Will the US get new rules on brokered deposits? (TWIF 8/9)

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Many major brokerages such as Schwab and Fidelity had their sites go down during a major day of trading activity, as markets turned sharply downward on Monday, prompting retail investors to sell off.

The Interledger Foundation is developing a new cross-border payments corridor to facilitate easier remittance payments between the US and Mexico using the People’s Clearinghouse, a payment network that connects 140 community banks in rural areas.

The FDIC is contemplating new rules on brokered deposits in the US in an attempt to slow down the velocity of deposits movement.

The Bank of England and BIS developed a system to give supervisors near real-time data about stablecoins' liabilities and their reserve assets.

The CFPB and US regulators continue to probe whether whether JP Morgan Chase, Bank of America, Wells Fargo and other banks do enough to shut down accounts controlled by bad actors, but JP Morgan is considering legal action in response.

JP Morgan is also partnering with ID verification fintech PopID to trial pay-by-face biometric payments across the US.

Bipartisan senators in the US are proposing new regulatory sandboxes to enable financial institutions to implement AI products.

Nationwide Bank in the UK is offering dementia clinics to customers.

Google Wallet launched an 'everything else' feature to let users turn any legal document – business cards, loyalty cards, student IDs – into a pass in users' wallets.

Figure Markets, a decentralized custody marketplace for digital assets, launched their new multi-asset exchange – currently onshore US but with plans to go offshore – with cash leverage options and FDIC insurance.

Mansa, a DeFi provider of liquidity to multinational exports and cross-border payments for companies in emerging markets, launched its first pool on Base.

FinTech Studios launched a generative AI-based search tool.

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Social network X (Twitter) is reportedly working on a payments button.The crypto market is betting that a Solana-based ETF is imminent.

Mercado Pago, the payments app of Latin American e-commerce platform Mercado Libre, passed 52 million customers across Brazil, Argentina, and Mexico, with its credit book growing 51% year-over-year.

Flutterwave received a license to manage payments in Ghana.

Fintechs Nayax (link), Dave (link), and SoFi (link) all reported Q2 earnings. 

The UK National Crime Agency shut down a platform used by criminals to defraud financial victims through the use of spoofed phone calls.

AccountsIQ, a cloud-based accounting software provider, partnered with IRIS Software Group to build payroll, HR and finance solutions.

US neobank Varo signed a five-year agreement with Marqeta as its issuer processor.

Somalian mobile money app Waafi partnered with Paymentology to build a tap-to-pay companion card.

UK trading platform Freetrade pulled out of the Swedish market.

German prosecutors charged two more Wirecard executives with wrong-doing in the lead up to the collapse of the payments company.