segregated client‑money accounts. The move targets roughly 40 million Pakistanis active in crypto and backs a $2 billion tokenisation partnership...
Government Uses Subpoenas to Freeze Accounts, Block Lawyers
"Let me just say I've been debanked more than 12 times. The government does that as a tactic. They send your bank the subpoena, and the bank kicks you out. One of the big reasons they do this 'subpoena sniping'...
EBANX Targets Southeast Asia in New Cross-Border Payments Push
Brazilian fintech EBANX, a key partner behind the Pix instant‑payment system, is expanding its cross‑border payment platform into Southeast Asia. The firm has launched operations in Thailand, Indonesia and Turkey, with Malaysia and Vietnam slated for later in the year....
SRB Response to Commission Consultation on EU Banking Sector Competitiveness
On 16 April 2026 the Single Resolution Board (SRB) submitted its formal response to the European Commission’s consultation on the competitiveness of the EU banking sector. The SRB argued that a stronger, harmonised resolution framework is essential for banks to compete with...
New Notice in a Nutshell Briefing: PRA Fines Bank and Its Parent Company £2 Million in Connection with Prudential and...
On 23 March 2026 the UK Prudential Regulation Authority issued a final notice to The Bank of London Group Limited and its parent Oplyse Holdings Limited, imposing a £2 million (approximately $2.5 million) penalty for prudential and governance failings. The regulator found the firms...
Backbase and Ninth Wave Team Up to Bring Open Finance to Commercial Banking
Backbase, the Amsterdam‑based banking‑software platform, announced a strategic partnership with New York‑based open‑finance specialist Ninth Wave to give commercial banks direct, permissioned connectivity between corporate clients’ ERP and accounting systems and their banking data. The joint solution provides real‑time data...
Free Cash Earns Interest, but 1.5% Fee Erodes Returns
𝗘𝗮𝘀𝘆𝗘𝗾𝘂𝗶𝘁𝗶𝗲𝘀 𝗽𝗮𝘆𝘀 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗼𝗻 𝘆𝗼𝘂𝗿 𝗙𝗥𝗘𝗘 𝗖𝗔𝗦𝗛 That's any uninvested Rand sitting in your ZAR or TFSA account. It accrues daily and gets credited on the first business day of the following month. 𝗧𝗵𝗲 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗿𝗮𝘁𝗲 𝘁𝗵𝗲𝘆 𝗴𝗶𝘃𝗲 𝘆𝗼𝘂 𝗶𝘀 (𝗣𝗿𝗶𝗺𝗲 -𝟯.𝟱%). They...
Inside the Bank Where Employees Built 20,000 AI Tools in 18 Months
BBVA rolled out a bottom‑up generative‑AI platform that enabled 120,000 employees across 25 countries to build roughly 20,000 custom GPTs in just 18 months. By allocating only 3,000 licences and empowering a peer‑led "Champions and Wizards" network, daily active usage...
SIFMA Welcomes SEC’s Comprehensive Review of the CAT
SIFMA announced its support for the SEC’s concept release that initiates a comprehensive review of the Consolidated Audit Trail (CAT). The trade association highlighted long‑standing calls for a public review to address CAT costs, governance, funding, and data security. SIFMA...
SWIFT: Belgium’s Banking Network as Economic Weapon
The most powerful weapon in America's arsenal isn't a nuke. It's not even in the military. It's a banking cooperative in Belgium that can destroy entire economies in days. In 2022, they used it on Russia, and the results were devastating. Here's the untold...
Today’s Podcast Episode: “True Lender” Doctrine Back in the Spotlight: Key Takeaways on OppFi V. Hewlett Tentative California Superior Opinion
The Los Angeles Superior Court issued a tentative ruling in OppFi v. Hewlett, granting summary judgment to fintech lender OppFi and rejecting the California DFPI’s claim that OppFi, not its partner FinWise Bank, is the true lender. The court emphasized...
Buy-to-Let Repossessions Rise by 10% as Landlords Face ‘Tough Times’ Ahead – What You Can Do Now
Buy-to-let mortgage repossessions in the UK jumped 10% to 770 properties in Q4 2025, the highest level since 2024. New landlords taking out BTL loans in April face roughly $1,650 higher annual repayments, while rents outside Greater London have flat‑lined...
