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
Homeowner Sues Freedom Mortgage over Bungled Post-Bankruptcy Credit Reporting
Freedom Mortgage Corporation and the three major credit bureaus have been sued in federal court over alleged mishandling of a homeowner’s mortgage tradelines after his Chapter 13 bankruptcy discharge. The plaintiff, Anthony Paschal, claims the servicer failed to strip bankruptcy references and the bureaus responded to his dispute by deleting the accounts entirely, leaving a derogatory mark on his credit report. The complaint cites violations of the Fair Credit Reporting Act and the Metro 2 reporting standards. No response has been filed yet.
Walmart Website Now Accepts CareCredit for Health and Wellness Products
Synchrony announced that its CareCredit health‑finance card is now accepted on Walmart.com for both home delivery and in‑store pickup. The rollout adds new eligible categories, including medical supplies, fitness equipment, and sleep essentials. CareCredit, already used in Walmart and Sam’s...
Rate Looks to Scale Consumer Lending Business with New Hire
Rate, the Chicago‑based retail mortgage lender, appointed Adam Boyd as president of consumer lending to accelerate its expansion beyond mortgages. Boyd brings more than 25 years of experience, most recently leading consumer and home‑equity lending at Citizens Bank. The hire...
Broker-Dealers Sue FINRA, Claim Enforcement Powers Violate the Constitution
Two broker‑dealer firms, Boustead and Sutter Securities, have sued FINRA in Delaware federal court, alleging the regulator’s in‑house enforcement powers violate the Constitution. The lawsuit stems from a January 2026 FINRA disciplinary action that the plaintiffs say caused immediate market...
Charlotte Is Buzzing With Big Bank, Fintech Expansions
Japanese banking giant Sumitomo Mitsui Banking Corp. (SMBC) has chosen Charlotte as its second U.S. headquarters, committing roughly $50 million in investment and creating about 2,000 jobs over six years, backed by $70 million in state grants. The move adds to a...
Newrez Faces $4.2M Penalty for Servicing Violations
Washington State regulators have proposed a $4.2 million civil penalty against mortgage servicer Newrez for a series of servicing violations spanning 2021‑2026. The charges allege inaccurate loan onboarding, erroneous escrow handling, false credit‑reporting information, and improper foreclosure practices that harmed dozens...
Experian Streamlines Credit Report Access for Small Lenders
Experian has launched Experian Express, a self‑service digital onboarding platform that lets small‑volume U.S. lenders such as community banks and credit unions instantly credential, onboard, and retrieve consumer credit reports online. The solution streamlines a traditionally manual process, delivering faster,...
Unseen Momentum Could Be Mounting Behind the Yuan
Harvard economist Kenneth Rogoff warns the Chinese yuan could become a global reserve currency within five years, challenging the U.S. dollar’s entrenched position. The dollar still processes about 58% of international transactions, while the yuan accounts for roughly 2% of...
Stablecoin Issuers Get Closer to U.S. Federal Rules with FDIC's New Proposal
The Federal Deposit Insurance Corp. (FDIC) has formally proposed its first stablecoin‑issuer rule under the GENIUS Act, aligning closely with the OCC’s earlier framework. The proposal, which includes 144 regulatory questions, opens a 60‑day public comment period and sets capital,...
Best Student Loan Rates for April 7, 2026: Abe Leads At 2.65%
Private student loan rates remain low as the Federal Reserve holds rates steady, with Abe Student Loans offering the lowest fixed APR at 2.65% and Student Choice providing the cheapest variable rate at 3.03%. Fixed rates range from 2.65% to...
New Frontier In The Gulf
Private credit in the Gulf is moving from a niche to a fast‑growing asset class, with the market expected to reach $11‑20 billion by 2030. A $250 billion financing gap for SMEs is driving sovereign wealth funds and regional managers to supply...
Robinhood and BNY Make a Bold Bet on Trump Accounts
The U.S. Treasury designated Bank of New York Mellon as the financial agent for the new Trump Accounts program, partnering with Robinhood to provide brokerage services and a dedicated mobile app. Every child born between 2025 and 2028 will receive...
