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.
Mayer Brown Sponsors 5th U.S. Private Credit Conference on Direct Lending Trends
Mayer Brown is sponsoring the fifth annual U.S. Private Credit Industry Conference on Direct Lending, bringing together direct‑lending funds, business development companies and bank funding partners to discuss fundraising strategies, financing structures and regulatory developments. The event aims to shape credit performance outlooks and uncover new investment opportunities for participants.
Scotiabank Deploys 'Scotia Intelligence' AI Platform Across Entire Bank
Scotiabank has introduced Scotia Intelligence, a bank‑wide artificial‑intelligence framework that consolidates internal tools, data, and governance. The platform already powers more than 40% of contact‑centre queries and processes about 90% of commercial‑bank emails, cutting manual work by 70%. The rollout...
SoFi Becomes One of Few U.S. Banks Offering 24/7 FedNow Send and Receive
SoFi, N.A. activated 24/7 bilateral FedNow® Service transfers on April 13, 2026, allowing members to send and receive instant payments any time, including weekends and holidays. The capability, built on Galileo Financial Technologies’ direct FedNow connection, puts SoFi among a...
Independent Bank Corp (Massachusetts) (INDB) Q1 2026 Earnings Call Transcript
Independent Bank Corp reported Q1 2026 net income of $22.5 million, or $2.67 diluted EPS, with a net interest margin of 4.59%—down from 5.1% a quarter earlier. Return on equity stood at 17.64% and return on assets at 2.13%, while tangible...
WaFd Inc (WAFD) Q2 2026 Earnings Call Transcript
Washington Trust (WaFd) reported a Q2 2026 net loss of $60.8 million, primarily from balance‑sheet repositioning losses, while adjusted net income was $10.4 million. Net interest margin rose to 1.95% and is projected to climb to 2.30‑2.35% in Q1 and...
Low Code in Financial Services, Part 2: What It Looks Like in Practice
The article outlines how Microsoft Power Platform services—Power Apps, Power Automate, and Dataverse—can be deployed in banks to address six chronic IT pain points, from engineering bottlenecks to sustainability challenges. By positioning Power Apps as a lightweight experience layer, banks...
India’s Bank Credit Growth Seen at 13% in FY27
India’s banking sector is projected to expand credit by roughly 13% in FY27, slightly below the 14% pace seen in FY26. Growth will be anchored by strong demand from MSMEs and retail borrowers, while corporates continue to favor bank loans...
Local Government Debt Swaps, Fiscal-Financial Governance, and Bank Risk in China
China’s debt‑swap program, launched to convert implicit local government liabilities into explicit securities, is showing measurable effects on the banking sector. Using a 2011‑2024 bank‑region panel, researchers find that overall bank risk declines, but the impact varies by ownership. State‑owned...
Bank Failures: The Roles of Solvency and Liquidity
A new survey of 160 years of U.S. banking data shows that fundamental insolvency, not depositor runs, is the primary driver of bank failures. Even when runs occur, they usually act as a trigger for already insolvent institutions. Recovery rates...
Morningstar DBRS Changes Trends on Innovation Federal Credit Union's Credit Ratings to Negative From Stable, Confirms Long-Term Issuer Rating at...
Morningstar DBRS shifted Innovation Federal Credit Union’s rating trend to Negative from Stable while confirming its long‑term BBB (high) and short‑term R‑1 ratings. The downgrade reflects heightened stress in the loan portfolio, driven by increased exposure to commercial real‑estate and...
Trump Threatens to Fire Fed Chairman
The episode examines President Donald Trump's threat to fire Federal Reserve Chair Jerome Powell unless he steps down within a month, highlighting the political pressure on monetary policy and the potential fallout of such interference. Economist Claudia Ray‑Sarm explains why...
Treasury Secretary Scott Bessent Is Preparing Banks to Collect Citizenship Data
Treasury Secretary Scott Bessent announced that the Trump administration is moving forward with an executive order requiring U.S. banks to collect citizenship information from customers. The order would expand existing KYC obligations, demanding proof of citizenship, permanent residency, or a...
