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
US Treasury Warns of AI Cyber Risk as Insurers Accelerate AI Underwriting
US Treasury Secretary Scott Bessent convened top bank CEOs to discuss AI‑driven cyber threats from Anthropic’s Mythos model, as insurers worldwide roll out dozens of AI tools for underwriting and claims. The juxtaposition of regulatory alarm and rapid AI adoption creates a tension between efficiency gains and security or workforce concerns.
Sberbank Tightens Card Controls for Russian Pensioners Amid Scam Surge
Sberbank announced new fraud‑prevention rules for pensioner cards effective May 2026, tightening scrutiny of atypical transactions and giving users more online controls. The move targets a rise in phone‑scam attempts that have cost elderly customers millions.
ClearBank Europe Becomes First Dutch Bank to Secure MiCAR Crypto‑Asset Service Provider Licence
ClearBank Europe received Crypto‑Asset Service Provider (CASP) status from the Dutch Authority for the Financial Markets on 9 April 2026, becoming the first Dutch credit institution to complete the EU MiCAR notification. The licence lets the bank offer regulated EURC and USDC...
Asian Banks Intensify “One Bank” Push for Ultra‑rich
🌏'One Bank' strategy pursues ultra-rich: Banks in #Asia are ramping up their 'One Bank' strategy as competition for ultra-rich clients intensifies, with lenders racing to monetise relationships beyond traditional #PrivateBanking. @IFR: https://t.co/orCdh0vTBU #UHNWI #WealthManagement #SoutheastAsia
Visa Teams with OwlTing to Enable USDC Payments via Visa Direct
Visa announced a partnership with OwlTing Group that lets U.S. debit‑card holders purchase USDC directly through Visa Direct. The integration bypasses traditional crypto exchanges, offering a seamless on‑ramp for stablecoin transactions and positioning Visa as a core infrastructure layer for...
HELOC and Home Equity Loan Rates Saturday, April 11, 2026: Rates Shift Slightly This Week
HELOC and home‑equity loan rates have settled at three‑year lows, with the average HELOC at 7.24% and the average home‑equity loan at 7.37%, the lowest levels since early December 2025. These rates are anchored to the prime rate of 6.75%...
Legacy Payments Failing UK Businesses: GoCardless Points to Commercial VRPs as the Fix
GoCardless’ new research shows that outdated card‑based payment rails are eroding UK merchants’ profitability, costing an average of 3.5 % of monthly revenue. Among 489 recurring‑revenue leaders, 73 % report chronic friction, and 42 % spend over three hours each week managing fraud...
Lloyds Will Not Take Legal Action Against Britain's Car Finance Redress Scheme, Reports FT
Lloyds Banking Group announced it will not pursue a legal challenge against the UK Financial Conduct Authority’s motor‑finance redress scheme, which totals £9.1 billion ($12.25 billion). The scheme aims to compensate consumers mis‑sold car‑finance products over a 17‑year period. Lloyds said the...
10 Years of UPI
Nithin Kamath marks a decade of India’s Unified Payments Interface (UPI), noting that the government‑backed BHIM app commands only about 1 % of UPI transactions despite being the flagship offering. He recounts Zerodha’s repeated internal debates about building its own UPI solution,...
DTCC Launches Tokenization Unit Within Clearing Division
DTCC creates dedicated tokenization business line within its clearing division - Ledger Insights - blockchain for enterprise https://t.co/Qlt4zdfjnM https://t.co/kqu3PcsTu0
Italy’s UniCredit Says No Plans to Liquidate Russian Business
Italian lender UniCredit reiterated on April 10 that it will not liquidate its Russian subsidiary or surrender its banking licence, despite recent media speculation. The bank’s CEO Andrea Orcel emphasized that an exit would harm shareholders, so the institution will keep...
Fed Scrutinizes Banks' Private‑credit Exposure Amid Redemptions
JUST IN: The Fed is probing major US banks' exposure to private credit amid surging fund redemptions and mounting troubled loans.
Smart Axiata Secures $50 Million Maybank Financing to Accelerate Cambodia 5G Rollout
Smart Axiata, the Cambodian arm of Malaysia's Axiata Group, has obtained a $50 million financing facility from Maybank Cambodia to speed up 5G network deployment and broader digital infrastructure. The deal aligns with Cambodia’s Digital Economy and Society Policy Framework and...
