Upstart has been a trailblazer when it comes to using AI in lending. They were the first fintech lender to make it a core part of their offering.
The Synapse debacle continues.
Former FDIC Chair Jelena McWilliams is the court-appointed trustee managing the bankruptcy process. She was appointed on May 24.
There have been quite a few fintech startups in recent months that have pivoted to B2B from B2C (Tally, HMBradley, Onyx Private for example), but we haven't seen any fintechs go in the other direction until Mercury announced their personal banking product today.
We are almost one year removed from the banking crisis precipitated by the struggles at Silicon Valley Bank.
Now, another bank is having its own struggles. New York Community Bank (NYCB) has announced a new CEO and discovered "material weaknesses" in some of its internal procedures.
There is a new report out today that looks at the impact of generative AI on the workforce and what industries will be most impacted.
We have heard before that white-collar jobs, those people with college degrees will be most impacted. This report tries to quantify some of this impact.
Yesterday, the CFPB proposed supervision of “larger nonbank companies that offer services like digital wallets and payment apps.”
As the price of bitcoin goes, so goes Coinbase.
Bitcoin hit an all-time high in the first quarter, and Coinbase reported its best-ever results. The company made $1.18 billion in net income on total revenue of $1.64 billion. Those are impressive numbers, any way you look at them.
The impact of AI in financial services will gain a renewed focus on Capitol Hill.
There has been an AI task force on the House Financial Services Committee for some time but we learned late last week that a new bipartisan working group on AI has been formed.
It was only Thursday of last week when our lead story was about the challenges banks were facing in the Banking-as-a-Service space.
Then Friday we learned that Blue Ridge Bank was hit with its second regulatory action in less than 18 months and is now deemed to be in a "troubled condition".
Robinhood is still bullish on crypto despite the SEC warning the company it plans to sue over this part of its business.
We learned yesterday that Robinhood will acquire crypto exchange Bitstamp for $200 million, making this its largest acquisition to date.