Industry News
Banking
Top stories summarized by our editors
12/3/2021

The Treasury Department's semiannual report on the currency practices of major US trading partners finds none of those countries manipulated their currencies during the first half of the year. The report flags some continued concerns with practices by Vietnam and Taiwan, and the Treasury's monitoring list for potential currency manipulation includes China, India, Japan, South Korea, Malaysia, Singapore, Thailand, Switzerland, Germany, Ireland, Italy and Mexico.

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Reuters
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Treasury, Treasury Department
12/3/2021

Square is changing its name to Block effective Dec. 10 as the payments firm expands its focus on blockchain technology. The company's bitcoin-focused offering, Square Crypto, will rebrand as Spiral.

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CNBC
12/3/2021

The growth of the stablecoin market, which has reached an overall estimated value of about $150 billion, is arguably reminiscent of the rise of "free banking" in the US through the 19th century. Experts are now re-examining that era and debating whether free banking enabled financial stability or promoted chaos.

12/3/2021

WisdomTree's application to offer an exchange-traded fund that gives investors exposure to physically backed bitcoin has been denied by the Securities and Exchange Commission. The SEC said the main reason for blocking the product is that Cboe Global Markets has not established measures to prevent fraud.

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ETF, The Block
12/3/2021

A cap on interest rates under consideration in the House would limit many consumers' access to credit and disproportionately hurt low- and middle-income communities, the Consumer Bankers Association says. "Small dollar loans, credit cards, and other innovative products provided by banks provide affordable credit options they rely on to meet their financial needs," said CBA President and CEO Richard Hunt.

12/3/2021

Consumer Financial Protection Bureau Director Rohit Chopra has set the stage for a ramping up of supervision over big technology companies like Amazon and Meta as they move further into offering retail financial products and services.

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Bloomberg
12/3/2021

New Jersey-based Columbia Financial will acquire RSI Bancorp in a deal that will leave Columbia with more than $10 billion in assets. The move will give Columbia a greater presence in the more affluent New Jersey counties of Union and Middlesex.

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American Banker
12/3/2021

Some 24% of consumers expressed reservations about their bank account login information being shared with third-party apps, according to a survey by PYMNTS and MX. Among those respondents, 60% said they are worried about theft of their money.

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PYMNTS
12/3/2021

The easy account creation practices offered by neobanks like Chime and Cash App have opened the door for a range of fraudulent activity, experts say. These include identity theft, account takeovers and duplicate withdrawals after transferring funds between accounts, among others.

12/3/2021

Sen. Elizabeth Warren, D-Mass., has called for more banks to follow Capital One's lead and end overdraft fees. Warren called such fees "an abusive practice."

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The Hill