How to regulate BNPL, Splitit CEO’s plans, USAA redoes its mobile app, and what bankers are watching in crypto
American Banker
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Buy now pay later, USAA's updated mobile app, and what bankers have their eyes on now in the world of crypto: here's some of what we're covering today at American Banker.
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“Without falling within a credit-related regulatory framework, small venture-backed BNPL teams innovated faster than large financial institutions and developed, launched, tested and promoted their services at a dizzying speed with almost no restraint. Today, they have the ability to shift consumer behavior — a tremendous amount of capital is being invested into the BNPL market, and billions of dollars of credit are being deployed by giant fintechs,” writes Yaacov Martin.
USAA is a rarity among financial institutions in that it serves a niche audience, the military, and rolls banking and insurance services into one app. But the upgrades it made align with what many banks have on their road maps.
With the Biden administration recently making its first formal announcement on cryptocurrency in an executive order and the Fed releasing a 40-page report on the potential impact of a U.S. digital dollar, momentum is building quickly.
Nandan Sheth is bringing his experience working with merchants on payments technology to his new job, as well as a less adversarial tone toward the financial establishment than some other BNPL fintechs take.
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The New York-based company reported fee revenue of $3.1 billion, down 3% from a year ago, due to $88 million in losses largely from sanctions against Russia and lost depository receipt services for Russian companies.
“This quarter, our resilience was tested,” Chairman and CEO Brian Moynihan said during a call with analysts Monday after the company posted its first-quarter earnings. “We earned our way through the turmoil.”
First Entertainment Credit Union in Hollywood, California, has named Stephen Owen as its next president and chief executive.
Barely a quarter removed from the most successful year in its 120-year history, Middlefield Banc Corp. in Ohio is facing renewed calls from an activist investor to sell itself.
Matt Rookard, who is currently the president and CEO of the Terrebonne Economic Development Authority in Houma, Louisiana, will begin his new roles overseeing the LCUL May 2. He succeeds Bob Gallman, who had led the trade group since 2017 and retired in March.
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