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This New SoFi Offer Turns a $50 Deposit Into a Shot at $1,000
SoFi is rolling out a "Bank Shot Bonus" that lets new customers win cash prizes ranging from $5 to $1,000 after opening a checking and savings account and depositing at least $50. The promotion runs through April 30 and is limited...
Private Credit and Large Banks
Banks entered Q1 2026 under heightened scrutiny over private‑credit disclosures, as investors—both institutional and retail—face losses from illiquid, mis‑sold vehicles. Goldman Sachs president John Waldron warned that private‑credit products lack clear liquidity labeling, prompting regulators to demand more transparency. While banks...
Financial Services Roundup: Market Talk
JPMorgan and Wells Fargo reported a 15% sequential drop in mortgage‑banking volumes, outpacing industry forecasts, yet both banks saw stable or improving housing‑credit performance, with JPMorgan posting negative home‑lending charge‑offs. In Europe, alternative‑asset managers rallied, as stocks of CVC Capital, ICG PLC,...
Figure Technology Solutions Expands RWA Tokenization with Auto Loans on Hastra Platform
Figure Technology Solutions announced that its Hastra platform will now tokenize auto loans, adding the first consumer‑credit asset class beyond mortgage‑backed securities. The rollout begins on the Solana blockchain with an Ethereum‑compatible version expected in June, expanding access for DeFi...
M&T Bank Posts $620 M Q1 Profit, Boosting Confidence in U.S. Banking Sector
M&T Bank Corp. announced first‑quarter earnings of $620 million, up from $547 million a year earlier, with earnings per share climbing to $4.13. Revenue rose 3.6% to $1.75 billion, underscoring resilience in the U.S. banking sector amid mixed macro signals. Smaller regional banks,...
Non-Current CRE Loans Surge Across Construction, Office and Multifamily Sectors
Bank data show non-current commercial real estate loans climbing sharply in construction, office and multifamily portfolios, with regional gaps widening. The trend reflects higher rates, cost inflation and the end of pandemic rent support, warning investors and lenders of deeper...
The More Things Change: Bank CEOs on Why They're Adding Branches
Despite a net loss of roughly 400 U.S. bank branches in 2025, the nation’s largest banks are still expanding their physical footprints. JPMorgan Chase plans to add more than 500 new branches by 2027, leveraging part of its $40 billion excess...
OMB's Vought: CDFIs Funded 'Woke' Programs
Office of Management and Budget Director Russell Vought urged cuts to the Community Development Financial Institutions (CDFI) Fund, accusing the program of financing “woke” and DEI‑focused projects. He argued that CDFI loans lack traditional ability‑to‑pay underwriting, raising safety‑and‑soundness concerns. The...
One in Six: How Rocket Swallowed America's Mortgage Market
Rocket Companies completed a $15.95 billion series of deals—acquiring Redfin for $1.75 billion and Mr. Cooper for $14.2 billion—creating a vertically integrated homeownership platform that now services roughly one in six U.S. mortgages, about 10 million borrowers and $2.1 trillion in unpaid principal. The combined entity...
Stablecoins vs Tokenized Deposits: How New Rules Shape U.S. Payments
Brookings' latest analysis contrasts payment stablecoins, governed by the 2025 GENIUS Act, with tokenized bank deposits that sit inside the traditional banking framework. The piece highlights divergent backing, insurance and regulatory oversight, underscoring how each model could reshape U.S. payments.
NEXTBank Launches PayFi/AgentFI AI Suite After 5‑Month Sandbox Test
NEXTBank announced the commercial rollout of three AI‑driven products—NEXTRouter, NEXTShot and NEXTClaw—after a five‑month sandbox phase. The launch expands its PayFi and AgentFI digital matrix, positioning the firm as a Web4.0 infrastructure provider for AI agents and human users alike.
Trump’s Quest for More Sway Over Fed Faces Fresh Hurdles
Jerome Powell's term as Federal Reserve chair expires on May 15, but he could remain as chair pro tem if the Senate fails to confirm a successor. President Trump’s preferred candidate, former Fed governor Kevin Warsh, must clear the Senate...
