What’s up with NYC pols and Wells Fargo?
/In a letter to Wells Fargo, the New York City government said it won’t open new Wells Fargo depository accounts. It follows accusations that the bank discriminates against Black homeowners.
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The future of proptech with Kenon Chen (Clear Capital)
/The PAVE report could drastically change how homes are bought and sold in the U.S. and address a long history of discrimination against minority homeowners—especially if PAVE’s recommendations are codified into law. That’s a big if when Congress has a hard time agreeing on, well, almost anything.
Read MoreIndian payments body dismisses Coinbase launch
/The National Payments Corporation of India, which maintains the country’s Unified Payments Interface (UPI), released a voluntary statement saying it did not know of any crypto exchange using UPI. This came after Coinbase announced its launch in the country featuring UPI support.
Read MoreMeta restarts currency plans
/Internal memos suggest Meta, which owns Facebook, has plans to add virtual coins, tokens, and lending to its apps. This includes “social” or “reputation” tokens that reward substantive contributions to Facebook groups.
Read MoreVisa faces antitrust suit over network fees
/Yesterday, the 5th U.S. Circuit Court of Appeals reinstated two counts in an antitrust suit against Visa related to its debit card fees for payment processing networks. The plaintiff, Pulse Network LLC, argues that Visa’s fixed monthly fees for using its debit network encouraged payments processors to favor Visa over other card networks.
Read MoreUber gears up for super app launch
/The rideshare giant said it will soon add plane, train, and rental-car booking to its app in the U.K. It also said it may scale these services beyond the U.K. if the new services gain traction.
Read MoreCitigroup pauses SPACs, awaits regulation
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The financial giant said it would temporarily halt public offerings through special purpose acquisition companies (SPACs). It’s concerned about increased oversight into SPACs from the SEC, which has yet to solidify specific guidelines.
Read MoreDimon’s shareholder letter: A subtle fintech strategy
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In his annual letter to shareholders, JPMorgan CEO Jamie Dimon shared his concerns about global volatility caused by the war in Ukraine, inflation, as well as consumer confidence. He also called for a “Marshall Plan” for decarbonization.
Read MoreWhat’s Egypt’s long game with InstaPay?
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Launched on March 23 by Egypt’s central bank, InstaPay permits electronic transfers from accounts belonging to different banks. 13 banks currently use the app and run on its Instant Payment Network (IPN).
Read MoreCan NFTs help rebuild Ukraine?
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Ukraine’s government has raised more than $600,000 through the Ukrainian MetaHistory NFT-Museum. The proceeds will be used to rebuild museums and other cultural institutions that have been damaged or destroyed by the Russian invasion of the country.
Read MoreE.U. to outlaw anonymous crypto transactions
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European Union lawmakers have voted to apply AML regulations to crypto, while also requiring ID verification for payers and recipients of any amount of cryptocurrency. The E.U. may also cut off unregulated crypto exchanges from financial systems if they fail to comply.
Read MoreApple eyes building its own payments tech
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A multiyear plan would help the computing giant develop its own infrastructure for financial products. It would facilitate new approaches to payment processing, risk assessment for lending, fraud analysis, credit checks, and more.
Read MoreBank of Italy bans N26 onboarding
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Italy’s central bank has banned N26, the Germany-based neobank giant, from onboarding new customers or offering new products. Italian regulators have flagged N26 for its weak AML procedures.
Read MoreMajor U.S. banks face climate change vote
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Shareholders are set to vote on proposals to reduce financing for projects in oil and gas. The banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley.
Read MoreVisa and Mastercard still work in Russia. How?
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Both payments processors had previously announced that that they would stop doing business in Russia. But their cards still work within the country, because Visa and Mastercard were forced to switch to Russia’s domestic payments-processing system in 2015.
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