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
Mastercard and Google Put Passkeys at the Heart of AI Payments
Mastercard and Google have unveiled Verifiable Intent, an open‑source cryptographic framework that secures AI‑driven purchases with biometric, passkey‑grade authentication. The system bundles a consumer’s verified identity, the AI agent’s instructions, and the resulting transaction into a tamper‑resistant record. Built on FIDO Alliance, EMVCo, IETF and W3C standards, it supports Google’s Agent Payments Protocol and Universal Commerce Protocol while employing selective disclosure for privacy. Mastercard will release the specification on GitHub and integrate it into its Agent Pay APIs in the coming months, with partners such as Fiserv, IBM and Checkout.com on board.
CLARITY Act Secures Bipartisan Backing Amid Bank Opposition
The CLARITY Act has achieved what so many bills have failed to do - reach true bipartisan support. Big banks are digging in to protect their turf, but they’re up against a now or never moment for the American people....
SoFi Taps Galileo to Offer Send And Receive Capabilities Through FedNow
SoFi Bank N.A. has partnered with Galileo Financial Technologies to enable real‑time send and receive payments through the Federal Reserve’s FedNow service. The integration allows SoFi members to move money between banks in seconds, 24/7, including weekends and holidays, eliminating...
OpenID Launches Working Group to Ease KYC with mDLs
The OpenID Foundation has launched an eKYC and Identity Assurance Working Group to address KYC gaps exposed by NIST’s draft SP 1800‑42 guidance on mobile driver’s licenses (mDLs). The group will extend the OpenID Identity Assurance Schema and OpenID Connect protocols...
Exclusive: HSBC Extends Tokenized Deposit Service to US
HSBC is extending its tokenized deposit service to the United States, adding the market to the four regions where the product already operates—Hong Kong, Singapore, Luxembourg and the U.K. The on‑chain offering lets corporate clients move money instantly across domestic and...
BoE Updates Operational Resolution Guides
On 13 April 2026 the Bank of England published an updated operational guide for transfer resolutions and revised its bail‑in resolution guide. The transfer‑resolution guide details how the BoE would move a failed firm’s shares or business to a private‑sector purchaser or...
Expensive Tabs Shift to Mobile: Stripe
Stripe’s latest checkout report shows U.S. shoppers increasingly using mobile devices for higher‑priced purchases, with mobile share rising across every price tier over the past two years. Mobile transactions grew by 4.1 percentage points for purchases between $500 and $2,000,...
ESMA Releases Reporting Templates and Instructions for the Active Account Requirement
On 13 April 2026 ESMA published reporting templates and detailed instructions for the Active Account Requirement (AAR) under EMIR 3. The templates guide counterparties on how to disclose counterparty information, risk exposures, and the representativeness obligation to national regulators. ESMA’s goal is to...
Notch A Credit Union Win for Payroc
Payroc LLC announced a new partnership with Jeanne D’Arc Credit Union, extending its payment‑processing platform to the credit union’s more than 100,000 members. The Tinley Park‑based firm will provide point‑of‑sale systems, online payment gateways, electronic invoicing and related services to the...
The EBA Publishes Report on Banks’ Dry Run Testing of Their Recovery Plans
The European Banking Authority released a report evaluating how banks conduct dry‑run tests of their recovery plans. The analysis confirms that well‑executed dry runs boost operational readiness and enable faster, credible responses to stress events. While most banks recognize their...
Berne Financial Services Agreement: What the UK-Swiss Deal Means in Practice
The Berne Financial Services Agreement (BFSA) took effect on 1 January 2026, creating a mutual‑recognition framework between the UK’s FCA and Switzerland’s FINMA. Under the pact, firms regulated in one jurisdiction can operate in the other without seeking additional licences, covering banking,...
Hungary’s Payment Revolution Begins? What Magyar’s Win Means for Fintech
Hungary’s new Tisza Party, led by Péter Magyar, won a two‑thirds supermajority, ending the Orbán era and opening the door to EU funding and regulatory reform. The government is poised to unlock roughly $19.6 bn in frozen EU cohesion and recovery...
The Implementation of the CRD6 in Italy: Comments on Selected Items Regarding Third Country Banks
Italy’s Legislative Decree No. 208, effective 9 January 2026, implements the EU CRD6 and CRR3 reforms, imposing a branch‑establishment requirement on third‑country banks that wish to provide core banking services such as deposits, loans and guarantees. The decree outlines limited exemptions – client‑initiated...