Fed Probes Banks as They Block Retail Stablecoin Yields
The Federal Reserve is “investigating” major US banks about their exposure Major US banks are blocking retail from earning YEILD on stablecoins.
My Bridge Loan Reports Surge in Bridge Financing Demand for 2026 CRE Acquisitions
My Bridge Loan announced a sharp uptick in demand for short‑term bridge loans to fund 2026 commercial real‑estate acquisitions. The West Palm Beach‑based lender cites higher interest rates, tighter underwriting and intense competition for multifamily assets as drivers of the...
When Funding Pauses: A Drawstop Playbook, April 2026 - Turning Off the Taps: Drawstops in Fund Finance
Drawstops are contractual clauses that let lenders halt new advances when specified events occur, serving as a middle‑ground between full acceleration and unrestricted funding. In fund‑finance deals they are most contested in revolving subscription lines and NAV facilities, where lenders...
Kenya Softens IMF Stance as Iran Conflict Fuels Balance‑of‑Payments Strain
Kenya's central bank governor Kamau Thugge said Nairobi will resume IMF negotiations in Washington this month, signaling a softer stance after the Iran‑US conflict widened the current‑account gap and forced a downgrade of the 2026 growth forecast to 5.3%. The...
Monzo Shifts to EU, Launches in Ireland After US Setback
Monzo announced it will open accounts to Irish customers this week, aiming to serve the 14,000 people on its waitlist. The move follows a stalled US expansion and leverages the Dublin headquarters and a newly‑acquired EU banking licence to reach...
Payoro Becomes First Firm Registered Under Canada’s New Retail Payment Act
Payoro Finance Ltd. announced it is the first company registered with the Bank of Canada under the Retail Payment Activities Act (RPAA). The registration adds a federal payment‑service licence to its existing FINTRAC MSB status, giving the Toronto‑based fintech a...
CDFI Fund Update: FY 2027 Budget Renews Pressure, but CDFIs Should Stay the Course
The Trump administration’s FY 2027 budget request seeks to eliminate the Community Development Financial Institution (CDFI) Fund’s core financial and technical assistance programs, redirecting most of the remaining $119.5 million to a new Rural Community Development Fund. More pressing, however, is the...
Banks Are Warned About Anthropic’s New, Powerful A.I. Technology
U.S. Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell convened senior executives from Bank of America, Citi and Wells Fargo to flag cyber‑risk from Anthropic’s new AI model, Claude Mythos Preview. The model can uncover software vulnerabilities that human developers miss,...
Former Fed Official Argues Against Fed Independence
Former Fed Vice Chair for Supervision Randal Quarles told a Shadow Open Market Committee audience that the legal shield preventing presidential removal of Board members should be scrapped, but argued the Fed’s decentralized structure would still keep monetary policy insulated from...
Consumer Protection Roundup
The Consumer Financial Protection Bureau (CFPB) has proposed slashing its workforce to 556 staff, down from 1,100, after a year of funding uncertainty. The agency’s budget constraints stem from the One Big Beautiful Bill, leaving a regulatory gap in financial...
Tokenovate Founder Claims IMF Warning on Tokenization Fails to Identify Where Risk Actually Exists
The International Monetary Fund released a report warning that tokenization could accelerate market stress by eliminating the settlement‑delay buffer that currently slows trades. Tokenovate founder Richard Baker counters that the real risk lies in fragmented, manual post‑trade systems, not in...
CFTC Names Task Force to Set AI and Prediction Market Rules
The Commodity Futures Trading Commission announced the members of its Innovation Task Force, a new body charged with crafting clear rules for emerging technologies in U.S. derivatives markets. The five senior advisors—drawn from top law firms and fintech consultancies—join CFTC...
Great Wealth Transfer Fuels Trust Complexity, Poses New Risks for Fiduciaries
The $84 trillion wealth slated to move to heirs by 2045 is pushing trusts into the mainstream, widening asset types and geographic spread. Zurich North America’s Trey Martino warns that banks, fintechs and other fiduciaries now face heightened insurance and regulatory risks...
