Mortgage Rates Drop 8 Bps, Now 6.67%
Mortgage rates back off 8bps to 6.67% today, down from 6.98% a year ago https://t.co/35WGHKd75r
POTUS Acknowledges Fed Blocking Legal Institutions From Payment System
THANK YOU, @POTUS, for recognizing that there is a continuing problem at the @federalreserve with blocking legally-eligible institutions from access to the US payment system, which is a public good. https://t.co/aopXkpkHkU
Credit Card Delinquencies Fall, Loan Growth Accelerates
April credit card data showed the average DQ rate was -21bps y/y and the NCO rate -41bps y/y. $COF, $BFH, and $SYF saw loan growth improve sequentially as well.
Basel III Overhaul Redefines Bank Capital, Stress Test Rules
OUT NOW - incredibly deep dive on the massive new changes for Basel III implementation: significant consequences for bank capital rules for Stress Tests, GSIB Surcharges, mortgage/corp loan risk-weights Apple 🔊https://t.co/u0VXsrSK15 Spotify 📽️https://t.co/ExMyPkPRcY https://t.co/KTZbO1LAUt
Nubank's 50% Growth Misses Estimates, Stock Slides
$NU: Revenue grew 53%, net income grew 57%, and Nubank keeps scaling one of the strongest digital banking models globally Nubank reported revenue of $5.0B, up 53% YoY, but below the $5.1B estimate. EPS came in at $0.18 vs. $0.19 expected. The headline...
Mynt Targets $8 B Valuation in Landmark Philippine IPO
🇵🇭Philippine e-wallet firm Mynt aiming for $8 billion valuation in IPO: Mynt, the PH behind the country's top e-wallet #GCash, aims to raise around $1 billion. The listing could rival #Philippines' biggest IPO to date. Sources via @Reuters: https://t.co/bP1rNbaGRt #FinTech #payments...
Homeowners Now Have Record‑Low Loan‑to‑Value Ratios
Gentle reminder that loan-to-value (LTV) ratios are obscenely low. Homeowners have never been less leveraged.
Credit Card Balances Slip $25B, Delinquencies Ease Slight
"Credit card balances fell by $25 billion and stood at $1.25 trillion... Transitions into early delinquency...ticked down for credit cards, from 8.7% annually to 8.6%..."
Europe's Banks Deploy Smart Bond Contracts on Blockchain
European milestones for natively digital debt: 1️⃣ 🇩🇪: DZ BANK & KfW mapped the full lifecycle of a crypto bond on a public blockchain - proving Smart Bond Contracts can autonomously handle payments. https://t.co/3WAevr3yBs 2️⃣🇨🇭: Keyrock issued an on-chain corporate bond via Sygnum...
Retail Stablecoins Threaten Rural Economies and Local Lending
A Walmart stablecoin w/ rewards would kill rural economies. Add Amazon, Starbucks, & other national retailers & local deposits migrate into centralized reserves vs local lending. CLARITY rewards/yield has far reaching, little researched, & lasting impacts to local growth.
Paytm Uses Luxembourg to Launch European Fintech Expansion
Paytm Expands to Europe via Luxembourg Hired Nasir Zubairi to lead regional ops. Sharma at Nexus: AI fraud detection, credit scoring, payment infrastructure. India's fintech model = third template alongside US/China. Luxembourg as EU gateway for global fintechs https://t.co/SGolZkVXzx
Democrats Coons, Fetterman Back Warsh Fed Nomination
Two Democrats, Coons and Fetterman, voted yes on the motion to proceed with Warsh's Fed nomination.
JPMorgan Elevates AI to Executive Level for Cultural Alignment
JPMorgan Chairman Jamie Dimon made a bold organizational move. "We took Al/Data out of the technology function. It's too important. We put it at the management table. The executive running Al & Data now reports to me and our president." Successful organizations...
Stablecoin Yields Lure Big Funds, Drain Local Liquidity
This is what you get if Stablecoin yield passes - another BlackRock fund. Stablecoin is a great payments mechanism. As a savings tool, it's a local economy killer as these funds cannot be lent out and suck liquidity out of...
Refi Share Hits 44% as Borrowers Save $257 Monthly
Refinances accounted for ~44% of all mortgages in Q1, the highest share in four years. Rate and term refis were 60% of refi activity, a five-year high thanks to low mortgage rates (which are now gone). Average borrower reduced their monthly payment...