Bunq Wins AI AML Battle, Expands to US
How bunq is reinventing the Neo-banking model for 2026. 🏦✨ Ali Niknam, CEO of bunq, just sat down at Davos to reveal how they became the first profitable EU neo-bank and their bold plan for the US. 💎 Watch the full deep...
Netstars, Bitget Wallet Exploring Japanese Crypto Payments Union
Bitget Wallet is in talks with Japanese payment infrastructure provider Netstars to integrate self‑custodial stablecoin payments into the country’s QR‑based cashless ecosystem. The collaboration will use Netstars’ StarPay‑X gateway to connect Web3 wallets with existing merchant networks, enabling in‑store and...
MrBeast Acquires Fintech App Step, Targeting 7 Million Young Adult Users
Jimmy Donaldson, known as MrBeast, has purchased the fintech app Step, which serves roughly seven million young adult users. The acquisition integrates Step’s instant payment and budgeting features into MrBeast’s creator ecosystem, enabling fans to tip, buy merch, and earn...
FinCEN Overhauls AML and CFT Rules with a New Effectiveness Standard
FinCEN issued a sweeping Notice of Proposed Rulemaking that replaces its July 2024 AML/CFT framework with an effectiveness‑based standard. The proposal mandates a continuous, structured risk assessment tied to the agency’s National Priorities and shifts compliance measurement from paperwork volume to...
95% of UK SMEs Turn to AI to Tackle Hidden Payment Losses
UK small‑and‑medium enterprises are bleeding roughly $202,000 per year each from failed payments, abandoned checkouts and churn, creating a hidden revenue gap worth hundreds of millions across the economy. Research by Access PaySuite of 250 finance leaders shows 3.4% of...
NCUA Opens Fifth Deregulation Round for Credit Unions, Comments Due April 13
The National Credit Union Administration (NCUA) has opened a comment period for its fifth round of deregulation proposals, targeting rules that regulators deem redundant or overly prescriptive. Stakeholders have until 11:59 p.m. ET on April 13, 2026, to submit feedback, a move that...
Visa’s Neat Deal and Other Digital Transactions News Briefs From 4/13/26
Visa has teamed with insurance‑tech firm Neat to let European cardholders file digital claims, expanding its value‑added services. Repay Holdings defended its $372 million purchase of Kubra Data Transfer after investor Veradace Partners called the deal misguided. Klarna announced support for...
Guaranteed Approval for Bad Credit: No Credit Check Loans Explained
Demand for guaranteed‑approval, no‑credit‑check loans is surging as consumers with poor credit seek fast cash for emergencies. Lenders increasingly rely on income‑based underwriting, allowing direct lenders and online platforms to approve borrowers despite low scores. While these products can provide...
Consumer Banking Is Back in Focus – and Looks Nothing Like 2019
Leading U.S. banks are revamping consumer banking, moving beyond isolated digital savings and loan products toward integrated financial relationships. Executives stress that trust, scale, and long‑term advisory capabilities are essential to sustain engagement and profitability. By anchoring everyday deposits and...
Coutts Raises Minimum Account Opening Balance to $3 Million, Shaking Up Ultra‑Wealthy Banking
Coutts, the historic private bank serving the British royal family, announced it will increase the minimum amount required to open a new account from £1 million to £3 million. The move targets ultra‑high‑net‑worth individuals and could accelerate consolidation in the private‑banking sector....
GLP J‑REIT Posts Near‑1% Drop in H1 Earnings, Flags Pressure on Asian Real‑Estate Financing
GLP J‑REIT announced first‑half net income of ¥14.896 bn, about 1% lower than the same period a year earlier, and revenue slipped to ¥28.821 bn. The modest decline, combined with a projected 6.7% earnings dip in the second half, raises concerns for...
DWTC Free Zone Teams with Wio Bank to Launch Digital Banking Solutions for Businesses
Dubai World Trade Centre (DWTC) Free Zone has signed a memorandum of understanding with Wio Bank PJSC to deliver digital banking services to companies operating in the zone. The partnership promises faster account opening, dedicated relationship support, and a potential...
