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
HSBC Names David Rice Its First Chief AI Officer
HSBC announced that David Rice will become its first Chief AI Officer on 1 April, reporting to Group CEO Georges Elhedery. The new role will steer enterprise‑wide AI adoption, including generative AI tools for staff and customer‑facing teams. Simultaneously, CTO Mario Shamtani’s responsibilities were broadened to build a central AI platform and modernise core systems. HSBC’s AI push aims to deliver personalized, real‑time services while retaining human judgment and regulatory safety.
HDFC Bank a “Screaming Buy” Amid Uncertainty: Sameer Dalal
Market strategist Sameer Dalal labeled HDFC Bank a "screaming buy" despite heightened uncertainty in Indian equities. He highlighted the bank's 1.6× price‑to‑book valuation and current 10‑12% earnings growth, arguing the stock offers a meaningful margin of safety. Dalal downplayed governance...
Government Unveils Toughest Crackdown on Late Payments in over 25 Years
UK government announced the toughest late‑payment crackdown in over 25 years, empowering the Small Business Commissioner with new investigative, adjudication and fine‑imposing powers. The reforms introduce a statutory 60‑day payment cap for large firms dealing with SMEs, mandatory interest at...
SL Green Nears $1.7 B Refinancing of Fully‑Leased One Madison Tower
SL Green is on the cusp of securing a $1.7 billion commercial mortgage‑backed securities loan to refinance its fully‑leased One Madison office tower. The deal will retire $1.2 billion of construction debt, fund $136 million in reserves, and allow owners to cash out...
Regional Bank Mergers Surge in 2026, 25 Deals Worth $15.11 Billion Announced
A wave of regional bank consolidations accelerated in early 2026, with 25 announced deals valued at $15.11 billion. The flurry of transactions is reshaping the competitive landscape and putting pressure on larger banks to defend market share.
Revolut Eyes Trading and Wealth Push Amid Hiring Spree
Revolut has announced a major push into wealth and trading after securing a full UK banking licence, launching a dedicated division and a global hiring spree. The fintech is recruiting product owners and risk managers to build margin‑trading capabilities, a...
Activist Investor Wants Board Shakeup at Maryland-Based Eagle
Activist investor Diligence Capital Management, owning 27,500 Eagle Bancorp shares, is urging the Maryland‑based lender to add three directors with bank‑turnaround experience and replace chairman James Soltesz. Eagle, a $10.5 billion‑asset bank, is still searching for a new CEO after a...
MariBank, Amova Launch S$1 Singapore Equity Fund- #Wealth #AssetManagement #AssetFinance
MariBank, the digital bank owned by Sea Limited and licensed by the Monetary Authority of Singapore, has introduced a new equity fund that lets customers invest as little as S$1 (about $0.77) in Singapore-listed stocks. The fund, launched in partnership...
Citi Forms Infrastructure Financing Group- #BeltAndRoad #Economy #Infrastructure
Citigroup has created an Infrastructure Financing and Capital Solutions (IFCS) unit focused on the Asia‑Pacific region. The new group will address the growing demand for large‑scale infrastructure funding, especially projects tied to Belt and Road initiatives. Eric Farina and Rob...
DORA Exit Strategy for Financial Services: Portable Cloud Architecture with Upsun
The EU’s Digital Operational Resilience Act (DORA) now obliges banks, insurers and investment firms to maintain a tested, documented exit strategy for each cloud provider. Most financial institutions rely on provider‑specific services, creating lock‑in that makes compliance difficult. Upsun proposes...
Bank Cloud Migration without a Feature Freeze
Banks face costly legacy core systems that force a two‑year feature freeze when using traditional “Big Bang” cloud migrations. The freeze stalls product innovation and heightens compliance risk as regulators like DORA and PSD3 continue evolving. Upsun proposes a preview‑environment...
