On the Day of a Would-Be Deadline, Open Banking Is in Flux
April 1, 2026 marked the original deadline for the CFPB’s Section 1033 open‑banking mandate, but a federal injunction froze enforcement, leaving the rule in legal limbo. Major banks have nevertheless accelerated API partnerships with aggregators such as Plaid to meet consumer demand and eliminate insecure screen‑scraping. The industry is split over “data tolls” – fees banks want to charge for API access – while fintechs argue such charges could stifle competition. Observers expect the CFPB to launch a new rulemaking process within weeks, reshaping the cost and security landscape of U.S. data sharing.
FHFA Loosens Insurance Rules Targeting Condos, Rural Loans
The Federal Housing Finance Agency (FHFA) announced new insurance flexibilities for single‑family condominiums and rural mortgages, allowing actual‑cost‑value (ACV) coverage for roofs while keeping replacement‑cost standards for the rest of the property. The rule also streamlines the maximum per‑unit deductible,...
TransUnion Fires Latest Volley in Credit-Score Price War
TransUnion announced a steep reduction of its VantageScore 4.0 mortgage‑origination fee to $0.99, down from $4. The move intensifies a price war sparked by the FHFA’s push for scoring‑model competition and comes as FICO and other bureaus raise their fees. TransUnion...
How Clearview FCU's CIO Gets Employees to Use and Trust AI
Clearview Federal Credit Union, serving 140,000 members in the Pittsburgh area, is accelerating AI adoption under CIO Raymond George. The credit union has deployed ChatGPT, Microsoft Copilot and Zest’s Lulu to automate tasks ranging from HR and BI analysis to fraud...
Fed's Bowman Wants to Boost Banks' Share of Mortgage Market
Federal Reserve Vice Chair for Supervision Michelle Bowman announced that the Fed will soon propose two mortgage‑related regulatory changes aimed at lowering banks' capital costs and encouraging greater bank participation in mortgage origination and servicing. The proposals could revise Basel...
Developer Colony Ridge to Pay $68M in DOJ, Texas Settlement
Houston developer Colony Ridge Development LLC agreed to a $68 million settlement with the U.S. Department of Justice, the CFPB and Texas over allegations of discriminatory, predatory lending targeting Hispanic immigrants. The deal allocates $48 million to flood‑control, road and utility upgrades...
Ethereum Becomes Rail of Choice for Crypto-Curious Bankers
Major U.S. banks are reviving Ethereum‑based solutions, especially Layer‑2 networks, to launch tokenized deposits and cross‑border payments. Projects such as JPMCoin on Base, Citi’s USD tokens, and a SWIFT‑backed Ethereum platform illustrate growing institutional confidence. Legislative moves like the GENIUS...
Regional Bank Execs Love Mobile Apps, Fear Wire Transfer Fraud
Regional midsize and community banks are prioritizing mobile banking apps, with 54% ranking them among the top five technology spend categories for 2026. At the same time, 42% of respondents view agentic artificial intelligence as the most significant catalyst for...
Visa Helps Merchants Accept Card Payments Through iPhones
Visa has launched a software development kit that lets merchants accept Apple Tap to Pay on iPhones, eliminating the need for separate card‑reading hardware. The SDK is distributed via Visa’s Acceptance Platform and includes access to Visa’s tokenisation, fraud and unified commerce...
To Monitor an AI-Driven Economy, the Fed Is Going to Need New Tools
Professor Derek Horstmeyer warns that the Federal Reserve’s traditional metrics will lag in an AI‑driven economy where stable‑coin transactions and compute‑intensive agents dominate. He proposes three actions: tracking compute and energy costs, gaining visibility into a burgeoning shadow‑banking sector, and...
Georgia Woman Sentenced for $1.5 Million Bank Fraud Scheme
A Georgia woman, Dechanta Benning, was sentenced to 70 months in federal prison for a mail‑theft‑related check fraud scheme. Prosecutors allege the scheme stole between $550,000 and $1.5 million by intercepting business checks, altering payees, and using mobile‑deposit technology. Benning opened...
