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American banking groups want the Securities and Exchange Commission (SEC) to revoke its cybersecurity incident disclosure requirements.
These groups, led by the American Bankers Association (ABA), wrote to the SEC last week, contending that disclosing cybersecurity incidents “directly conflicts with confidential reporting requirements intended to protect critical infrastructure and warn...
Has open banking lived up to its potential in Great Britain?
So far, not really, the Financial Times (FT) argued in a report Monday (May 26).
The report noted that opening banking has seen success in some areas, like allowing for faster lending decisions. However, the FT added, data from Open Banking Limited showed that open banking powered 27 million payments in the U.K. during March.
At the...
China’s central bank is reportedly asking lenders to use more yuan in cross-border transactions.
The People’s Bank of China has increased the base ratio for yuan-denominated trade transactions from 25% to 40%, Bloomberg News reported Monday (May 26), citing sources familiar with the matter.
Though this increase isn’t mandatory, the report added that banks that fall short of the ratio tend to get...
We’re not quite at the halfway point of the year — that will come June 30 — but the long weekend offers time to pause and reflect on some significant developments within banking.
In just the past few months, and in change fomented by a new administration in Washington, the landscape has been defined by technological upheaval, regulatory flux and a stubbornly uncertain economic outlook.
And that...
In an era where retailers fiercely compete for consumer loyalty, a notable phenomenon is reshaping the landscape: the rise of the dual subscriber, holding memberships to both Amazon Prime and Walmart+.
Far from being an either-or decision, a significant segment of the U.S. population, particularly millennials, is choosing to “win both carts” by leveraging the distinct advantages offered by these...
Through the past several weeks, the CE 100 Index has shown resilience, outperforming the broader markets, and posted several weeks where all segments were higher.
But what goes up, as they say, must come down — and in the past week, all pillars within the CE 100 list were lower. Yet, as seen in the chart below, the year-to-date and trailing 12-month performance still outpaced other benchmarks...
In the always-on, 24/7 feedback loop of financial services, technology accelerates change, and customer expectations constantly evolve.
The noise can be deafening. Yet, a report from PYMNTS found that the most potent insights and opportunities aren’t found in the latest algorithm or blockchain breakthrough, but in the surprisingly simple, often overlooked practice of listening — deeply and...
Apparently, the days of Rule 1033 are numbered. In fact, as of Sunday (May 25) they might be down to four, as the Consumer Financial Protection Bureau’s (CFPB) general counsel indicated late Friday that it will petition a U.S. District Court in Kentucky on May 30 to have the rule rescinded.
The action took place as part of a status report from the bureau in its defense regarding a lawsuit filed...
Millions of borrowers have reportedly seen their credit scores plummet because of delinquent student loans.
Credit scores fell by more than 100 points for 2.2 million delinquent student loan borrowers, and by at least 150 points for more than 1 million borrowers during the first three months of 2025, the Washington Post reported Sunday (May 25), citing an analysis by the Federal Reserve Bank of...
A former Federal Reserve economist is accused of passing government information to China.
John Rogers allegedly shared reports, such as information prepared for meetings by the rate-setting Federal Open Market Committee, with his Chinese handlers, The Wall Street Journal (WSJ) reported Saturday (May 24), citing court records.
The FBI arrested Rogers, who left the Fed in 2021, in January and found...