'AI Is Our Friend': Bank CEOs Weigh the Tech's Risks, Rewards
Bank CEOs across the major U.S. lenders are publicly embracing artificial intelligence while flagging cyber‑risk concerns. Morgan Stanley’s Ted Pick highlighted the use of Anthropic’s Claude Mythos beta, and Citi announced it will unveil a detailed AI roadmap at its May 7...
Capital One Venture Business Card Will Not Report To Personal Credit Bureaus
Capital One confirmed that its new Venture Business credit card will not be reported to personal credit bureaus, keeping business activity separate from personal credit histories. The card joins Capital One’s Venture X Business and Spark Cash Plus as non‑reporting...
Morningstar DBRS Updates Transaction Summary 433 of Pure Grove Funding, Plaza Trust, and Storm King Funding
Morningstar DBRS has released an updated Transaction Summary 433 for the syndicated auto‑loan program managed by Pure Grove Funding, Plaza Trust, and Storm King Funding. The report details a security interest in a portfolio of fixed‑rate retail loan contracts secured...
Better Credit Quality Lets M&T Lean Into Buybacks
M&T Bank reported a stronger first‑quarter, with net income up 14% to $664 million and earnings per share of $4.13, beating expectations. Credit quality improved markedly, as charge‑offs fell to $105 million, the lowest level since early 2024, allowing the bank to...
Wells Fargo Autograph Journey Adds A New Transfer Partner — With A New Way To Get More Value From Points
The Wells Fargo Autograph Journey Visa Signature, launched two years ago, offers a 60,000‑point sign‑up bonus after $4,000 spend, 5× points on hotels, 4× on airlines, and a $50 annual airfare credit against its $95 fee. The card’s transfer portfolio...
Palo Alto Networks Founder Seeks to Acquire Calif. Bank
Palo Alto Networks founder Nir Zuk has filed a Change‑in‑Bank‑Control application to acquire voting shares in Liberty Bank, a California‑based commercial bank with roughly $442 million in assets. The move follows Zuk’s recent foray into AI with eOS and mirrors a...
Capital One Rebrands Spark Cards Under Venture Portfolio
Capital One announced that its Spark credit‑card suite for small businesses will be folded into the Venture portfolio, adopting the Venture branding and reward structure. Existing Spark cardholders will automatically transition to the new Venture Business cards, which now earn...
ED Arrests Former ADAG Executive Amitabh Jhunjhunwala in Bank Loan Fraud Case
India's Enforcement Directorate has arrested Amitabh Jhunjhunwala, a former senior executive of the Anil Dhirubhai Ambani Group (ADAG), on charges of bank‑loan fraud and money laundering. Authorities allege that loans were diverted through shell companies tied to Reliance Home Finance...
Cross-Border Payments: Balancing AML and Financial Inclusion
Swedish regulators and police have issued new AML/CFT guidance targeting cross‑border payment service providers. The guidance stresses robust customer due diligence, risk indicators and ongoing monitoring while warning against blanket high‑risk labeling of remittance services. It reflects Sweden’s cash‑free transition,...
Five Payment Fraud Trends Reshaping Financial Crime
Tieto Banktech warns that payment fraud is evolving from a purely technical issue to a human‑centred threat. Between 2024 and 2025, social‑manipulation attacks surged 33%, with fraudsters cultivating relationships over days before striking. AI‑driven deepfakes, polished fake e‑commerce sites, and...
California Homeowners Still Locked Into Sub‑4% Mortgages
Everyone keeps talking about lock-in going away, saying the share of mortgage rates above 6% now exceeds those below 3%. Maybe in Alabama. In California, most still can't/won't move as evidenced by 34% of homeowners holding a rate between 3-3.99%...
Basel III Proposal Could Boost CMBS Demand
The Federal Reserve, FDIC and OCC have re‑proposed Basel III capital rules that lower risk weights for commercial‑mortgage‑backed securities (CMBS). Senior positions will see the minimum risk weight drop from 20% to 15%, while overall CRE risk weights could fall to...
Big $2,000 Bonus for New Citi Business Checking Accounts
Citibank is running a limited‑time promotion that pays up to $2,000 for new business checking accounts. To earn the top tier, a business must deposit $200,000 or more within 45 days and keep the balance for an additional 45‑day period....