Why Small Banks, Credit Unions Are Buying Onboarding Tech
Community banks and credit unions are adopting fintech onboarding platforms like Swaystack to improve customer activation and direct‑deposit capture. Since its April 2024 launch, Swaystack has added 18 clients ranging from $100 million to $7 billion in assets. Early adopters such as Kohler...
COVID Loan Program Leaves some Borrowers in a Bind
The Federal Reserve’s Main Street Loan Program, launched in 2020 to support medium‑sized firms, is winding down with only $43.9 million of the original $17.5 billion still outstanding. Net loan losses have surged to $1.97 billion, and the program’s rigid 70 % balloon‑payment structure...
Banks Gain Amid Software Stock Rout, Despite Credit Questions
Bank stocks have outperformed the broader market as software shares tumble, with the KBW Nasdaq Bank Index gaining over 2% in the past month while the S&P Software Index dropped more than 20%. Analysts note that banks’ direct exposure to...
Fed 'Skinny Accounts' Take Early Heat From Crypto, Fintechs
The Federal Reserve has proposed “skinny” master accounts that would give fintech and crypto firms limited access to its payment rails, aiming to boost innovation while containing risk. Fintech groups argue the design is too restrictive, citing exclusion from ACH...
MBA, Lenders Rally Behind Housing for 21st Century Act
Mortgage industry groups, led by the Mortgage Bankers Association, are urging the House to approve the Housing for the 21st Century Act, a comprehensive bill aimed at modernizing federal housing finance and development policy. The legislation, which cleared the House...
Fed's Jefferson Wary of Inflationary Pressure From AI
Federal Reserve Vice Chair Philip Jefferson warned that AI-driven productivity gains could raise the economy’s neutral interest rate, potentially forcing the Fed to keep policy rates higher for longer. He noted that inflation remains stubbornly above the 2% target, even...
The Future of Palm Payments After Amazon's Pullback
Amazon has discontinued its palm‑vein payment readers, labeling the effort a low‑growth, niche experiment. Despite the pullback, the underlying biometric technology continues to attract pilots from major financial and payment firms, including JPMorgan Chase’s cafeteria test and Verifone’s integration with PopID....
Nonbank Mortgage Companies Remain a Threat to the Financial System
Non‑bank mortgage servicers have become increasingly concentrated, with the top four firms now controlling about half of the market after recent mergers. The FSOC’s May 2024 report warned that their reliance on short‑term funding makes them vulnerable to liquidity shocks that...
Exclusive: Warren Targets Narrowed Bank Risk Oversight Proposal
Senate Democrats, led by Elizabeth Warren, have asked the FDIC and OCC to withdraw an October proposal that narrows the definition of “unsafe or unsound” banking practices to only those likely to cause material harm to a bank or the...
Affirm Details New AI Tool for Merchants
Affirm is piloting BoostAI, an AI‑driven tool that lets merchants A/B test promotional financing offers to identify the most effective rates and terms. Early adopters—47 enterprise clients and hundreds of SMBs—report a 5%‑15% lift in gross merchandise volume. The initiative...
BofA Insider Pleads Guilty to $8M Money-Laundering Scheme
Former Bank of America relationship manager Renat Abramov pleaded guilty to laundering more than $8 million for a transnational Medicare fraud ring. He deliberately sidestepped know‑your‑customer protocols to open accounts for shell medical‑equipment firms, allowing fraudulent Medicare reimbursements to be layered...
ICE Reports Strongest Mortgage Revenue in over 3 Years
Intercontinental Exchange’s mortgage‑technology unit reported its strongest quarterly revenue in over three years, reaching $532 million in Q4. Operating profit rose to $8 million, while full‑year profit flipped to $14 million after a $170 million loss the prior year. Transaction revenue jumped 20% year‑over‑year,...
BofA Reworks Credit Cards to Fuel Ambitious Consumer Profit Plan
Bank of America is overhauling its credit‑card strategy to help hit a $20 billion consumer‑profit target by 2030. The bank will roll out higher cash‑back rates and new incentives for customers with larger balances, while deploying AI to personalize outreach, improve...