![[Targeted] GreenFi (Formerly Aspiration): Direct Deposit Bonus Of Up To $200 & 100 Trees](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://www.doctorofcredit.com/wp-content/uploads/2026/03/greenfi-200-direct-deposit-1.png)
[Targeted] GreenFi (Formerly Aspiration): Direct Deposit Bonus Of Up To $200 & 100 Trees
GreenFi, the rebranded Aspiration, is rolling out a limited‑time promotion that rewards customers who set up a direct‑deposit stream of $500 or more per month with up to $200 cash and the planting of up to 100 trees. The bonus...
Avatar Lends on Vacant Industrial Campus in Hawthorne’s “Space Corridor”
Avatar Financial Group LLC has extended a $16.1 million bridge loan to acquire and revitalize The Yukon, a 52,074‑square‑foot industrial campus in Hawthorne’s “Space Corridor.” The two‑year loan, structured at a 62 % loan‑to‑value ratio, financed the sponsor’s bankruptcy‑sale purchase and funded...
This Cash-Rich Boston-Area Bank Is on the Lookout for Deals
Cambridge Savings Bank, a depositor‑owned institution with $6.9 billion in assets, has bolstered its capital base and is now prepared to pursue regional acquisitions. Equity rose 16% to $703.5 million and deposits grew 3.6% to $5.57 billion, driven by its digital arm Ivy...
Simon Lines Up $465M Refi For Pentagon City Mall, Office And Hotel
Simon Property Group and Institutional Mall Investors are set to close a $465 million refinancing loan for the Fashion Centre at Pentagon City, its adjacent Metro Tower office building, and the Ritz‑Carlton hotel. The five‑year, interest‑only loan, originated by Goldman Sachs,...
Money Laundering Vs Terrorist Financing
Money laundering and terrorist financing are often discussed together, but they are distinct financial crimes. Both fall under anti‑money‑laundering (AML) and counter‑terrorism financing (CTF) regulations, exploiting similar system vulnerabilities. The key difference lies in the source and purpose of funds:...
CFTC and SEC Announce Memorandum of Understanding on Regulatory Harmonization
On March 11, the Commodity Futures Trading Commission and the Securities and Exchange Commission signed a memorandum of understanding to formalize coordination across their regulatory domains. The agreement creates a Joint Harmonization Initiative targeting product definitions, clearing and margin frameworks,...
Treasury and Fed Officials Call for Bank Liquidity Coverage Ratio Reform
Treasury Under Secretary Jonathan McKernan and Fed Vice Chair Michelle Bowman urged reforms to the liquidity coverage ratio (LCR), calling it an over‑corrected post‑crisis rule that hampers bank lending. They highlighted that roughly 25% of large banks’ balance sheets are...
UBS Curbs Sale of Some FX Products to Swiss Clients After Losses
UBS Group AG has been barred from offering range target profit forwards (RTPFs) to Swiss retail clients after the products caused deep losses for a small group of investors last year. The bank now limits RTPFs to professional investors and...
What CFPB Servicer Complaints Are Signaling to Mortgage Brokers Right Now
Mortgage servicer complaints surged in 2025, with the CFPB receiving 24,616 filings, up from the previous year. Trouble‑during‑payment complaints rose to 12,652 and struggle‑to‑pay complaints reached 5,962, reflecting growing borrower stress. Industry experts link the uptick to higher delinquencies, especially...
Basel Committee Technical Amendment on the Standardized Approach to Operational Risk
The Basel Committee on Banking Supervision issued a final technical amendment to the standardized approach for operational risk, clarifying the treatment of rental income from investment properties. The amendment, published on 23 March 2026, will be mandatory from 1 April 2029 and is incorporated...
FCA Publishes Good and Poor Practice Examples for Firms Designing Consumer Segments for Targeted Support
On 23 March 2026 the FCA released a guidance document outlining good and poor practice for firms that design consumer segments for targeted support. The guidance builds on the FCA’s February 2025 policy statement and provides concrete examples on segment granularity, data use,...
One in Three Irish Are More Honest About Money with AI than Other People According to Bunq Survey
A bunq survey of 1,000 Irish consumers reveals that 36% feel more honest discussing money with AI than with people, and another 37% are equally candid. Nearly half (49%) have already used AI to guide personal finance decisions, and one‑third...
