The Week in Review

The Week in Review

Friday February 8, 2019 –

Here are the new and noteworthy stories we have been following this week.

Rising Bank, a new online-only bank, launched today

Midwest BankCentre announces the launch of Rising Bank, a digital-only bank offering a variety of high yield savings accounts.

Meridian Credit Union eyes spring launch for new digital bank

One of Canada’s largest credit unions, Meridian has received regulatory approval and will be launching motusbank, a digital-only bank.

Digital Isle of Man Launches Blockchain Office and Sandbox

Digital Isle of Man (Isle of Man) announces the launch of a Blockchain Office and Isle of Man Blockchain Sandbox to provide regulatory assistance to blockchain businesses.

Online Bank Chime Is Close to New Funding at a $1.5 Billion Value

Chime, an online bank appears to be raising $300 million at a $1.5 billion valuation which is triple the valuation at its last funding round in May.

CFPB Proposes to Relax Payday Loan Regulation

The Consumer Financial Protection Bureau has proposed amending the 2017 Payday Lending Rule, and eliminating the “ability to pay” requirement.

BB&T to buy SunTrust in all-stock deal worth $66 billion that will create the sixth-largest US bank

BB&T to buy SunTrust for $28.24 billion in an all-stock deal which the companies are calling a merger of equals.

UK’s OakNorth targets U.S. after $440 million SoftBank cash injection

OakNorth raises $440 million from SoftBank and Clermont Group and plans to launch in the U.S. initially focusing on lending partnerships with banks.

ECB chief says instant payments could break Visa/Mastercard duopoly

The European Central Bank is floating the idea of using instant payment rails to link up national card schemes in effect creating a pan-EU brand that can travel across borders.

U.S. consumer credit tops $4 trillion for the first time in December

In 2018, consumer credit credit grew by $179 trillion to reach $4.01 trillion; revolving credit was up by $20.6 billion and nonrevolving credit up by $158.4 billion.

Sonic Branding Continues to Gain Popularity as Mastercard Launches Its Own Sound

Mastercard has released its own sonic branding, a new sound that will help consumers recognize the brand when they make purchases with their Mastercard.

Singles-Shaming Bank App Revenge-Shamed for Using Fictional Numbers

Revolut has been referred to the Financial Conduct Authority for making up numbers regarding single meal purchases on Valentine’s Day in 2018.