Bank Earnings Reflect the Fog of War, the Fog of AI
Goldman Sachs opened Q1 earnings season, setting the tone for a wave of bank reports. The article highlights three key themes: the lingering impact of the U.S.-Israel-Iran conflict, rapid AI developments exemplified by Anthropic’s Mythos tool, and growing concerns over...
JPMorgan CEO Jamie Dimon Flags Inflation, Credit Crack and AI Risks in Shareholder Letter
JPMorgan Chase chief executive Jamie Dimon used his April 6 shareholder letter to warn that inflation, a weakening private‑credit market and unpredictable AI disruption could converge into a “market storm.” The warning comes despite the bank’s record $185.6 billion revenue, and...
Mortgage and Refinance Interest Rates Today, April 13, 2026: Will We See Sub-6% Rates Again Soon?
Mortgage rates edged lower this week, with Zillow reporting a 30‑year fixed average of 6.15%, down seven basis points. The 15‑year fixed fell to 5.64% and the 5/1 ARM sits at 6.44%. Refinance rates are slightly higher, with the 30‑year...
Best CD Rates Today, April 13, 2026 (Lock in up to 4.05% APY)
The Federal Reserve’s three rate cuts in 2025 have pushed CD yields to multi‑decade highs. Today’s top offering is a 4.05% APY 9‑month CD from Marcus by Goldman Sachs, far above the 1.52% national average for a one‑year CD. Online...
Best Money Market Account Rates Today, April 13, 2026 (Earn up to 4.01% APY)
Money‑market accounts (MMAs) are offering some of the highest yields in recent history, with TotalBank Online leading at 4.01% APY for balances of $2,500 or more. Other online banks and credit unions such as Quontic, Brilliant Bank, and Zynlo are...
ICBA Outlines Wins, Concerns in Housing Policy Push
The Independent Community Bankers of America (ICBA) welcomed parts of the House’s Housing for the 21st Century Act that promote tiered examinations for smaller lenders, while flagging gaps in the Senate’s small‑loan incentive proposal, which lacks clear funding and sets...
Best High-Yield Savings Interest Rates Today, April 13, 2026 (Earn up to 4% APY)
High‑yield savings accounts are still offering rates well above the national average, with SoFi and Valley Bank Direct topping the list at 4% APY as of April 13, 2026. The Federal Reserve’s three rate cuts in 2025 have begun to pull deposit...
Non-Banks See Opportunity in Physician Mortgage Niche
Kroll Bond Rating Agency estimates that physician‑focused mortgages could generate about $5 billion of new loan volume each year for prime private‑label RMBS, a modest but meaningful slice of the jumbo market. Non‑bank lenders such as Gershman Mortgage, Certainty Home Lending...
Responding to Crises: How the Bank Stays Ready
The Bank of England has released updated operational guides for bail‑in and transfer resolution, introducing a new PROPPs instrument and detailing the Bank Resolution (Recapitalisation) Act 2025. The guides incorporate lessons from the 2023 Silicon Valley Bank UK failure and include...
Standard Bank Continues to Back Optasia with $330m Syndicated Refinancing
Standard Bank, Africa’s largest lender by assets, acted as joint lead arranger and underwriter for a $330 million syndicated refinancing of Optasia, the continent’s leading AI‑driven fintech. The package includes a $180 million term loan and $150 million of bank guarantees, expanding the...
Citi Is Stepping up Its Data Center Financing Push — and Aiming to Close the Gap with Wall Street Rivals
Citi has launched a dedicated AI Infrastructure financing group to capture the $3 trillion data‑center build‑out projected through 2030. Since March 2025 the bank has arranged more than $75 billion of construction financing, supporting roughly 6.1 GW of IT capacity and a high‑profile...
Scaling the Back Office: When to Transition From DIY to Institutional Banking
Venture‑backed startups typically start with spreadsheets and basic checking accounts, but as ARR climbs into the low‑millions and headcount exceeds 30‑50 employees, manual finance becomes a bottleneck. The article argues that moving to a specialized venture‑banking partner provides growth‑capital loans,...
China New Bank Loans Slow Further in the First Quarter This Year
China's new yuan loans slowed sharply in Q1 2026, with March lending hitting ¥2.99 trillion (about $420 billion), well below the ¥3.4 trillion ($480 billion) forecast. Total new bank credit for the quarter fell to ¥8.6 trillion ($1.2 trillion), a decline from ¥9.8 trillion ($1.37 trillion) a year...
