TROY, Mich.— Online-only banks and neobanks are continuing to chip away at traditional financial institutions’ customer bases by outperforming on personalization and digital convenience, but new research from JD Power suggests those digital gains may still come with a key weakness: many still lag on service quality and resolving problems when customers need help most.
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DENVER—Western Union has launched USDPT, its own U.S. dollar-denominated payment stablecoin, moving the legacy money-transfer company deeper into digital assets as it looks to modernize cross-border settlement and build new consumer payment products. The token is fully backed by U.S. dollars, issued by Anchorage Digital Bank N.A. and built on Solana, Western Union said.
DENVER—The Defense Credit Union Council is urging Colorado House lawmakers to reconsider SB26-134, warning the swipe-fee bill that cleared the Senate Friday could disrupt the payments system and create new costs for consumers, small businesses and credit unions.
WASHINGTON—Two Senate Banking Committee members have circulated compromise language on stablecoin interest and rewards, a move that appears to remove a major obstacle that had stalled Senate action on crypto market-structure legislation known as the CLARITY Act.
WASHINGTON—The Independent Community Bankers of America is urging federal regulators to prohibit prediction market contracts that allow investors to bet on whether banks will fail, warning such activity could undermine confidence in the financial system and spark destabilizing bank runs.
WASHINGTON—A senior Federal Reserve official is warning that strains in the fast-growing private credit market could spill over into the broader financial system if investor sentiment turns sharply negative.
CHICAGO— New research from TransUnion shows the U.S. credit market is splitting more sharply into winners and losers, with the strongest borrowers getting stronger while financially stressed consumers fall further behind as debt loads and living costs climb.
SAN DIEGO—The legal dispute between San Diego County Credit Union and California Coast Credit Union is entering a new phase following a court ruling that dealt a significant blow to Cal Coast in the proposed $13-billion merger, with both sides now stepping back from immediate litigation activity.
EL PASO, Texas—GECU said President and CEO Crystal Long retired on April 30, concluding a tenure that helped grow the institution into one of the largest credit unions in the region, the CU reported.
DENVER—Colorado’s swipe-fee legislation is now headed to the House after clearing the Senate a second time Friday, resolving earlier uncertainty tied to a motion to reconsider.