BankThink
One of the benefits of the Clarity Act is that it would codify much of digital asset firms' anti-money-laundering responsibilities. This is good news for banks that have been understandably nervous about counterparty risk.
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Settlement services, whose debt-reduction models require advising borrowers to default on their loans, wreak havoc on their customers' credit ratings, often leaving them worse off than they were before.
September 3
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The claim that community bankers are somehow being manipulated into supporting changes to the CLARITY Act that would benefit big banks is wrong. The threat to deposits from stablecoin yield is real and dangerous.
September 2
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As banks integrate AI into their systems, they are becoming accountable for decision-making architectures that they did not design and have no real insight into. That means they need to ask their vendors some hard questions.
September 1
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Banks are investing in ever-more capable technology, from new banking apps to AI-enabled back-office systems. But what keeps customers coming back continues to be their relationships with real bankers.
August 31
A consortium of international FIs are planning to issue a U.S. stablecoin in early 2027; London-based OpenPayd has entered the U.S. through its acquisition of MSB USA; the U.K. fined Citi £4.7 million ($6.3 million) for hundreds of transactions in breach of sanctions against Russia; and more in this week's banking news roundup.
Some midsize firms joined three giants of the industry in surpassing their peers among independent brokerages, in terms of the percentage increase in their average payouts per financial advisor last year.
The largest firm in the independent brokerage channel is also the fastest growing. But the industry's rapid expansion alongside rising equity values over the past three years may be hiding some firms' vulnerabilities.
A former Democratic congressman will serve as vice president of wholesale banking at Truist Financial; Bank of America's $72.5 million settlement with sex trafficking victims of the late financier Jeffrey Epstein is approved by a New York federal judge; HDFC plans to challenge the bankruptcy resolution involving a personal guarantee by media tycoon Subhash Chandra; and more in this week's banking news roundup.
BankThink is American Banker's platform for informed opinion about the ideas, trends and events reshaping financial services. View our