Aldermore Bank Put up for Sale After Owner Attacks UK Car Finance Redress Scheme
Aldermore Bank, a UK specialist lender, is being put up for sale after its majority owner, private‑equity firm TDR Capital, launched a legal challenge against the FCA’s car‑finance redress scheme. The owner claims the scheme could impose up to £1 billion...
Freedom Bank Partners with InvestiFi for Digital Investing
Freedom Bank has teamed up with InvestiFi to embed a full‑service digital investing suite into its online banking platform. The integration lets customers trade stocks, ETFs and digital assets directly from their checking accounts, while also offering Guided Investing portfolios...
Commerzbank Clashes with UniCredit over Failed Takeover Talks
Commerzbank and Italy's UniCredit entered exclusive talks to merge their German retail banking units, aiming to create a top‑three German lender. Negotiations collapsed after both sides could not bridge a valuation and governance gap, with UniCredit accusing Commerzbank of stalling...
Cash Management Platform Lorum Applies for National Trust Charter
Cash‑management platform Lorum, headquartered in Dubai, has filed for a national trust charter with the OCC, positioning itself as a “new‑age BNY” for other banks. The charter would enable Lorum to secure a Federal Reserve account, eliminating dependence on partner...
Foreign Transaction Fees: When You Least Expect Them
Credit‑card users may incur foreign transaction fees even on purchases made in the United States when the merchant is incorporated abroad. Cruise lines, many of which are registered overseas, routinely apply the fee to onboard purchases, and the same rule...
Kenyan Banks Post Record $2.16 Bn Profit in 2025 Despite Rate‑cut Cycle
Kenya’s 11 listed banks posted a combined after‑tax profit of $2.16 bn in 2025, up 15.7% from the prior year. The surge came as interest‑rate cuts lowered funding costs and banks pivoted to non‑interest income, wealth management and digital services, underscoring...
Wells Fargo Flags 466% Surge in AI‑Generated Fraud Scams, Warns Customers
Wells Fargo’s fraud team warned that AI‑generated phishing attacks have jumped 466% in early 2025, with click‑through rates four times higher than human‑crafted emails. The bank highlighted a surge in payment fraud, deepfake scams and a drop in fund‑recovery rates,...
AI Assistant, eSignature, Subservicing, AI Adoption Products; VA Servicing and Loss Mit Update
The mortgage industry is accelerating AI adoption, highlighted by JazzX’s partnership with Palantir and a forthcoming webinar on turning pilots into production. Lenders are also expanding product suites, with Pennymac TPO’s new non‑QM offerings and Cenlar’s intelligent voice assistant improving...
Rising Rates Weigh on Mortgage Activity
Mortgage activity slipped in March as the average 30‑year fixed rate climbed to 6.37%, up 13 basis points from February. The Mortgage Bankers Association’s Market Composite Index fell 4.3% month‑over‑month, though it remains 30.8% above a year ago. Refinance applications...
JPMorgan Stock Fans, Mark Your Calendars for April 14
JPMorgan Chase & Co., the United States’ largest bank, holds a $795 billion market cap after delivering a near‑35% return in 2025. The stock has slipped about 8% in 2026 amid broader market anxiety, yet it remains a premier “flight‑to‑quality” asset....
MF1 Lends $170M for Flatbush Multifamily Development
MF1 Capital has extended a $170 million refinancing loan to Clipper Equity for its 354‑unit multifamily project at 2366 Bedford Avenue in Flatbush, Brooklyn. The loan replaces a $140 million construction facility previously supplied by Scale Lending and is part of a...
What Keeps Big Bank CEOs up at Night
In this episode, David Brancaccio breaks down Jamie Dimon's latest shareholder letter, highlighting the CEO’s concerns about persistent inflation, rising government debt, tariffs, and geopolitical tensions that could tighten credit conditions. Experts Ari Schwader and Pavlina Czerneva explain how these...
