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
Banreservas: Expanding with Purpose
Banreservas has leveraged its New York, Madrid and Miami offices to originate roughly $57 million in mortgage loans for about 100,000 Dominicans and to process $1.8 billion in remittances, covering 60% of the diaspora market. Domestically, the state‑owned bank reports an active portfolio of $61 million and a passive portfolio near $296 million, serving over 42,000 active clients. Its corporate‑social‑responsibility agenda includes financial‑education outreach to one million people, employment of 128 workers with disabilities, and environmental projects that removed seven million pounds of plastic and planted 3,500 trees. These initiatives helped Banreservas win Euromoney’s 2025 best‑bank for corporate responsibility award.
Earn Up to $825 Bonus Today with New SoFi Checking and Savings Account
SoFi is rolling out a new checking and savings account promotion that can net new customers up to $825 in cash and points. The core offer provides a $400 bonus for deposits of $5,000 or more within a 30‑day evaluation...
Embedding Payments for Growth: How ISVs Can Scale Through Vertical Focus and Partnerships
Embedded finance, also called embedded commerce or integrated payments, is reshaping how Independent Software Vendors (ISVs) deliver value, with the market projected to grow from $85.8 billion in 2026 to $370.9 billion by 2036 – a 15.8% CAGR. ISVs that adopt a...
Handbook Notice No. 139
On 27 March 2026 the FCA released Handbook Notice 139, amending the FCA Handbook across ten areas including redress reforms, third‑party incident reporting, perimeter guidance, prospectus rules, fee structures, complaints reporting, administrative fees, data decommissioning, concentration limits and handbook administration. The...
PayNearby Introduces Integrated UPI Cash Withdrawal Solution Through Retail Network
PayNearby has become the first Business Correspondent in India to launch a fully integrated UPI cash‑withdrawal solution, allowing users to pull physical cash from nearby retail outlets. The service is built in partnership with IndusInd Bank and supported by YES...
![[Live 3/31] SoFi Plus Now Costs $10/Month (Removes Free Option) + 4.5% Savings Rate](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://www.doctorofcredit.com/wp-content/uploads/2019/02/sofi.png)
[Live 3/31] SoFi Plus Now Costs $10/Month (Removes Free Option) + 4.5% Savings Rate
SoFi is ending the free SoFi Plus subscription, charging every member $10 per month starting April 1, 2026. The plan now includes a 4.5% APY on balances up to $20,000, a modest bump from the 4.25% baseline. However, the extra...
Morgan Stanley Gets Fed Green Light to Realign German Unit
The Federal Reserve voted 4‑3 to grant Morgan Stanley an exception allowing its German investment bank to be folded into its U.S. holding company, sidestepping Section 23A limits on foreign affiliate ownership. All three Democratic board members dissented, arguing the move...
Press Note 3 of 2020 Amendment Provides for Beneficial Ownership Definition: Govt to Parliament
The government amended Press Note 3 of 2020 to define beneficial ownership for investors from countries sharing a land border with India, allowing them up to 10% equity via the automatic route and a 60‑day approval window. Foreign direct investment reached a...
FDIC Cuts Could Drain Institutional Knowledge: OIG
The FDIC’s Office of Inspector General warned that recent staffing cuts could erode institutional knowledge and impair crisis response. The agency trimmed its workforce by 20% last year, dropping from about 6,300 to 5,000 employees, and nearly one‑fifth of the...
FDIC Overturns 2009 Rule, Clearing Path for Private Equity to Acquire Failed Banks
The Federal Deposit Insurance Corporation and the Federal Reserve announced on March 23 that they have repealed a 2009 rule that limited private‑equity participation in bank resolutions. The change lets non‑bank investors submit bids on failed institutions, a shift that...
HELOC Rates Slip to 7.04%, Cutting $20,000 Line‑of‑credit Cost to $180‑$233 per Month
Average home‑equity line‑of‑credit rates fell to 7.04% this week, the lowest level since 2022. The drop trims the monthly payment on a $20,000 HELOC to between $180 and $233, making it cheaper than most personal loans and credit cards.