Finovate Spring 2026 Showcases Five Fintechs Tackling Bank Risk, Compliance and Governance
Finovate Spring 2026 featured five fintech companies—CRIF, Rulebase, Winnow, The Electronic Guardian and a fifth unnamed firm—offering banks automated tools for credit risk, compliance testing, regulatory guidance and secure data storage. Their platforms promise faster decision‑making, reduced audit risk and...
TBA Bidding, HELOC, DSCR, CRM, HMDA Analysis, MI Tools; Events Throughout 2026
Curinos’ proprietary index shows March 2026 funded mortgage volume jumped 35% year‑over‑year and 30% month‑over‑month, while refinance and purchase rates fell 5‑6 basis points month‑over‑month and about 73 basis points from a year ago. A modest market rally trimmed borrower...
Top 4 Open-Loop Commercial Prepaid Loads
Javelin Strategy & Research’s 2026 State of the Industry report shows that U.S. open‑loop commercial prepaid cards processed $232 billion in loads in 2025, led by government programs ($98 B) followed by HSA/FSA accounts ($78 B). The market, once a niche spend‑control tool,...
Bank of America Shines in Higher‑for‑longer Rate Environment
Thinking of playing higher-for-longer rates? Analysis says Bank of America ($BAC) could be a top pick due to its unique sensitivity. Strong deposit base & digital edge are key. Investing
Piero Cipollone: Sparking the Transformation of Finance: Tokenisation and the Role of Central Banks
In a Harvard‑Law‑School keynote, ECB Executive Board member Piero Cipollone argued that tokenisation and distributed‑ledger technology (DLT) represent a general‑purpose innovation capable of reshaping the entire financial architecture. He highlighted the historic constancy of intermediation costs—about 2% of assets—and suggested...
JPMorgan Revenue Rises on Payments, Card Income
JPMorgan Chase reported a strong first‑quarter performance, driven by a 12% jump in payments‑services revenue to $5.1 billion and a 9% rise in credit‑and‑debit card transaction volume. The commercial banking division benefited from higher corporate deposit balances and increased fee income,...
REPAY Issues Statement on Veradace Partners’ Letter and Reiterates Commitment to KUBRA Acquisition
Repay Holdings issued a formal response to a letter from activist investor Veradace Partners, reaffirming its commitment to acquire KUBRA. The board highlighted that the transaction will expand Repay’s bill‑payment capabilities, deepen recurring non‑discretionary payment flows, and broaden enterprise client...
Scammers Use Telegram Tools to Defeat Bank Facial Recognition
Scammers are buying tools advertised on Telegram that trick banks' facial recognition checks. The stakes are enormous with crypto scams tallying an estimated $17 billion in 2025 alone. Banks and regulators are struggling to keep up.
China’s Loan‑driven Industrial Policy Breeds Debt, Few Champions
Most of China's industrial policy is in the form of bank loans, not subsidies. Yes, you can lend to 100 companies, and 2 survive, and then you have 2 national champions. But you also have a mountain of bad debt on...
Bank of America Beats Profit Forecasts as Trading, Investment Banking Drive Growth
Bank of America posted a first‑quarter net profit of $8.6 billion, up 17 percent and beating the $1.01‑per‑share consensus. Revenue from sales‑trading surged 13 percent to $6.4 billion, driven by record equity‑trading volumes, while investment‑banking fees rose 21 percent to $1.8 billion. The bank advised on...
Banking's Future: Digital and Physical Must Coexist
The future of banking is not digital or physical. It is both working together. In this episode, I break down insights from the latest Digital Banking Report on why branches still matter. Watch the full episode now: https://t.co/Lg9jRpKff4 https://t.co/y04HeW940x
One Belt One Road Lending Surges in 2025
Reports of the end of China’s One Belt One Road lending were very premature - 2025 was a record year for new commitments. More on this in the Chartbook Top Links today. https://t.co/KIBnk4491s
Banks Beat Estimates; Future Guidance Holds Key Insight
$JPM beat by 9%. $GS, $BAC, $WFC all reporting this week. Banks are crushing estimates — but forward guidance is measured. In earnings season, what management says about the future matters more than what happened last quarter. https://t.co/d5vbf1nEBF