How NEXA Created a Servicing-Based Incentive for LOs
NEXA Lending has unveiled a compliant incentive program that ties loan officers' compensation to the long‑term value of mortgage servicing rights (MSRs). The model grants eligible originators a share of recurring servicing revenue and full access to loan performance data...
Goldman Says It’s Ready to Pounce as Retail Flees Private Credit
Goldman Sachs’ $15.7 billion private‑credit BDC avoided the retail‑driven redemption wave that hit peers, recording a 4.999 % redemption rate—just under the 5 % industry cap. The fund’s reliance on patient institutional investors kept net flows positive, with about $1.04 billion of new subscriptions...
Beyond Speed and Cost: The Push for Transparency in Cross-Border Payments
The cross‑border payments industry is shifting from a focus on speed and cost to a demand for total transparency, driven by the G20 roadmap and coordinated pressure from regulators, banks, fintechs, corporates, and consumers. Transparency comprises upfront fee and FX...
Pathward Recognized for Digital Banking Innovation in 10th Annual FinTech Breakthrough Awards Program
Pathward Financial, Inc. (Nasdaq:CASH) was named “Banking‑as‑a‑Service Platform of the Year” in the 10th annual FinTech Breakthrough Awards. The award recognizes Pathward’s end‑to‑end sponsorship capabilities, from prepaid cards and deposit accounts to money‑movement, merchant acquiring and credit solutions. As a...
Sonnenblick-Eichner Company Arranges $26,000,000 Of First Mortgage Financing for Residence Inn By Marriott Walnut Creek, Walnut Creek, California
Sonnenblick‑Eichner Company arranged a $26 million first‑mortgage loan for the Residence Inn by Marriott in Walnut Creek, California. The non‑recourse, fixed‑rate loan is interest‑only for five years and replaces an interim bridge loan. The 160‑room extended‑stay hotel, located less than half a mile from...
Closing the Gap in Regulatory Change Management
Financial services firms are drowning in an ever‑growing flood of regulatory updates across multiple jurisdictions, and most still rely on manual spreadsheets, basic document collectors, or half‑baked automation. While horizon‑scanning tools surface new rules, they rarely translate raw text into...
Titan's Banking AI Makes Compliance Auditable, Not Optional
Domain-Led AI for Banks: Titan's SLMs Aim to Make Compliance Auditable, Not Optional Titan launched banking-native small language models (SLMs) embedding banking logic + regulatory frameworks. Proprietary Banker Trust Index (BTI) + RAGAS benchmarks claim higher safety, reliability, supervisory alignment vs...
Neobanks Rush to Offer Stablecoin Financial Accounts
Ramp just launched its stablecoin financial accounts Now most neobanks are all adding stablecoins Here's why 👇
Outpayce Boosts Travel Companies’ Chargeback Resilience with Riskified Integration
Outpayce announced integration with Riskified, bringing AI‑driven fraud‑prevention and a Chargeback Guarantee to its travel‑focused payments platform. The partnership gives more than 180,000 travel agencies and airline sales offices access to machine‑learning risk models that evaluate hundreds of transaction features....
Cognitive Banking Turns Data Into Customer‑Centric Action
Every interaction, every transaction, every data point is a chance to strengthen the relationship. Cognitive banking turns information into action that benefits the customer. https://t.co/bGdZflZTpM
SEC's Future Uncertain After Hester Peirce Departs
🎙️ What the SEC will be like after @HesterPeirce leaves later this year 😢 https://t.co/p1dbQQY3nS
Pasadena Federal Credit Union Renews Partnership with Mahalo Banking to Reinforce Member-First Digital Strategy
Pasadena Federal Credit Union has renewed its five‑year partnership with Mahalo Banking, extending the use of Mahalo’s Thoughtful Banking® platform. The credit union, which holds roughly $380 million in assets and serves over 25,000 members, highlighted the platform’s deep integration with...
Aligned Leadership Sparks Ideal Environment, Prompting Broader Test
"Right now we're in an ideal environment with Chair Selig and Chair Atkins being so closely aligned and having such a close personal and professional relationship, so we're asking, 'What does this look like in a different environment'?" -- Sumeera...