Dubai Climbs to 7th Spot in Global Financial Centres Index, Highest Ever Ranking
Dubai has surged to seventh place in the Global Financial Centres Index, its highest position ever and the top ranking for any centre in the Middle East, Africa and South Asia. The rise reflects rapid growth at the Dubai International...
U.S. Mortgage Rates Hit 6.38%, Driven by Rising 10‑Year Treasury Yields
The average 30‑year fixed mortgage jumped to 6.38%—its highest level in over six months—after the 10‑year Treasury yield rose to 4.39%. Higher oil prices and the Iran conflict are pushing bond yields up, tightening borrowing costs for homebuyers.
Turkmenistan Legalizes Crypto Mining and Exchanges Under State Licensing
Turkmenistan enacted a sweeping virtual‑assets law that legalizes crypto mining and exchange operations under a state‑controlled licensing regime effective Jan. 1, 2026. The move signals a new phase of regulated digital‑asset adoption in a historically closed economy.
Freddie Mac's Former Chief Charts Path to GSE Capital Reform
Former Freddie Mac CEO Donald Layton argues that the government‑sponsored enterprises (GSEs) can achieve capital reform faster by lowering minimum capital standards and using the 2018 Enterprise Regulatory Capital Framework (ECRF) as a template. He cites the Trump administration's executive order...
IDB Invest Backs Rentandes to Increase MSME Access to Machinery in Colombia
IDB Invest has approved up to $12 million in senior‑loan financing for rentandes S.A.S., a Colombian operating‑lease specialist. The funds, split into an $8 million committed tranche and a $4 million optional tranche, will be disbursed in local pesos over six years. Rentandes...
FCA Publishes Insights and Observations in Relation to Operational Resilience
On 27 March 2026 the FCA released observations from firms' self‑assessments on operational resilience, marking a year after the March 2025 transition deadline. The regulator highlighted good practices such as robust methodologies for defining important business services and strong governance frameworks,...
Square Updates AI to Expand and Speed up Merchant Lending
Square, the merchant‑focused arm of Block, has upgraded its machine‑learning underwriting engine to extend loans to seasonal and newly onboarded merchants. The new model can assess creditworthiness from a business’s first payment, cutting the evaluation period from weeks to minutes....
Mortgage Lenders to Contact 1.6 Million Homeowners Facing Higher Costs Amid Middle East Conflict
Chancellor Rachel Reeves has secured a pledge from the six largest UK banks and building societies to proactively reach out to about 1.6 million homeowners whose fixed‑rate mortgages expire by the end of 2026. The outreach will promote the Mortgage Charter,...
Truist $400 Checking Bonus [AL, AR, GA, FL, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA,...
Truist is running a $400 cash bonus for new personal checking accounts across 18 states, valid through July 9 2026. To qualify, applicants must use promo code DC400TR1Q226, receive a single direct deposit of at least $2,000 within 90 days, and complete 20...
Corrigendum to Regulation (EU) 2025/1355 of the ECB on Oversight Requirements for Systemically Important Payment Systems
On March 27 2026 the European Union published a corrigendum to Regulation (EU) 2025/1355, the ECB’s framework governing systemically important payment systems. The amendment corrects a typographical error in recital 2, leaving the substantive oversight requirements unchanged. The original regulation, effective July 2025, sets governance,...
Commission Implementing Regulation (EU) 2026/722 Amending the ITS in Implementing Regulation (EU) 2024/3172
On 27 March 2026 the EU Official Journal published Commission Implementing Regulation 2026/722, which amends the technical standards set out in Implementing Regulation 2024/3172. The amendment refines the European Banking Authority’s Single Access Point (EBA‑SAP) requirements for disclosures by credit institutions that are not...
SaveLend Alters Updates Goals as Regulatory Environment Changes
SaveLend Group AB, a Nordic fintech, announced revised financial targets as Sweden tightens consumer‑loan regulations. The company will apply for a credit‑market company licence, divest its billing platform Billecta, and shift focus from consumer credit to SME lending. New goals...