Quick Business Loans: A Fast-Track Solution for Growing Enterprises
Quick business loans offer SMEs rapid access to capital, often within hours or two days, bypassing the lengthy approval cycles of traditional banks. Fintech lenders and alternative financiers provide streamlined online applications with minimal documentation, making funds available to businesses...
Nu Holdings: Doubling Down Despite U.S. Expansion Concerns
Nu Holdings (NU) continues to pursue aggressive growth in Latin America, leveraging its founder‑led, digital‑first model that delivers 45% FX‑neutral revenue growth and a 33% return on equity. The bank’s unit economics remain strong, with low‑cost customer acquisition and prudent...
Sectional Titles Face Higher SASRIA Rates, Becoming Riskier Investments
Sectional titles are in for a rude awakening in South Africa, 𝗶𝘁’𝘀 𝗯𝗲𝗰𝗼𝗺𝗶𝗻𝗴 𝗻𝗼𝗻-𝘃𝗶𝗮𝗯𝗹𝗲 𝗮𝗻𝗱 𝗺𝗼𝗿𝗲 𝗿𝗶𝘀𝗸𝗶𝗲𝗿 𝘁𝗼 𝗶𝗻𝘃𝗲𝘀𝘁 𝗶𝗻𝘁𝗼 𝘁𝗵𝗲𝗺. “Due to the unprecedented unrest event of July 2021, SASRIA initiated a rate increase across its product lines in 2022” However,...
Key Issues to Watch at IMF‑World Bank Summit
5 things to watch at the IMF-World Bank meetings this week https://t.co/8BcEucTx0N via @CecileDaurat https://t.co/UDyXcKlsEk
Money20/20 Asia Unveils the Intersection Stage: The Epicenter Where TradFi and DeFi Converge
Money20/20 Asia introduced the Intersection Stage, a dedicated arena where traditional finance firms and decentralized finance projects can showcase joint solutions. The platform features live demos, panel discussions, and a sandbox for real‑time tokenisation, cross‑border payments and regulatory pilots. HSBC...
Regulation Cuts Bank Risk Premiums, Raises Unemployment
New @nberpubs: "The Macroeconomic Effects of Bank Regulation: New Evidence from a High-Frequency Approach" https://t.co/g4pjlheA4f "A 10 basis point regulation-induced peak reduction in bank risk premiums is accompanied by a 15 basis point peak increase in the unemployment rate." https://t.co/sclisI5Km5
Record‑high Loans Boost Outlook for Bank Earnings
Looking forward to strong bank eps this week. This will help: Federal Reserve H.8 report show both loans and deposits ended 1Q26 at record highs. In 1Q26 loans jumped 7.5% y/y - its fastest pace in 3 years....
China Starts Bankruptcy Liquidation of Shadow Bank Zhongzhi
Beijing's No. 1 Intermediate People’s Court ordered the liquidation of Zhongzhi Enterprise Group Co. and more than 300 affiliated firms, marking a decisive move against one of China’s biggest shadow‑banking conglomerates. Creditors have until June 10 to file claims with the appointed...
Trust in Valuations, Not Liquidity, Drives Private Credit Pressure
The issue for private credit is not just liquidity but a lack of trust in how fund managers value loans. "Redemption gating isn't likely to stop the pressure on private credit until private credit managers take more meaningful & more...
Fed Warns Banks: Anthropic AI Model Sparks Risk Alarm
Is this a tipping point for AI risk? → https://t.co/hiPQb8y4oj The FED gathered major US banks to warn them about the risks posed by Anthropic’s latest AI model. https://t.co/93oIVwzTLa
Hong Kong Issues 53% More IPO Banker Licenses to Ease Shortage
Hong Kong’s Securities and Futures Commission (SFC) issued 43 new licenses for IPO‑banking advisers in March, a 53 percent increase from February’s low‑volume month. The rise suggests a tentative easing of the licensing bottleneck that followed a regulator‑led crackdown on substandard...
Fintech Landscape in the Caribbean: The Bahamas in 2026
In 2026 the Bahamas, a $15 billion economy of just over 400,000 people, has cemented its reputation as a Caribbean fintech pioneer. The Central Bank’s Sand Dollar, the world’s first retail CBDC, has expanded into government payments, retail transactions and financial‑inclusion...