SBA Re-Tightens Its Eligibility Rules, Hitting Noncitizens
On March 1, the Small Business Administration reinstated a citizenship‑only eligibility rule for its loan programs, overturning a December policy that had allowed up to 5% foreign ownership. The new guidance requires all direct and indirect owners to be U.S. citizens...
Insider Threat Cited in $22M Iowa Bank Fraud Case
Prosecutors allege that an Iowa bank employee colluded with Curtis Weston to create 66 fraudulent loans worth $22 million, exploiting customer information from a previous employer. The scheme used 26 stolen identities and cycled funds through multiple banks and an online...
Klarna Joins Google's AI Protocol; Payoneer Expands Footprint
Klarna has joined Google’s Universal Commerce Protocol (UCP), enabling its buy‑now/pay‑later service to operate within Google’s AI‑driven shopping ecosystem. The protocol, now backed by major card brands and PayPal, seeks to standardise agentic AI interactions for safer, more transparent commerce....
Bessent Offers Deregulatory Vision, but Few Specifics
Treasury Secretary Scott Bessent announced a campaign to deregulate the smallest banks but offered no concrete policy details. He blamed Biden‑era rules and "regulation by reflex" for the Silicon Valley Bank fallout, while urging the Financial Stability Oversight Council to...
Banks Are Not Prepared for the Industrialization of Crypto Theft
Drainer‑as‑a‑Service (DaaS) platforms are industrializing crypto theft, letting low‑skill actors launch high‑value heists at scale. Traditional bank compliance, reliant on static blacklists, cannot keep pace with the real‑time, multi‑domain attacks these services enable. The author urges banks to shift from...
Survey: Bankers Say Competition for Deposits Is Heating Up
Community bankers report that credit unions are now their primary rival for deposits, with 66% noting heightened competition. The survey also reveals that 82% anticipate at least 11 more credit‑union acquisitions of banks this year, continuing a trend of 16...
Pulte: GSE Stock Move Odds 'Strong,' But 'We Don't Have To'
Federal Housing Finance Agency Director Bill Pulte told Fox News that there are "very strong odds" of a public stock offering for Fannie Mae and Freddie Mac this year, though the Trump administration is also weighing other options. The administration’s...
How One CDFI Is Navigating the Chaos in Minneapolis
WomenVenture, a Minneapolis‑based Community Development Financial Institution, has provided emergency assistance to 108 small businesses as Minnesota grapples with the federal Operation Metro Surge immigration enforcement. The crackdown has slashed foot traffic, caused labor shortages, and driven sales declines as...
BitGo and PicPay Go Public in 'Uncertain' Fintech IPO Market
Digital‑asset custodian BitGo and Brazilian payments firm PicPay launched their IPOs in January 2026, pricing shares at $18 and $19 respectively and raising $212.8 million and $434 million. Both stocks rose on debut but slipped in the days after as a partial...
Banks Say Core Provider Power Needs to Be Checked
Community banks and trade groups have urged the OCC to reconsider third‑party risk rules, citing the dominance of three core‑banking providers that serve over 70 % of institutions. They argue that vendor concentration drives rigid contracts, high integration costs, and unclear...
Thread Bank's Chris Black Sees Opening in Bank Charter Boom
Thread Bank CEO Chris Black says the surge of crypto and fintech firms applying for national trust charters creates a strategic opening for established banks. He argues that while the charter is commoditized, disciplined capital, liquidity and risk management give...
Where BVNK, Polygon Labs Think Stablecoin Payments Will Happen
BVNK has partnered with Visa to route stablecoin transfers through Visa Direct, targeting cross‑border B2B payments. Polygon Labs, after spending $250 million on CoinMe and Sequence, is building an Open Money Stack to support global stablecoin transactions. Both firms view stablecoins...
Illinois Bank Taps a Partner to Help Launch Trust Business
Signature Bank of Rosemont, Illinois, launched a new bank‑branded trust unit called Signature Trust, partnering with $18 billion‑asset Midwest Trust to instantly provide trust services. The move follows a surge in client requests for estate planning, liquidity events, and fiduciary support...