Mortgage Rates Rise Again, Tightening Spring Home‑buying Market
Mortgage rates have climbed again, adding fresh pressure to an already tight spring housing market. The rise comes amid higher utility bills, elevated construction material costs and tighter credit conditions, tightening affordability for prospective buyers.
RBI Proposes Upper Layer NBFCs to Be Defined by Absolute Asset Size of ₹1 Lakh Crore+
The RBI has proposed a new, simple classification for upper‑layer non‑banking financial companies (NBFC‑UL) based on an absolute asset size of ₹1 lakh crore (about $12 billion). The move comes as Tata Sons, whose assets total roughly ₹1.89 lakh crore ($22.8 billion), seeks to avoid mandatory listing...
![[YMMV] U.S. Bank: $50 Business Checking Bill Pay Offer](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://www.doctorofcredit.com/wp-content/uploads/2020/03/u.s.-bank-e1519664815866.png)
[YMMV] U.S. Bank: $50 Business Checking Bill Pay Offer
U.S. Bank is rolling out a limited‑time promotion that awards a $50 cash bonus to small‑business customers who enroll in its online bill‑pay service by June 30, 2026 and complete five qualifying transactions within 60 days. The offer is restricted to new...
Persistent Systems Launches Fraud Detection Service
Persistent Systems unveiled a Merchant Risk Management and Fraud Detection solution built on the Databricks Data Intelligence platform. The service leverages Agentic AI to vet merchants during onboarding and continuously monitor transactions, chargebacks, and external risk signals in real time....
Western Alliance Provides $78M Financing for Low-Income Housing in Mission District
Western Alliance Bank is committing $77.9 million in construction financing and Low‑Income Housing Tax Credit equity to The Marvel, a 400‑unit permanent supportive housing project in San Francisco’s Mission District. The development, the city’s largest affordable‑housing effort in the area, will break...
FDIC and OCC Finalize Rule Removing Reputation Risk From Most Supervisory Actions
On April 7, 2026, the FDIC and OCC issued a final rule barring regulators from using reputation risk as the sole basis for supervisory or enforcement actions. The rule requires examiners to rely on quantifiable risks—credit, liquidity, legal, or operational—when assessing...
Treasury Pushes Anthropic, DoD Flags It as Risk
So the Treasury Department is encouraging banks to use and test Anthropic to prepare for new vulnerabilities… While the Department of War claims Anthropic is a “supply chain risk” for DoW and all their contractors…. Make that make sense https://t.co/vkDB1ezk88 https://t.co/jZD9h5yQVo
Bank of France Pushes EU to Rein in Non-Euro-Backed Stablecoins
The Bank of France is urging the EU to tighten the Markets in Crypto‑Assets Regulation (MiCA) to curb the use of stablecoins that are not backed by the euro. It wants restrictions on everyday payments, stricter rules on multi‑issuance, and...
Sources: Goldman Sachs, Citigroup, and Other Banks Are Testing Anthropic's Mythos Model Internally; JPMorgan Chase Is the only Bank Named...
Wall Street banks, including Goldman Sachs and Citigroup, are piloting Anthropic’s Mythos AI model to strengthen cyber‑risk detection, while JPMorgan Chase is the sole institution highlighted in the Treasury‑backed Project Glasswing. U.S. Treasury Secretary Scott Bessent and Fed Chair Jerome Powell convened an...
Anthropic’s New AI Model Triggered an Emergency Banking Meeting. It’s a Reason to Buy Cybersecurity Stocks.
Anthropic unveiled Claude Mythos, an AI model that can locate zero‑day vulnerabilities with minimal prompting, prompting alarm among regulators. Treasury Secretary Scott Bessent and Fed Chair Jerome Powell convened an emergency meeting of the Big‑8 systemically important banks to assess...
Perplexity Uses Plaid to Personalize Money Insights
Perplexity has expanded its partnership with Plaid to let U.S. and Canadian users link bank accounts, credit cards and loans directly within its AI platform, providing read‑only, real‑time access to data from over 12,000 financial institutions. The integration enables users...
