With a backlog in the US Senate Obama’s last FDIC Chair Martin Gruenberg is still in office 5 months after...
The Independent Community Bankers of America have expressed concern about Square’s plans for a bank charter; they believe it would set a precedent for other tech companies like Amazon; According to Jacqueline Reses, Amazon and Facebook haven’t expressed interest in a banking license and they would have to be evaluated on their own merits; Square also recently met with the National Community Reinvestment Coalition to address concerns with the Community Reinvestment Act. Source
Right now the U.S. digital banking market is being driven on two simultaneous tracks with private market solutions and regulation;...
According to a recent report from the Commodity Futures Trading Commission hedge funds and other money managers held about 14...
Joseph Otting, Comptroller of the Currency, said he believed standards should be relaxed to allow banks back into the small...
American Express' Pay It Plan It mobile feature allows for installment payments on purchases of over $100; the mobile feature is associated with a customer's American Express card; the company says Pay It Plan It is available now on several consumer credit and co-branded cards and cards issued after June 1 will have the feature added by 2018. Source
Blockchain consortium R3 and 22 partner banks are working to build a real time cross border payments solution on Corda; the project started last year and the banks are actively providing feedback; this is occurring while R3 and former partner Ripple are involved in a legal dispute over a previous agreement. Source.
Source reports on robo advice services at Vanguard; the firm's Personal Advice Services is a hybrid robo advice offering with $83 billion in assets under management; it is anticipated that it will be the first digital platform to cross $100 billion; firm is adding certified financial planners to its call centers for clients in Scottsdale, Arizona and Charlotte, North Carolina as an enhanced hybrid offering. Source
Facebook plans to reveal their crypto plans next week and now they count a group of impressive backers to support...
The most recent report on US consumer credit shows credit card debt reaching a new high and surpassing the previous peak reached in 2008; outstanding credit card debt in June was $1.02 trillion; source discusses increased market competition in the credit card market; also notes higher default rates yet increased risk taking given the improved market environment. Source