Atomic Settlement Swaps One Risk for Another, and Banks Aren't Ready
Tokenisation is driving a shift from batch to atomic settlement, eliminating the time buffer that banks have relied on for liquidity management. Atomic settlement means every leg of a trade must settle simultaneously, turning funding sufficiency into a real‑time constraint....
Simmons Bank Hires New Leaders to Boost Organic Growth
Simmons Bank, led by new CEO Jay Brogdon, announced the hiring of two senior executives and the launch of an eight‑person private‑banking team to accelerate organic growth. The moves aim to diversify a loan portfolio that is heavily weighted toward...
Chicago Bank Becomes First Failure of 2026
Metropolitan Capital Bank & Trust, a Chicago lender with $261.1 million in assets, was placed into FDIC receivership on Friday, marking the first bank failure of 2026. The FDIC arranged a purchase‑and‑assumption transaction with Detroit‑based First Independence Bank, which will acquire...
How a TD Bank Teller Laundered Millions for $50 Bribes
A former TD Bank teller, Leonardo Ayala, pleaded guilty to a $5.5 million money‑laundering conspiracy that involved issuing dozens of debit cards for shell‑company accounts without customer presence. Prosecutors detailed a bribe schedule of $50 per card and $700 for opening...
Flagstar Is Back in the Black After Eight Quarters of Losses
Flagstar Bank posted a $29 million profit in Q4, ending eight straight quarters of losses that began after a commercial‑loan crisis. The turnaround was driven by a 47% jump in net interest income and a 29% reduction in non‑interest expenses, helped...
Amex CEO: 10% Rate Cap Would Create 'Downward Spiral'
American Express reported Q4 revenue of $18.98 billion, beating estimates, while EPS of $3.53 fell just short of forecasts. CEO Steve Squeri opposed President Trump’s proposed one‑year 10% credit‑card interest‑rate cap, warning it would spark a downward spiral in card availability....
Loyalty Coalitions Are Balance-Sheet Risks Masquerading as Marketing
Loyalty coalitions, while marketed as customer‑engagement tools, function as multi‑party liability networks that can become hidden balance‑sheet risks. Without rigorous economic modeling, mismatched rules lead to over‑issuance, excessive redemption, and credit exposure. Key structural choices—settlement timing, breakage estimation, and arbitrage...
Is the OCC Stretching Trust Charters Too Far?
The OCC’s 2021 interpretive letter expands national trust banks’ authority to include non‑fiduciary custody, a move that has attracted crypto firms seeking trust charters. Traditional banks warn that this interpretation lets new entrants operate with lower regulatory burdens, potentially eroding...
Visa: Credit Card Competition Act Not Needed
Visa CEO Ryan McInerney reiterated that the Credit Card Competition Act is unnecessary and would harm the economy, weaken security, and reduce credit access and rewards. He emphasized Visa’s role in educating lawmakers about the bill’s negative consequences. The company...
Nubank Receives Conditional OCC Approval for US Charter
Nubank, Brazil’s leading neobank, received conditional approval from the U.S. Office of the Comptroller of the Currency to operate a de novo national bank. The approval, granted after a 121‑day review that aligns with the OCC’s 120‑day timeline, allows Nubank NA...
GAO Chides OCC for Not Keeping Basel Records 'Confidential'
The Government Accountability Office issued a report warning the Office of the Comptroller of the Currency (OCC) that it lacks a clear policy for treating Basel Committee documents as federal records, violating the Federal Records Act. The GAO highlighted inconsistencies...
Bread Financial Mum on Trump's Interest Rate Cap Amid Earnings Beat
Bread Financial posted a strong Q4 2025, reporting $975 million in revenue—a 5.3% year‑over‑year rise—and $53 million net income, far surpassing analyst forecasts. The lender’s net interest margin improved to 18.9% and direct‑to‑consumer deposits grew 11% to $8.5 billion, now comprising 48% of its...
Stablecoins Could Boost the Utility of Customer Loyalty Programs
Stablecoins are moving beyond pure payments to become programmable, branded assets that can function like loyalty points. White‑label platforms enable companies to launch their own dollar‑pegged tokens quickly, merging money and reward systems. Examples such as a hypothetical Starbucks BucksUSD...