Today In Digital-First Banking: BitPay Eyes US Banking License; US Bank Introduces Free eCards
In today’s top news in digital-first banking, digital currency payments company BitPay has filed to become a national bank in the United States, while U.S. Bank is introducing complimentary eCards for users sending funds. Plus, the chief financial officer of Citigroup says the bank is more likely to report loan loss reserve releases than builds as of Q4.
BitPay has filed to become a national bank in the United States, according to a published report that cited a legal notice. The digital currency payments company has reportedly filed with the Office of the Comptroller of the Currency (OCC) to create the BitPay National Trust, a federally regulated bank that will be based in Georgia.
U.S. Bank is aiming to acclimate to the pandemic holidays with new digital cards intended to spread cheer via cash gifting. The digital cards can be sent alongside payments made as gifts through Zelle in the financial institution’s mobile program. There will be more than 200 tailored designs from which customers can choose.
Mark Mason, the chief financial officer of Citigroup, says the financial institution is more likely to report loan loss reserve releases than builds as of Q4, according to a published report. Leaders of financial institutions at the Goldman Sachs Financial Services Conference have provided similar commentary, powered by optimism and better credit trends.
Congress is expected to vote this week for the first revamp of the nation’s anti-money laundering (AML) rules in decades. Demands for significant changes in the regulations have been amassing for over 10 years. The forces for change encompass many different players, from banks to regulators and national security officials.