“‘Now or Never’: The Crypto Bill’s Final Sprint”
The Senate has only a few weeks before the August recess to pass legislation that would create a new regulatory framework for the crypto market. The bill still faces big unresolved questions over ethics provisions, industry oversight, and other political issues before it can move forward.
“Regulators Issue Guidance on Lending to Unauthorized Workers”
The FDIC, OCC, and NCUA issued joint guidance stating that lending to people not legally authorized to work in the U.S. may present higher credit risk because their ability to generate income, employment continuity, and financial stability may be more uncertain. The guidance follows an executive order from May directing regulators to treat a borrower’s work authorization as a credit risk factor.
“Why the Future of Commercial Payments Is Different Than What Banks Expected”
Businesses want payment systems that fit into their existing workflows and improve cash management, not just faster payments, according to a new report from Citizens Bank, which also found that banks remain the most common partner for embedded finance and payment services.
“Banking’s Branch Comeback Carries Higher Stakes Than You Realize”
More than 1,000 bank branches have opened in each of the past three years, driven mainly by expansion from large banks, according to new research from Curinos and Adrenaline. Modern branches are generally smaller, more focused on advisory services, and staffed with fewer but more experienced employees.
Fed Chair Kevin Warsh testified before the House Financial Services Committee that the central bank remains focused on bringing inflation down and cautioned against drawing conclusions from one month of lower inflation data. He did not signal whether interest rates will change but reiterated that price stability remains the Fed’s priority.
“Banks Own More Data Than Ever. What Makes Marketing Decisions Still So Tough?”
Many banks can measure email opens and campaign activity, but they can’t connect those efforts to customer actions or business results because older systems often limit their ability to do so, this article says.
“Why High Credit Card Delinquencies Aren’t Showing Up at the Big Banks”
While New York Fed data shows credit card delinquencies at their highest level in 15 years, big banks reported lower delinquency rates in recent earnings. The article attributes the gap to tighter lending standards, a greater focus on higher-credit-quality borrowers, and differences in how delinquencies are measured.
In Other News
AI companies are increasing security for executives after a rise in threats and harassment, Warren Buffett sounded off on the state of the stock market, and boomerang hiring is making a return.
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