Wall Street Banks Try Out Anthropic’s Mythos as US Urges Testing
Wall Street banks are beginning internal trials of Anthropic's Mythos large‑language model, with JPMorgan Chase leading the effort. The Trump administration is urging financial firms to deploy the AI tool to spot cyber‑security and operational vulnerabilities. While JPMorgan is the...
HSBC Names David Rice First Chief AI Officer to Lead Global GenAI Push
HSBC announced David Rice as its first Chief AI Officer on March 23, creating a dedicated C‑suite role to embed generative AI throughout the bank’s global business. Rice, formerly COO of HSBC’s Corporate and Institutional Banking division, will report directly to...
Affirm’s Max Levchin: I Want to Be the Money Lender with Morals
Max Levchin co‑founded PayPal, which IPOed in 2002 at a $800 million valuation. A personal embarrassment—being denied a car loan due to a junk credit score—prompted him to rethink lending practices. Ten years later he launched Affirm, a fintech focused on...
BingX Rolls Out $500,000 Global Capital Gala to Fuse Crypto Trading with Traditional Finance
BingX announced a two‑week Global Capital Gala, featuring a $500,000 prize pool, 24/7 access to over 100 traditional assets and leverage up to 500x. The campaign aims to draw retail traders into its TradFi suite and signals new partnership opportunities...
First Bancshares, Inc. Announces Operating Results for the Quarter Ended March 31, 2026
First Bancshares, Inc., the holding company for Stockmens Bank, reported unaudited Q1 2026 results showing net income of $2.12 million ($0.88 per share), up from $1.69 million a year earlier. Total assets rose 9.4% to $590.5 million, while loans grew 20.4% to $496.8 million and...
Key Market Drivers Ahead of Banks' Earnings Season
"Hello Friends": A special @TheMasters edition of the "Friday Night Dirty" from our "What Are We Doing" Substack. @Seawolfcap @VD718 and myself focus on what is driving markets and what to watch for next week as the Banks kickoff earnings...
Lloyds Will Not Take Legal Action Against UK’s £9bn Car Finance Redress Scheme
Lloyds Banking Group announced it will not pursue legal action against the United Kingdom’s £9 billion (approximately $11.5 billion) car‑finance redress scheme. The scheme, overseen by the Financial Conduct Authority, aims to compensate consumers who were mis‑sold car‑finance products. Lloyds’ decision avoids...
Bank of Canada, Major Lenders Meet on Anthropic AI Cyber Risk
On Friday, the Bank of Canada gathered senior executives from the nation’s largest banks and financial firms to discuss cybersecurity risks associated with Anthropic PBC’s newly released AI model, Mythos. The meeting mirrors a U.S. initiative earlier in the week, where...
Spotting Risk Earlier by Tracking Consumer Credit Journeys
The UK Financial Conduct Authority (FCA) is piloting a data‑driven framework that uses credit‑file information from a major credit reference agency to forecast consumer distress earlier than traditional metrics. By applying advanced statistical techniques, the FCA classifies borrowers into five...
Why Banks Like Tokenized Deposits
American Banker’s analysis shows tokenized deposits are gaining traction faster than stablecoins among U.S. banks. Nineteen of the 50 largest banks are developing tokenized‑deposit strategies, compared with 15 pursuing stablecoins, and four banks already offer deposit tokens versus one stablecoin...
FDIC Rescinds 2023 Guidance on Nonsufficient-Fund Fees
The FDIC announced it is rescinding guidance FIL‑32‑2023, which warned banks that charging multiple nonsufficient‑funds (NSF) fees for a single transaction could be deemed unfair or deceptive under the Federal Trade Act. The agency said the guidance was overly broad...
Best-Ever 200,000-Point IHG Business Card Bonus
Chase’s IHG One Rewards Premier Business Credit Card now offers a record‑breaking 200,000‑point sign‑up bonus. Cardholders earn 140,000 points after $4,000 spend in the first three months and an additional 60,000 points after $9,000 total spend in six months. The...
Implementing the Digital Euro Project
The European Central Bank is advancing its digital euro project, originally launched in 2020, as EU legislation clears the path for implementation. The digital currency is envisioned as a cash‑like token to complement physical euros in everyday transactions. ECB officials...