In what appears to be the worst aviation disaster in the U.S. in 24 years, an American Airlines regional jet collided with a U.S. Army Black Hawk helicopter near Reagan National Airport in Washington D.C. Expect more details on the tragedy in the coming days.
Also, former Senate Banking Committee member Bob Menendez was sentenced to 11 years in prison, and here's what you need to know about DeepSeek, the Chinese AI app that's roiling the U.S. tech sector. Here's what else you might want to read this week:
"Chopra Urges Regulatory Action to Confront De-Banking"
More people are losing their bank accounts, and some are even getting put on industry blacklists, according to CFPB Director Rohit Chopra, who called for more transparency into banks' decisions to shut down customer accounts and said determining consumers' appeal rights was worth exploring.
Chopra's comments come days after President Trump accused Bank of America and JPMorgan of debanking conservatives in front of an international audience at the World Economic Forum in Davos. The Senate Banking Committee is holding a hearing on debanking on Feb. 5.
"Wanted in 2025: More New Banks"
Acting FDIC Chair Travis Hill also addressed debanking during a recent conference in Phoenix. "The approach over the last couple of years has been that if any institution wants to do anything related to digital assets or blockchain or anything related to that, that they need to go to their examiners and, in effect, get permission from their examiner," Hill stated. "As a general rule, I don't think we, as a regulator, should be making value judgments on banking different types of industries, which I think in effect is what has happened here."
"Trump Media Announces New Push Into Finance to Support the 'Patriot Economy'"
Trump Media and Technology Group announced the launch of Truth.fi, a fintech platform focusing on cryptocurrencies and customized ETFs. The group's board has approved an investment of up to $250 million to jump-start the venture, which will be custodied by Charles Schwab.
The initiative "is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations," TMTG CEO Devin Nunes stated in a press release.
"Visa Partners with Elon Musk's X to Create New Digital Wallet"
Elon Musk's X selected Visa as its first partner for a product that will allow users to move funds between a digital wallet and a bank account to make P2P payments. When Musk acquired X in 2022, he said he wanted to develop it into a super app; this deal represents the first major step toward that goal.
"ABA Chair Sees Room for Change Under Trump Administration"
John Asbury, chair of the ABA, is optimistic for major regulatory changes under the new Trump administration. He's calling for banks to be regulated based on their complexity, not their size, and for a level playing field between banks and credit unions.
"Banks Are Counting on This One Segment to Drive Loan Growth"
Bankers are hoping that a pro-business environment under the Trump administration will drive a surge in commercial and industrial loan demand in 2025.
"Banks Look to Future and Wonder About Their Place in It"
Most bankers are optimistic about their near-term growth opportunities, but concerns about fintech competition and macroeconomic headwinds remain, according to a new American Banker report on the outlook for 2025.
Indeed, the Trump administration is intensely focused on innovation, technology, and deregulation, which may mean more opportunities for fintechs-and more competition for banks.
"Bitcoin Extends Advance After Fed Meeting, Powell Commentary"
Fed officials paused rate cuts Wednesday, and in his post-FOMC press conference, Chair Powell indicated the central bank wants to see more progress on inflation before lowering rates further. Powell also weighed in on debanking, claiming that banks were "perfectly able to serve crypto customers" and said crypto regulation would be "very constructive."
"While Trump's Anti-DEI Executive Orders Pile Up, Jamie Dimon Doesn't Flinch"
JPMorgan CEO Jamie Dimon said the megabank had no plans to scale back its diversity and inclusion efforts, despite attacks from activists and executive orders from President Trump focused on eliminating federal DEI initiatives.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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