Bitcoin-secured consumer loans support $186 million in ABS
Borrowers' pledged currency remains held in custody and is ring-fenced. The collateral cannot be re-used to generate yield or secure any other type of financing.
Cryptocurrency
Newrez announces plan for crypto in originations
Cryptocurrency development in the mortgage industry has accelerated in no small part from easing regulation and a push from FHFA Director Bill Pulte.
Consumer groups urge FHFA not to mix crypto with mortgages
Advocates warned the Federal Housing Finance Agency that allowing cryptocurrency assets to be used in the underwriting of Fannie and Freddie mortgages risks taxpayer losses and market instability.
Bitcoin Chases American dream in norm-shattering mortgage push
Federal officials directed Fannie Mae and Freddie Mac to study whether digital assets held on US regulated exchanges might someday be factored into mortgage risk assessments.
BNY beats estimates, stays mum on merger rumors
CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
Trump’s day one: Fire Chopra, reset CFPB, elevate crypto
A one-page outline of priorities for Trump's inauguration day obtained American Banker includes financial policy items, including firing Consumer Financial Protection Bureau Director Rohit Chopra, issuing a "reset" of that agency and designating crypto as a "national priority."
Powell dismisses notion of ‘shadow’ Fed chair
The Federal Reserve chair is not concerned about President-elect Trump nominating his successor well in advance of the end of his term in 2026, saying he is "confident" he will have a productive relationship with the next Treasury Secretary.
Master account ruling raises questions about other Fed challenges
In a lawsuit between a Puerto Rican bank and the New York Fed, a federal judge ruled that reserve banks are not obligated to give master accounts to banks they deem risky. The decision could have implications for other master account challenges.
Amid speakership drama, Rep. Barr hints at Fed divisions on Basel
Rep. Andy Barr, R-Ky., a senior Republican on the House Financial Services Committee, said he intends to press Federal Reserve Chair Jerome Powell to refine the Basel III capital proposal before it is finalized.
FDIC largely blames poor management for Signature’s failure
The Federal Deposit Insurance Corp. said in a report released Friday that Signature's rapid, unrestrained growth and inadequate risk management practices outpaced supervisors' ratings and responses, even though the issues were known to the agency.
Signature Bank taps Home Loan bank advances in crypto pullback
Signature Bank of New York is pulling back from crypto deposits and has increased borrowings from the Federal Home Loan Bank of New York.
Regulation must keep pace with financial innovations, New York Fed chief says
John Williams, the president of the Federal Reserve Bank of New York, praised the Fed's new guidelines for granting fintechs and other nonbanks access to the payment system. He also echoed calls for new rules to govern stablecoins and cryptocurrencies.
For the Fed, less bad news is good news
The Federal Reserve notched two badly needed wins last week, as inflation showed signs of easing and the financial system withstood the collapse of one of the world's biggest crypto firms. Here's what that means for the central bank moving forward.
House Republicans challenge Fed’s ability to create CBDC without Congress
The lawmakers have asked Attorney General Merrick Garland to share the Department of Justice's analysis on creating a central bank digital currency by Oct. 15.
Fed warns banks to check legality of crypto-related activity
The move is the latest development in the ongoing political clash over how involved banks should be in crypto markets.
FDIC says banks pursuing crypto projects should check in with it first
The guidance follows similar instructions laid out by the Office of the Comptroller of the Currency late last year.
Figure sells eNote mortgages as NFTs in blockchain marketplace
The company claims its digital registry system is a faster, safer alternative to MERS databases
Crypto mortgage product allows borrowers to post bitcoin as collateral
The new offering’s loan structure is designed to hedge against digital currency's price volatility.
Crypto, Build Back Better, M&A: A banker’s guide to Congress in 2022
Democrats largely left the financial sector alone last year. But they are attempting to resurrect a bank tax-reporting plan to help pay for President Biden’s social policy package while keeping a close eye on cryptocurrency and how regulators review mergers.
Wall Street doubles down on the great inflation trade
Money managers are hiking bets on the great inflation trade of 2021, as the biggest risk to price stability in more than a decade rocks corporate boardrooms and Wall Street trading floors.
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