Digital bank Nubank’s Mexican operation, Nu Mexico, has received authorization to begin operations as a bank and now has 30 calendar days to complete its transformation into a bank, the company said in a Friday (July 10) press release. Nu received the authorization from the National Banking and Securities Commission (CNBV), and the company will become a bank in a…
Circle Internet Group, Inc. (NYSE: CRCL) has secured final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, marking a regulatory milestone for the company. The newly chartered entity, First National Digital Currency Bank, N.A., will operate under the name Circle National Trust. The approval places…
The race to bring stablecoins into mainstream business finance faces the challenge of whether treasury departments can process them without dismantling the systems that already manage billions of dollars in daily cash movements. The question is a timely one given the emergence of the Open USD consortium. Broadly speaking, and as PYMNTS CEO Karen Webster…
A Microsoft exec says that they are responding to security threats faster than before and that other companies should follow suit.
Andrew Kimball just landed a new job. New York University hired the former Economic Development Corporation president and CEO to oversee the school’s global real estate portfolio, Crain’s New York Business reported. Kimball will take over in August with the title senior vice president for global real estate, facilities and campus development. The annual base…
Key insight: Kentland Federal Savings and Loan Association failed Friday and was acquired by a local bank in an FDIC-assisted transaction. Supporting data: The thrift held $3.73 million in assets and $3.65 million in deposits as of March 31. The FDIC estimates the failure will cost the Deposit Insurance Fund about $1.2 million. Forward look:…
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Siemens Financial and First Horizon have supplied $64.8 million of construction financing to develop a hospital and medical outpatient complex in Florida’s Palm Beach County, Commercial Observer has learned. Sina Companies secured the loan for the planned Health Park at Avenir project in Palm Beach Gardens, Fla., that is fully leased to Jupiter Medical Center….
Key insight: Circle has now been granted a national trust bank charter from the OCC so it can manage custody of digital assets such as its USDC stablecoin. Expert quote: “”Opening the national trust bank is a tremendous accomplishment for Circle and, for stablecoins, a step into the world of the GENIUS Act.” —FS Vector’s…
Former US President Barack Obama became emotional during the opening ceremony of the Obama Presidential Center in Chicago as his wife Michelle Obama delivered a heartfelt speech remembering their journey, family and the values they built together. Michelle’s words about their life, daughters and Barack’s public service left the former president wiping away tears on…