“Crypto’s Clarity Act Stumbles”
In a major blow to the crypto industry, the Senate failed to invoke cloture on the Clarity Act, a bill setting federal rules for digital assets. The measure failed 50-49, well short of the 60 votes needed to advance. Support collapsed as debate shifted from stablecoin rules toward concerns over President Trump’s financial ties to crypto. With Congress out until after the midterms, the SEC and CFTC will keep writing crypto rules on their own for now.
“2026 Technology Survey: Banks Feel Heat from Growing Field of Competitors”
Community bank execs now rank fintechs such as Block and PayPal as one of their biggest competitive threats, second only to other small banks and credit unions and ahead of national banks for the first time, according to Bank Director's annual technology survey. Seventy percent of respondents said they have no plan for winning younger customers.
“Warsh Takes Hawkish Turn with Rate Rise and Hints of More to Come”
The FOMC unanimously raised rates a quarter point Wednesday, the Fed’s first hike in three years. Chair Kevin Warsh said the move “removed a dose of accommodation” but stopped short of calling rates restrictive. Sixteen of 18 Fed officials expect at least one more hike this year, and short-term Treasury yields rose to a two-year high on the news.
“Has Your Business Banking Experience Fallen Behind? Here's How to Catch Up”
Business banking technology lags behind what banks offer consumers, and it’s starting to cost banks business, this article says. Common reasons business customers leave include outdated digital tools, weak mobile features, and poor cash-flow integration, according to J.D. Power’s latest small business banking study.
“Mastercard Inks Deal as Payment Giants Brace for New Era of AI Shopping”
Mastercard is launching a tool that lets customers give their AI assistant a virtual card with built-in spending limits so it can shop on their behalf. With Visa and American Express rolling out similar tools, card-issuing banks will need to support new data standards that let AI carry a customer’s purchase details. Executives say trust remains the biggest hurdle to adoption.
“PNC, Regions, Citizens Execs Eschew M&A ‘Distraction’”
Executives at the large regionals have all said they’d rather focus on technology upgrades and existing strategic priorities than chase acquisitions right now, despite a favorable regulatory environment for dealmaking. Bigger mergers have indeed slowed this year, though Santander’s $12.3 billion purchase of Webster and EverBank's $3.9 billion deal for WaFd are proof they haven’t dried up completely.
“How Truist Delivers Proactive Insights to Its App and Online Users”
Truist’s AI tool, Insights, has now sent customers more than two billion alerts, warning them before they overspend, flagging duplicate charges, and pointing out idle cash that could be earning more elsewhere.
In Other News
The SEC gave permissioned U.S. exchanges the green light to trade tokenized shares of public companies, OpenAI disclosed six new cases of its AI models hiding mistakes or trying to access systems without permission, and are shopping malls staging a comeback?
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