News 

SMB Challenger Banks A Hot Spot With VCs

“OakNorth plans to use the investment to launch its Analytical Intelligence platform with more banks and lenders across the globe” reports pymnts.com. The U.K. challenger banking market saw a flurry of venture capital (VC) activity this week, as FinTech firms aim to disrupt small business (SMB) financial services (FinServ).Goldman Sachs led the way for small business credit platform Nav to land $44 million in new funding, reports said this week.The company announced a $30 million Series B investment round this week, led by Accel, said reports in Fortune. Source: pymnts.com

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preparing to increase certain fees levied on U.S. merchants for processing transactions

“Fees that Mastercard and Visa charge financial institutions, such as banks, for processing card payments on behalf of merchants are also set to increase, the report said” writes Min Read for reuters.com. Interchange fees are what merchants pay to banks when consumers use a credit or a debit card to make a purchase from their store. Source: reuters.com

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Crypto News 

Is JPMorgan Chase’s New Cryptocurrency a Threat to Ripple, Other Crypto Assets?

“Mega-bank JPMorgan Chase (NYSE:JPM) recently announced that it will launch its own cryptocurrency, becoming the first U.S. bank to do so” writes Matthew Frankel for fool.com. However, there are some big differences between bitcoin, the more than 2,000 other existing cryptocurrencies (that’s not a typo), and the new cryptocurrency JPMorgan Chase is planning to create.The new cryptocurrency will be called JPM Coin, and the purpose will be to speed up transaction settlement times.Also, JPM Coin will be a so-called “stable coin,” with its value pegged to the U.S. dollar. Source: fool.com

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Crypto News 

Report: Brazilian Bank Bradesco Closes Accounts of Local Crypto Exchange and Owners

“One of the largest Brazilian banks, Bradesco, has notified crypto exchange Bitblue that its banking accounts will be closed late February, local crypto outlet Portal do Bitcoin reported on Feb. 13” writes Ana Berman for cointelegraph.com. CADE initially launched a probe against six major national banks — including Banco do Brasil, Banco Bradesco, Itaú Unibanco Holding and Banco Santander Brasil — in September 2018.Following several complaints about banking accounts closure, the antitrust watchdog started investigating alleged monopolistic practices in the crypto space.Subsequently in October, Banco do Brasil and Santander Brasil…

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Brokers Markets News 

Retail Side of the FX Industry Keeps Avoiding FX Global Code

“While retail clients are not covered by the code, retail brokers are” writes Victor Golovtchenko for financemagnates.com. Once we get to the prime of the prime of prime section of the retail FX industry things are becoming different.Adhering to the FX Global Code of Conduct is ultimately beneficial for all market participants. Source: financemagnates.com

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Mistrust of banks may have cost $9,000 to millions of homeowners

“The researchers also worked with the financial institution that had sent out the refinance offers to boost customer interest in those offers in three ways” writes Andrea Riquier for marketwatch.com. When homeowners can’t afford their mortgage, a long list of other parties suffer: banks and other lenders, bond investors, mortgage servicers, neighbors, local governments, and more.The study, conducted by three Columbia Business School professors, relied on preapproved refinance offers sent by what they call a “major financial institution” to 550,000 of its borrowers through the Home Affordable Refinance Program.But a…

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Powell wants to keep geography as a focus of antidiscrimination rules for banks

“As more banking and lending moves online, banking regulators weighed an update to the law to accommodate the decrease in banking at physical locations” reports washingtonexaminer.com. We’re not looking to go in the wrong direction.” “As part of this reform process we’ll be looking to achieve better [availability of credit] under the law rather than weaker,” Powell added.Congress enacted the landmark anti-discrimination law in the 1970s to combat ‘redlining’, a practice in which banks avoided lending to individuals from impoverished communities, especially minority borrowers.A bank that receives a poor score…

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Main Street banks say challengers like Monzo, N26 and Chime pose the biggest disruptive threat to their businesses — and they’re fighting back

“Main Street banks believe upstarts like Monzo, N26 and Chime, known as challenger banks, pose a significant threat to their business, according to a recent survey” writes Dan Defrancesco for businessinsider.com. Sign up here for our weekly newsletter “Wall Street Insider,” a behind-the-scenes look at the stories dominating banking, business, and big deals.Banks typically spend 80% of their technology budgets on legacy technology maintenance, according to Deloitte, which represents billions of dollars.Nearly half the respondents say their firm’s legacy technology is the biggest thing holding them from growing.The vast majority…

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Citigroup’s consumer bank is trying to jumpstart revenues, and it thinks its 28 million US credit-card customers are a golden opportunity

“Citigroup is trying to jumpstart revenues in its retail-banking business, and it thinks the company’s 28 million US credit-card customers represent a golden opportunity” writes Alex Morrell for businessinsider.com. Citi’s consumer bank, especially in the US, has been the focal point of frustrations amid stubborn revenue and deposit growth and efficiency that lags competitors.Sign up here for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.The strategy for converting those credit-card customers involves, in part, rolling out new digital products and…

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