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“# States sue the OCC and Brian Brooks for overriding their controls on predatory lending ” Eight states and the District of Columbia are suing the national bank regulator over a rule change that just came into effect. Per a Jan. 5 filing, New York’s attorney general is leading the charge against the Office of…
“# OCC greenlights national banks to run nodes and stablecoin networks ” Monday evening, the Treasury’s Office of the Comptroller of the Currency told national banks that they are allowed to run independent nodes for distributed ledger networks. Referring to of independent node verification networks, the OCC’s interpretive letter says that banks “may use new…
“#Wall Street readies for more stock froth amid economic pain in 2021” The stock market may have ended the year at record highs, but Wall Street is now in a very different place than it was this time last year. Financiers biggest concerns in January 2020 revolved around President Trump’s mercurial stance on international trade…
“# The US has already lost the 2020 crypto regulation race to Europe ” 2020 has been a stellar year for the crypto economy, with more enterprises and institutions than ever before implementing the technology. Big announcements, such as PayPal’s decision to enable its users to buy and sell Bitcoin (BTC), have understandably dominated the…
“# The Bitcoin revolution: The new ‘Bank of England’ is ‘no bank at all’ ” As one of the first countries to industrialize in the 1760s, Britain’s manufacturing revolution instigated one of the greatest practical and ubiquitous changes in human history. But even more extraordinary than the cultural shift itself, is the fact that Britain’s…
“#JPMorgan to buy credit-card reward business of cxLoyalty” JPMorgan Chase said Monday it would buy the global loyalty division of cxLoyalty Group Holdings, a third-party credit-card loyalty program service provider. The transaction, whose financial terms were not disclosed, will see the Wall Street bank integrate cxLoyalty’s technology platforms, full-service travel agency, gift card, merchandise, and…
“#‘I thought I heard it’ when aorta burst” Jamie Dimon says “I thought I heard it” when his aorta burst in March — leaving the JPMorgan Chase CEO on the brink of death as the US economy headed into the coronavirus recession. In his first interview since undergoing emergency heart surgery, Dimon dramatically re-enacted his…
“# A storm is brewing between state regulators and the OCC over fintech licensing ” A leading association of state banking regulators is trying to put the U.S. national banking regulator in its place on the issue of fintech registration. Per a Dec. 22 filing, the Conference of State Bank Supervisors, or CSBS, says the impending approval…
“# Digital banking: How DeFi can lower costs for everyone ” Decentralized finance (DeFi) is often characterized as a movement that could unseat traditional banks once and for all — eliminating intermediaries and giving consumers levels of freedom and choice that they’re probably unaccustomed to. But there’s an alternative narrative, one that doesn’t pit DeFi…
“# Traditional banks offer digital asset custody amid compliance legislation ” More and more traditional banks have started announcing support for digital assets as the price of Bitcoin (BTC) continues to make headlines for record-breaking all-time highs. Even major banks like JPMorgan Chase, which previously frowned upon Bitcoin, have taken a newfound interest in the…