13 Years on, Surcharging Remains Complex for Acquirers
Thirteen years after merchants gained permission to surcharge credit‑card transactions, the practice remains tangled in divergent rules from card networks and state regulators. Visa limits surcharges to 3% while Mastercard allows up to 4% but typically mirrors Visa’s cap, and...
Waivr
Waivr, a Los Angeles‑based fintech founded by Brenna Curran and Carolina Nucamendi, offers a debit‑focused, account‑to‑account payment infrastructure for consumer‑to‑business transactions. The platform replaces traditional credit‑card processing with a real‑time payments API that validates bank credentials and transfers funds instantly. By...
A New Connection Lets PayPal Open Venmo to International Transfers
PayPal has linked its Venmo service with its global PayPal network, enabling Venmo users to send and receive money in 90 countries. The integration comes with a promotional waiver of international transfer fees through August 24, 2026. PayPal says the move...
QuSecure Deployment Cited as Real-World Precedent in SEC Post-Quantum Framework
The SEC’s Post‑Quantum Financial Infrastructure Framework (PQFIF) has highlighted the four‑month deployment of QuSecure’s QuProtect platform at Banco Sabadell, executed with Accenture, as the first real‑world implementation precedent for post‑quantum cryptography in banking. The case study demonstrates that large financial...
Fed's Goolsbee Says He Could See Circumstances for Rate Hike
Chicago Fed President Austan Goolsbee told CNBC he could envision the Federal Reserve raising interest rates if inflation accelerates amid the Middle‑East conflict, while also acknowledging the possibility of multiple rate cuts if price pressures ease. The Fed left policy...
Spot Real AI Adoption, Guard Agents Against Scams
The agentic commerce war is live. But how do you tell real adoption from bots inflating numbers? And what happens when a Nigerian prince scam targets your AI agent? Steven Ehrlich and Laurens Fraussen on Bits + Bips: https://lnkd.in/ekwK_zJ2
Agentic Finance Remembers, Executes—Beyond Robo‑Advisor Limits
Roboadvisors: set it and forget it Agentic finance: set it and it never forgets The difference is memory, context, and execution across protocols
Mortgage Servicer Sues Lender for Dodging Fannie Mae Repurchase Tab
Seneca Mortgage Servicing sued Homespire Mortgage for refusing to fund a $376,147.06 Fannie Mae loan repurchase after a July 2025 put‑back notice. Seneca paid the agency on Homespire’s behalf in November 2025 and now seeks reimbursement, interest, and legal fees. The underlying...
AI Boosts Urgency to Complete EU Savings Union
ECB’s Lane says AI is another reason to finish the EU savings union https://t.co/JggeQpMoCN via @jrandow https://t.co/hnTKZ3Hv8V
Earn Points on Purchases to Boost Profitability by 1%
“If a #smallbiz spends 30% to 50% of sales on purchases, and 1/2 those purchases can earn you points, and, on average, you earn 2% value on those points, you'll increase your businesses profitability by one percentage point.” ¬Credit Card...
The Growing Data Battle Between Banks and Fintechs
JPMorgan Chase announced it will charge fintech firms for access to its customer data, upending a long‑standing practice of free data sharing that powered many digital‑banking services. The move reflects a broader shift as banks seek to monetize APIs and...
Bank Cards Risk Becoming Relics as Digital Wallets
Why bank cards may be heading the way of the cheque book https://t.co/zaDaxd3u0O "digital wallets matter more for future growth" That's what I would have said had anyone asked me, which they didn't. https://t.co/gDOCm9u8sO
Generative AI Redefines Banking with Anticipatory Customer Service
In banking, generative AI can create smarter customer experiences, reduce friction, and enable services that anticipate needs before the customer even asks. Branch Tomorrow is out now: https://t.co/7yibAIVrHK https://t.co/oPnuFIaxtu
Office Properties Drive Maturity Extension Wave
CRED iQ’s loan analytics platform has recorded 1,249 CMBS loans receiving maturity extensions, representing roughly $115 billion of outstanding principal. Extensions now dominate workout activity, especially in the office sector, which accounts for 64% of the identified extension balance. Forbearance agreements...
