Old Glory Bank, a boutique financial institution that branded itself as the cornerstone of the "Freedom Economy," is currently navigating a precarious chapter in its short history. After the collapse of a high-profile merger earlier this year, the $279.4 million-asset lender is now contending with strict regulatory oversight, significant capital deficiencies, and the urgent necessity…
WASHINGTON — Mortgage interest rates experienced a minor downward adjustment, offering a negligible reprieve to prospective homebuyers navigating an otherwise unforgiving real estate market. According to recent financial data provided by Zillow, the average interest rate on the benchmark 30-year fixed-rate mortgage ticked down to 7.14% APR. While the drop marks a nine-basis-point decrease from…
The U.S. banking sector is grappling with a stark milestone as 2026 solidifies its position as the most volatile year for financial institutions this decade. On Friday, the California Department of Financial Protection and Innovation (DFPI) shuttered Irvine-based Nano Banc, marking the sixth bank failure of the year. This collapse, which follows a years-long saga…
In the modern financial landscape, the concept of customer loyalty has undergone a radical, and often unforgiving, transformation. For decades, retail banking operated on the assumption of “inertia-based loyalty”—the idea that once a customer opened a checking account, they were anchored to that institution for a lifetime. Today, that anchor has been cut. With the…
As the global financial sector grapples with the transformative, and often expensive, promise of artificial intelligence, Bank of America (BofA) has emerged as a focal point for the broader debate regarding capital allocation and measurable returns. While Wall Street and technology analysts have spent the better part of the year questioning whether the massive capital…
In a high-stakes legal clash that touches upon the foundational pillars of executive authority and administrative independence, the U.S. Department of Justice (DOJ) has launched a forceful appeal to overturn the reinstatement of two National Credit Union Administration (NCUA) board members. The move, filed this past Friday, represents a significant escalation in the ongoing struggle…
By Business Desk | September 23, 2026 In a move that signals a significant maturation of the fintech sector, Chicago-based online lending platform Avant has officially filed an application with the Office of the Comptroller of the Currency (OCC) to establish a de novo national bank. The move, announced Friday, aims to transition the long-standing…
By Payments Dive Staff Published September 24, 2026 The landscape of peer-to-peer (P2P) payments has long been defined by "walled gardens"—digital silos that require both the sender and the recipient to be enrolled in the same specific application. Whether it is Zelle, Venmo, or Cash App, the industry has historically prioritized user retention within proprietary…
WASHINGTON — Mortgage rates remained stubbornly stuck above the 7% threshold this week, driven by persistent inflation pressures, aggressive tightening signals from the Federal Reserve, and a sharp, unsettling sell-off in the U.S. bond market. For prospective home buyers navigating an already unforgiving real estate landscape, the combination of elevated borrowing costs and broader economic…
In a major leadership transition signaling the next phase of its post-scandal recovery, Wells Fargo announced on Wednesday that current Chief Operating Officer (COO) Scott Powell will transition into the role of Chief Risk Officer (CRO). Powell is set to succeed Derek Flowers, a nearly 30-year veteran of the San Francisco-based banking giant, who will…