Jurisdictional Clash Between SEC and CFTC Disrupts Markets
"If the SEC says, this is in my jurisdiction, and the CFTC says, no, it's in my jurisdiction, that's really disruptive to the market." -- @HesterPeirce https://t.co/p1dbQQY3nS
Fiserv, Grocer Expand Pay-by-Bank Effort
Payments processor Fiserv is widening its pay‑by‑bank pilot with the U.S. arm of Dutch grocer Ahold Delhaize, extending the service beyond the three initial brands to a broader customer base. The program, first launched last year on The Giant Company, Giant Food and Stop & Shop...
Court's Action Aligns with Congressional Clarity Act Efforts
"What we're doing is in line with what Congress is trying to do with the Clarity Act. I think what we're doing helps inform that Congressional effort." -- @HesterPeirce https://t.co/p1dbQQY3nS
SEC Signals Upcoming Rulemaking on Tokenized Securities
"You will see rule making coming. ... One of the big areas that's been of interest is tokenization of securities. It's clearly in our remit, so we're thinking about a lot of issues related to that." -- @HesterPeirce https://t.co/p1dbQQY3nS
Illinois AG Defends Card Fee Law
Illinois Attorney General Kwame Raoul defended the Interchange Fee Prohibition Act, which bars merchants from passing interchange levies on sales tax and gratuities, before the 7th U.S. Circuit Court of Appeals. The state argues the law does not conflict with the...
SEC Leaders Preview Upcoming Crypto Regulation Framework
SEC Commissioner Hester Peirce and SEC Crypto Task Force Chief on the Upcoming SEC Crypto Rules https://t.co/p1dbQQYBdq
Earn 11.5% Tax‑Deferred Returns, Regardless of Wealth
Your bank pays you almost nothing on your savings...on purpose. Because you're not rich enough to matter to them. STRC pays 11.5%. Tax-deferred. Whether you have $100 or $1 million. Strategy's CEO @phongle explains why this changes everything. Full show: https://t.co/dvwGZg40kM
Legacy Payment Systems Leave Banks Exposed to Fintech Disruptors : Analysis
Banks are hamstrung by legacy payment infrastructures designed for batch processing, creating bottlenecks that fintech rivals exploit. Studies show 59% of banks still rely on outdated systems, while 45% of executives cite payments platforms as their top competitive threat. Fintechs...
Dimon Warns Private Credit Market on Brink of Collapse
The dean of America’s banking system, Jamie Dimon, warns that the $1.8T private credit market rests on grounds that become more shaky with each passing day. Defaults are rising. Risky loans are piling up. PRIVATE CREDIT MAY BE THE NEXT DOMINO TO...
Standard Bank Notifies Clients of Data Breach
Standard Bank, Africa’s largest lender by assets, disclosed a data breach that exposed business client records such as account numbers, limited account information, business names, and ID or registration numbers. The bank emphasized that its transactional banking systems were not...
Anchorage Digital, Custodies USDM1, On-Chain Sovereign Debt Issued by the Republic of the Marshall Islands
Anchorage Digital, a federally chartered digital‑asset bank, announced it will custody USDM1, a U.S.‑dollar‑denominated sovereign debt instrument issued on the blockchain by the Republic of the Marshall Islands. The debt is collateralized one‑to‑one with U.S. Treasury securities and is issued...
Innovation Exemption, Reg Crypto on Track for Digital Asset Capital Raising
SEC Chair Paul Atkins reaffirmed plans to introduce a new “innovation exemption” and a dedicated “Reg Crypto” framework for digital‑asset fundraising. The proposals would create a time‑limited startup exemption allowing up to $5 million to be raised over four years, and...
Major Outage Cripples Russian Banking Apps and Metro Payments Nationwide
A widespread technical failure on April 3 crippled the mobile and ATM services of Russia’s largest banks, including Sberbank, VTB, Alfa‑Bank, T‑Bank and Gazprombank. Customers across major regions were unable to make card payments, withdraw cash or access mobile banking for...