Morgan Stanley Posts Record $20.6B Q1 Revenue, CFO Yeshaya Outlines Capital Strategy
Morgan Stanley announced a record $20.6 billion revenue for Q1 2026, while CFO Sharon Yeshaya explained how the firm will deploy excess capital through share buybacks, a $100 billion bank reorganization and a digital‑asset pilot. The results lifted the stock 4.16% and...
FDIC, OCC Issue Final Rule Banning Debanking of Lawful Customers
The Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency adopted a joint final rule that prohibits supervisory actions based on reputation risk. Effective June 6, the rule bars agencies from urging banks to close accounts...
Airwallex Launches Global POS Platform, Directly Targeting Stripe, Square and Adyen
Airwallex introduced a unified point‑of‑sale product that lets merchants accept in‑person payments in dozens of countries without separate local acquirers, positioning the $8 billion‑valued fintech against Stripe, Square and Adyen. The move leverages its network of 90 regulatory licences and $100 billion...
U.S. Bank Eyes Amazon Tie-Up for Small-Biz Boost
U.S. Bank announced a co‑brand credit‑card partnership with Amazon, slated to launch in Q3 2026. The deal will replace American Express as the issuer and target roughly 700,000 Amazon small‑business customers. U.S. Bank expects the program to generate about $1.6 billion in new loans...
U.S. Bank Eyes Amazon Tie-Up for Small-Biz Boost
U.S. Bank announced a co‑brand credit‑card partnership with Amazon aimed at 700,000 small‑business owners, slated to launch in Q3 2026. The deal is expected to generate roughly $1.6 billion in new loans and $75‑85 million in quarterly net‑interest revenue. Leveraging a digital...
NBFCs – Bridging the Funding Gap for Students in the Indian Lending Industry
NBFCs in India are reshaping education financing by leveraging digital platforms and advanced underwriting that look beyond collateral. Poonawalla Fincorp exemplifies this shift, offering instant approvals through API‑driven verification and a three‑pronged scoring model that weighs future income, university rank...
Check Fraud in 2026: Why AI Is Now Essential
Check fraud remains a major threat, representing about 30% of all fraud losses in the United States, second only to debit‑card fraud. Reports of suspicious activity tied to check fraud surged 90% from 2021 to 2023, and high‑profile cases involving...
AI Could Automate $13T Mortgage Market, Ditch Advisors
Wealthfront runs 45% EBITDA margins without a single advisor. Now David Fortunato wants to automate the $13 trillion mortgage market. (0:00) Can AI Replace Your Financial Advisor? (1:47) How Close Is Self-Driving Money? (3:59) What Happens to 400K Financial Advisors? (4:43) Is the 1%...
Banks Claim Coinbase Coerced by Proposed Clarity Act
WATCH: Fox Business says banks are upset with Coinbase, saying they were effectively forced to accept terms under the proposed Clarity Act https://t.co/xYt3Hzy4Ye
Blackhawk Debuts a Consolidated Stored Value Platform for Brands
Blackhawk Network launched a consolidated stored‑value platform that aggregates gift‑card balances, refunds, promotional credits, loyalty points and appeasement funds into a single view via its Digital Wallet API. The solution handles accounting, compliance and expiration rules, allowing brands to display...
Physical Presence Supercharges Digital Engagement and Growth
Branches are not dead. They are misunderstood. In this episode, I share why physical presence can actually accelerate digital engagement and drive growth. Watch the latest episode today: https://t.co/Lg9jRpKff4 https://t.co/tgi2g9uGJY
ECB to Keep Options Open Before April Meeting, Nagel Says
ECB should keep options open ahead of April meeting, Nagel says https://t.co/Dd1fRDIi4l via @KowalczeKamil @jrandow https://t.co/5FIQHxfeCK
The EBA Seeks Feedback on 4.3 Draft Technical Package of Its Reporting Framework
The European Banking Authority (EBA) has released a draft technical package for version 4.3 of its reporting framework, covering anti‑money‑laundering (AML) and third‑country‑branch (TCB) reporting. The package includes new validation rules, a Data Point Model, XBRL taxonomies and introduces reporting requirements...
