Study Shows Top-Performing Credit Unions Innovate to Stay Competitive – PYMNTS.com
Credit union (CU) executives understand the importance of innovation, but PYMNTS Intelligence found a disconnect in how some CUs measure innovation success across different performance tiers. More than three-quarters of top performers benchmark the return on investment (ROI) of their innovation agenda with membership growth and revenue growth. Significantly fewer bottom performers use these metrics. […]
Ripple’s Cross-Border Business Could Be Collateral Damage in SEC Suit – PYMNTS.com
One of the longest-running lawsuits impacting the future of cryptocurrency regulation may be nearing resolution. Lawsuit between cryptocurrency companies Ripple Labs And the United States Securities and Exchange Commission The SEC’s debate revolves around whether Ripple’s XRP token is a security, and has gone through several iterations since the start of 2020. On Wednesday (August […]
Bank Regulatory Agencies Considering ‘Additional Steps’ to Govern Bank-FinTech Arrangements – PYMNTS.com
Three federal banking regulators said on Thursday they are considering “additional measures” to help banks effectively manage the risks associated with bank-fintech partnerships. The authorities: Joint statement Investigate banks’ third-party deposit agreements; Request Information About collaboration between banks and fintech. of Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of […]
Amex Earnings: Gen Z, Millennials Drive Credit Card Volume Growth – PYMNTS.com
American Express The earnings, released on Friday (July 19), showed that consumers continue to spend money on experiences, especially dining out, driven by younger generations who are using their cards more frequently. Spending by millennial and Gen Z customers increased 13% year over year, according to executives. CFO Christophe Le Caillec Spending growth was seen […]
Lloyds Forms Direct Lending Partnership With Oaktree Capital – PYMNTS.com
Lloyds Bank and Oaktree Capital Management They worked together to help “medium-sized sponsor-backed borrowers” in the UK. collaboration, Announced On Thursday (18 July), Lloyds’ structured debt finance team will work with Oaktree’s European private debt platform to offer clients term debt, acquisition and working capital facilities, as well as new acquisition and refinancing solutions with […]
OCC Comptroller Hsu: Political Polarization Poses Long-Term Risk to Banking – PYMNTS.com
Political polarization poses a long-term risk to banks, the acting Comptroller of the Currency said. Michael J. Hsu He said on Wednesday (July 17th). of Office of the Comptroller of the Currency Su said the OCC faces the risk of fragmentation as it monitors developments in banking law at the state and local levels. Written […]
Wells Fargo Turns to Digital, AI as Inflation Batters Deposits – PYMNTS.com
Banks today are caught between the ongoing digital shift and a challenging macro environment. Together release As Wells Fargo reported its second-quarter 2024 financial results on Friday (July 12), it became clear that juggling the two and keeping compliance and risk management top of mind is a top priority for the financial institution and its […]
Circle Attains EMI License, Achieves MiCA Compliance – PYMNTS.com
Circle Obtained an Electronic Money Institution (EMI) license from the French banking authorities. european union(EU) Cryptocurrency Market (MiCA) Regulatory Framework. This license allows Financial Crisis Management Office (ACPR), the French subsidiary of the Circle is currently USDC and EUR In an announcement on Monday (July 1), the company said it would issue a stablecoin that […]
JPMorgan Chase Bank India CEO Prabdev Singh Steps Down – PYMNTS.com
JP Morgan Chase Bank India CEO Prabhudev Singh He will reportedly step down from his position and leave the bank about a year and a half into his three-year term. Singh received regulatory approval for a three-year term starting in January 2023, Bloomberg reported. report Monday (June 24th). He joined JP Morgan in 2010. Madhav […]
China Negotiating With Visa, Mastercard to Reduce Transaction Fees – PYMNTS.com
China: visa, master Card and other global card issuers are looking to lower the fees they charge local merchants for overseas card transactions. The China Payments Association has proposed to card issuers to reduce their fees to 1.5% from the current 2-3%. report on Friday (June 21), citing anonymous sources. Mastercard reportedly told Bloomberg that […]