Todd Zywicki: Open Banking is Essential for Affordability
New Perspectives on Financial Data Rights The U.S. financial system has always thrived on innovation, competition, and empowering consumers. When the financial sector does well, it benefits everyone—from business owners to workers and families across different backgrounds. The impending rule from the Consumer Financial Protection Bureau (CFPB) regarding Personal Financial Data Rights, particularly Section 1033 […]
A Battle Over Fed Confirmation Might Split Central Banking in Strange Ways
Can the split in the Fed survive? Many Americans envision the Federal Reserve as a single entity with one authority at the helm. When the Fed chair speaks, there’s usually a noticeable ripple effect in the markets, and interest rates react. It gives off the impression of a coherent structure—one leadership, one direction. However, the […]
Lloyds aims to expand its corporate banking efforts in a strategy revamp
Lloyds Banking Group is planning to boost its lending to large corporate clients and broaden its services for financial institutions. This marks a significant shift for the retail banking leader, hinting at possible international expansion. As the largest bank on British high streets, Lloyds is set to make corporate and institutional banking (CIB) a central […]
Nigerian experts commend BoG for strong Non-Interest Banking guidelines
Ghana’s journey towards establishing an alternative finance ecosystem, particularly in interest-free banking, has spanned several decades. The evolution of this system has been fueled by the efforts of various interest groups, which have led to the formation of clear policy frameworks. A significant milestone in this development occurred on December 9, 2024, when the Bank […]
Banking Groups Ask Congress to Oppose Credit Card Competition Act
Concerns Over Credit Card Competition Act Expansion Eleven banking and credit union organizations have urged lawmakers to dismiss any efforts to broaden the Credit Card Competition Act (CCCA) and the Durbin Amendment. In a statement released on January 22, the groups emphasized that “Payment card systems are convenient, secure, and essential to the American economy.” […]
UBS is exploring the option of providing crypto trading via its private banking services.
UBS to Launch Virtual Currency Trading Major Swiss bank UBS is reportedly gearing up to offer virtual currency trading, responding to increased interest from affluent clients. Bloomberg notes that UBS has been exploring potential partnerships for its cryptocurrency initiative for several months, although no final decisions have been made, according to anonymous sources cited on […]
Introducing Jim Ovia: the ex-Barclays employee who grew $5 million into a $3.3 billion banking empire
Zenith Bank’s Journey through Jim Ovia’s Vision When Jim Ovia established Zenith Bank in 1990, Nigeria was grappling with a frail banking system. Most banks lacked adequate capitalization and efficient management, often relying on short-term foreign transaction fees and rigid hierarchies. He stepped onto this stage following a financial liberalization program in 1986, which welcomed […]
Banking malware spreads automatically through WhatsApp Web contacts
A recent campaign is targeting WhatsApp Web with new malware that is spreading via chat messages. Security experts have identified banking Trojans associated with the Astaroth malware, which propagate automatically, making them particularly challenging to halt once an assault starts. This operation, dubbed Boto Cor-de-Rosa, illustrates the evolving tactics of cybercriminals as they exploit widely […]
US Senate Banking postpones cryptocurrency legislation following objections from Coinbase CEO
Senate Committee Delays Crypto Bill After Coinbase CEO’s Opposition On January 14, the U.S. Senate Banking Committee announced it would delay its review of a proposed cryptocurrency regulatory framework. This decision came just hours after Brian Armstrong, CEO of Coinbase, publicly opposed the bill. The legislation, introduced earlier in the week, seeks to clarify whether […]
Banking shares decline as investors grow uneasy about Trump’s suggestion for a one-year 10% limit on credit card interest.
Trump’s Credit Card Rate Cap Proposal Sends Banks into a Tailspin President Trump’s recent suggestion to limit credit card interest rates to 10% for a year shocked Wall Street, resulting in a decline in bank stocks as investors reacted to the threat to a key revenue source for the industry. By midday Monday, shares of […]