Slash Raises $100M Series C, Hits $1.4B Valuation
🚨 JUST IN: @slashapp raised $100M Series C at $1.4B to build a Ramp competitor $250M ARR. 60 employees. Valuation quadrupled since May. The headline is the round. The story is everything else 🧵 https://t.co/SzLfFk3ZuB
Coastal Bend Bancshares to Acquire First National Bank
Deal Profile: Coastal Bend Bancshares to acquire First National Bank in Port Lavaca | S&P Global Market Intelligence https://t.co/prXztdmOoY
Visa, Mastercard Settle Merchant Claims
Visa and Mastercard have settled interchange‑fee claims from about 65 merchants in New York, ending a decade‑long antitrust dispute that was headed for trial. The settlements include payments of $4.2 billion from Visa’s escrow account, covering roughly 90% of its transaction...
US Threatens Chinese Banks, Tightening Iran Oil Blockade
The US yesterday warned 2 Chinese banks they're at risk of secondary sanctions if they help buyers of Iran's oil. This is a very big deal. Iran has a bunch of fully-laden oil tankers already outside the SoH. This shuts...
New Bank Bill Set to Unlock Capital for Midsize M&A
Data Dispatch: Bank bill could unlock capital, fuel M&A for midsize banks | S&P Global Market Intelligence https://t.co/Ny9wGdikDE
AI Helped CIBC Save 1.2 Million Hours, Cut Mortgage Approval Times at TD, CEOs Say
Canadian Imperial Bank of Commerce (CIBC) reported AI tools saved 1.2 million work hours in Q1, while Toronto‑Dominion (TD) cut mortgage approval times from hours to minutes. Both CEOs highlighted AI’s role in faster fraud detection, credit monitoring and auto‑loan decisions....
Democrats on Senate Banking Committee Seek Warsh Hearing Delay
NEW: All 11 Democrats on the Senate Banking Committee joined in a final push to delay Warsh's confirmation hearing ahead of his scheduled appearance on Tuesday https://t.co/wuglbkvanS @nytimes
CPMI-IOSCO Assesses that the UK Has Implemented the PFMI but Recommends Improvements
On 16 April 2026 the BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) completed their assessment of the United Kingdom’s implementation of the Principles for Financial Market Infrastructures (PFMI) for payment systems and central...
External MRELS – 2026
On 16 April 2026 the Bank of England released its 2026 approach to external minimum requirements for own funds and eligible liabilities (MRELs). The figures apply to firms with a UK‑incorporated resolution entity whose MREL exceeds the minimum capital requirement, using balance‑sheet...
OCC Plans to Preempt Illinois Interchange Law
The Office of the Comptroller of the Currency (OCC) has submitted a draft executive order to preempt Illinois' Interchange Fee Prohibition Act, which is slated to take effect in July 2025. The Illinois law caps swipe fees for merchants and...
Mortgage Rates in 2026 Predicted to Drop: These 3 Signals Tell You It's Time to Buy
Mortgage rates for 30‑year fixed loans sit around 6.44% and could fall to 5.9% by year‑end, according to Fannie Mae. Home price appreciation is projected between 0% and 4%, while inventory is rising as owners trade low‑rate homes. Three tax‑related signals—DTI...
PNC Discloses $7bn Exposure to Private Credit Firms
PNC Financial Services disclosed roughly $7 billion of exposure to private‑credit managers, part of a broader $33 billion portfolio of lending to business‑credit intermediaries. The bank’s total allocation to non‑depository financial institutions stands at $73 billion, with about $26 billion tied to securitised vehicles...
Tempo's Zones: Private, Liquid, Fast Transactions for Institutions
Zones are a bespoke privacy solution from @tempo It balances the need for confidential transactions where needed With the benefits of liquidity, and fast settlement across the wider Tempo network Designed in partnership with some of the world's largest institutions...
Banks Favor Tokenized Deposits, Not Just Deposit Tokens
Why banks like tokenized deposits https://t.co/fGVaoqeM4U "The big attraction for deposit tokens..." I hate to be that guy, but are tokenised deposits and deposit tokens the same thing James? https://t.co/6qhvH3vUY5
Bank of America Posts Record Q1 Equity‑Trading Revenue as Volatility Fuels Profit Surge
Bank of America reported a 25% year‑over‑year increase in Q1 earnings per share to $1.11, propelled by a 30% surge in equity‑trading revenue to a record $6.3 bn. Investment‑banking fees rose 21% to $1.8 bn, underscoring how heightened market swings are boosting...