Zelestra Secures $600 Million Green Credit Facility for 440 MW Texas Solar Portfolio
Zelestra obtained a $600 million green credit facility led by Societe Generale and HSBC to develop two 440 MW solar projects in Texas. The financing is underpinned by long‑term power purchase agreements with Meta, giving the projects stable cash flows and underscoring the...
FinTech Futures: Top Five News Stories of the Week – 27 March 2026
Monument Bank announced the UK’s first tokenised retail deposits programme, aiming to mirror up to £250 million ($317 million) of client funds on the Midnight public blockchain while keeping deposits protected under the FSCS. The Prudential Regulation Authority fined The Bank of...
Turning a Prepaid Card Into a Long-Term Relationship
Javelin Strategy’s new report reveals prepaid cards are evolving from one‑time gifts into recurring spending tools as consumers repeatedly load them. Loyalty programs at brands like Starbucks and Chick‑fil A incentivize continuous use, turning cards into everyday payment methods. Issuers focus...
Square Signs Steak Escape and Other Digital Transactions News Briefs From 3/27/26
Block Inc.'s Square unit will outfit Steak Escape’s 23 locations with POS terminals, kiosks and kitchen-display systems, extending its fast‑food footprint. Visa partnered with Pinwheel to launch an Enhanced Subscription Manager, aiming to help consumers track the projected 12 billion global...
Lenders Backed Big Manhattan Office Towers in February
Lenders poured over $2.5 billion into Manhattan’s top‑tier office assets in February, with Brookfield and Olayan each securing $800 million refinancings and Vornado obtaining a $525 million loan. The deals featured higher‑interest rates near 5.9 percent but were backed by strong occupancy and fresh...
Kuda Cuts Jobs as Restructuring Hits Core Units, Hundreds Feared Affected
Kuda, the Nigerian digital bank, announced a company‑wide restructuring on March 25, terminating hundreds of contracts across core units, including 19 of its 40 marketing staff. The layoffs are framed as a strategic shift rather than a response to financial...
Only Half of APAC Banks Harness AI’s 70% Value Potential
A survey of APAC’s banks in 2025 found that four functions—customer relationships, customer service, innovation, and IT—were so important that they were expected to contribute more than 70% of AI value. The problem, however, is that while half of APACs are...
FCA Fines Dinosaur Merchant Bank for Deficient Reporting of Suspicious Trading in Its CFD Business
The UK Financial Conduct Authority has imposed a £338,000 fine—about $429,000—on Dinosaur Merchant Bank Limited for failing to implement effective systems to detect and report suspicious contracts‑for‑difference (CFD) trading. Between June and October 2024, the bank’s new order platform processed...
The New Geography of Money: How Cross-Border Payments Are Being Reinvented
Cross‑border payments are undergoing a fundamental shift as fintech innovators replace legacy banking corridors with real‑time, low‑cost networks. New infrastructure—blockchain ledgers, API‑driven platforms, and regulated e‑money licences—cuts settlement times from days to seconds. Traditional banks are partnering with or acquiring...
Lean Technologies Secures Saudi Arabia’s First Open Banking License From SAMA
Lean Technologies has become the first firm granted a Major Payment Institution license by Saudi Arabia’s central bank, SAMA, to operate open‑banking services. The license transitions the kingdom’s open‑banking framework from a regulatory sandbox to a fully licensed commercial environment....
Half the Market Adopts New FICO Score in Four Years
Here's a fun fact for you: it takes around four years for 50% of the market to switch to a new version of a $FICO score.
7% Mortgage Rates Trap Sellers in Negative Real Yield
Mortgage interest rates are hitting 7 percent and sellers are locked into COVID era mortgages that are in negative real interest rate territory. More charts and graphs featured on today's Chartbook Top Links in the comment below. https://t.co/jUHCvyVvDx
China’s Big Banks Post Flat 2025 Profit on Margin Squeeze
China’s four biggest state‑owned banks reported essentially flat earnings for 2025 as record‑low net interest margins and rising loan‑impairment provisions squeezed profitability. ICBC’s net income edged up 0.7% to ¥368.6 billion (≈$51 billion), while the sector’s combined profit rose 2.3% to ¥2.38 trillion...