Enhancing Payments Security Training and Intelligence to Combat Emerging Payments Fraud
Payments fraud surged 89% year‑over‑year, propelled by a 3.6‑fold rise in AI‑driven attacks such as deepfakes and impersonation. Criminals are exploiting executives' personal digital lives, using cloned voices and videos to bypass traditional controls. The report from Veriff stresses that...
US AI Rules Put Testing Responsibility on Banks
US AI framework shifts testing burden onto banks “Rather than prescribing detailed rules, the framework signals a model where responsibility for ensuring AI systems are safe, reliable and compliant shifts more directly onto organisations deploying them, with testing, validation and...
The Slow Death of Interchange as a Standalone Growth Engine
Interchange fees have long been the backbone of fintech revenue, offering a low‑friction, volume‑driven income stream that scales with every card transaction. Recent filings from Block, PayPal and Shopify reveal a strategic pivot: interchange is now treated as baseline infrastructure...
The European Banking Sector Enters Period of Geopolitical Uncertainty From a Position of Strength
The European Banking Authority’s Q4 2025 Risk Dashboard confirms that the EU‑EEA banking sector remains well‑capitalised and liquid despite heightened geopolitical risk from the Middle East conflict. Direct exposure to the region totals €132 bn, less than 0.5 % of banks’ assets, while...
Why AI Is Becoming Essential for Financial Services Call Centres
Financial institutions are deploying AI‑powered tools to augment call‑center agents, delivering real‑time information, response suggestions, and automation of routine tasks. This technology addresses the sector’s regulatory complexity and product personalization demands, enabling faster, more accurate, and tailored customer interactions. While...
Banks Are Losing Their Place In Small Business Decisions — Here’s How To Reclaim It
Small businesses increasingly make financial decisions within daily workflow platforms, pushing banks to a reactive role. As banks remain product‑centric and slow, they lose influence despite holding accounts. The article defines "relationship sovereignty" as embedding banking services early in these...
'I Did Not Call Myself a Dictator:' Credit-Union CEO
California Coast Credit Union CEO Todd Lane is embroiled in a rare, combative merger dispute with San Diego County Credit Union (SDCCU). After SDCCU attempted to renegotiate the April 2025 deal and install its own CEO, Cal Coast sued, alleging breach of the...
Open Banking Is Growing in South Africa – but Not for Everyone
South Africa’s open‑banking ecosystem is expanding, driven by a market‑led approach that has enabled fintechs such as Yoco, Lulalend and MTN MoMo to reach new customers. A Reserve Bank working paper warns that this model favours middle‑aged, educated users and leaves...
Discovery Bank Drives Super App Ambition with AI, Integration
Discovery Bank is transforming its mobile platform into a "super app" that merges banking with health, insurance, investment and lifestyle services across the Discovery Group. AI underpins the experience, delivering a virtual financial assistant, real‑time fraud alerts and personalised nudges...
Santander’s Getnet Expands to Colombia, Strengthening Its Latin American Payments Network
Santander’s payments arm Getnet has launched its digital payments platform in Colombia, extending its pan‑Latin American network. The service offers a unified API‑based Single Entry Point that lets merchants connect once and operate across multiple markets, while also providing banking,...
53% of Scam Victims Recover Money When They Tell Their Bank
A PYMNTS Intelligence study of 15,110 U.S. consumers finds 19% have fallen victim to a financial scam in the last five years. Nearly two‑thirds of those scams result in payments within 24 hours, highlighting the power of urgency. Victims who...
Bain Capital’s Bridge Data Centres Seeks Up to $6 Billion Loan
Bridge Data Centres, owned by Bain Capital, is negotiating a loan of up to $6 billion, which would rank among the largest data‑center financings in Asia. The proposed facility is expected to have a 12‑month tenor. Proceeds are earmarked for expanding...
UAE Central Bank Launches Resilience Package
The Central Bank of the UAE approved a five‑pillar Financial Institution Resilience Package to fortify the banking sector amid heightened geopolitical risk and volatile markets. The framework expands access to reserve balances up to 30% of the cash reserve requirement...