Walmart's OpenAI Exit Signals AI Model Battle for Finance
Walmart dropping OpenAI is hitting the headlines. What does this reveals about Agentic Commerce and what every Bank, Insurer, and Fintech should take from it? Which model will financial institutions choose when AI agents start selecting and purchasing financial products on...
Megabanks Still Free to Acquire Solvent Banks Under Deposit Rule
I forget that there are still megabanks who aren't yet barred from this kind of M&A (banks can't buy another solvent bank if they already control at least 10% of national deposits)
Stay Ahead of the Game: AML Compliance for Mortgage Lenders
Anti‑money laundering (AML) compliance is now a non‑negotiable requirement for mortgage lenders, who are classified as financial institutions under the Bank Secrecy Act (BSA) and the USA PATRIOT Act. Lenders must implement comprehensive programs that include Know‑Your‑Customer (KYC) checks, Customer...
Stablecoins Fail to Escape Bank Balance‑Sheet Limits, Worsen CIP Distortions
Fascinating new paper from Iñaki Aldasoro et al which argues that stablecoins don’t get around existing bank balance sheet constraints. Exacerbate the CIP distortions if anything. https://t.co/p5y5qOA4kX
Stablecoin Yield Talks Remain Complex, Senate Chair Says
LATEST: 🇺🇸 Senate Banking Committee chair Tim Scott says the stablecoin yield debate is complex, with banks and crypto firms like Coinbase still at the table negotiating https://t.co/guK3dR2LRR
Cracking Down on Money Laundering: Effective AML Policies for Financial Institutions
Financial institutions must adopt comprehensive Anti‑Money Laundering (AML) programs to detect illicit activity, meet regulatory mandates, and protect their reputations. Core components include Customer Due Diligence, rigorous record‑keeping, suspicious activity reporting, and a dedicated AML compliance officer. Emerging threats such...
ECB Warns June Rate Hike if War Continues
ECB’s Wunsch says rate hike likely if war isn’t over by June https://t.co/DfO5yOLNdf via @FerroTV @lisaabramowicz1 https://t.co/rkEFK0fHSo
Mortgage Rates Are Rising Again — and the Housing Market Is Feeling It
Mortgage rates have jumped from about 5.99% to roughly 6.38% according to Freddie Mac, nudging monthly payments higher and unsettling a market already wary of the spring buying season. The rise, driven by higher 10‑year Treasury yields, oil price volatility and...
Vatican Bank Names François Pauly President of Board of Superintendence
The Institute for the Works of Religion (IOR) announced that Luxembourg banker François Pauly will assume the presidency of its Board of Superintendence on April 28. Pauly succeeds Jean‑Baptiste Douville de Franssu, whose tenure saw a sweeping reform of the...
Quiet BNY and Northern Trust Reward Patient Investors
BNY Mellon reported a record 2025 net income of about $5.3 billion, driving a nearly 40% share price increase and returning over $5 billion to shareholders through dividends and buybacks. Northern Trust posted solid revenue growth and a 2.5% dividend yield, though...
South Korean Banks Raise Lending Rates Fourth Month in a Row
South Korean banks increased their lending rates for the fourth consecutive month in February, extending a credit‑tightening cycle that is pressuring both retail borrowers and commercial firms. The move reflects growing concerns over slowing growth and rising household debt, even...
Coinbase, Better Home & Finance and Fannie Mae Launch First Crypto‑Backed Mortgages
Coinbase, mortgage platform Better Home & Finance and government‑sponsored Fannie Mae announced a pilot that lets homebuyers use Bitcoin or USDC as collateral for down‑payment loans. The product keeps crypto holdings intact, avoids taxable sales and marks the first integration...
Official Translations of ESMA’s Guidelines on Stress Test Scenarios Under the MMF Regulation
On 26 March 2026 the European Securities and Markets Authority released official translations of its updated stress‑test guidelines under the Money Market Funds Regulation. The guidance seeks a common, uniform application of Article 28 across the EU. Sections highlighted in red become legally...