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Nvidia CEO urges German manufacturers to adopt AI
FRANKFURT, Germany — Nvidia CEO Jensen Huang urged Germany’s makers of cars and industrial machines to quickly adopt artificial intelligence to “re-engineer” the country’s struggling business model by tapping its
'Whalefall' Writer Explains the Real Science That Drives the Survival Thriller
What happens in 'Whalefall' is surprisingly accurate to the real ordeal, tapping deep into primal human fears.
Marsh survey examines how health systems are managing capital, investment strategies
Health systems’ finances improved in 2026, but many organizations remain under enough pressure to keep tapping reserves, taking on debt, and turning to investment portfolios for financial flexibili | Forty-three percent of respondents report expecting to draw on reserves in 2026, up from 37% the year prior.
Iceland will tunnel into a volcano to tap into virtually unlimited geothermal power
Iceland's Krafla Magma Testbed project aims to transform renewable energy by tapping into a volcano's magma chamber.
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
Gap partners with boy band Just Your Type in multiyear partnership
The Gap, a clothing brand that has featured everything from swing-and-jump blues to hip-hop and rap in commercials, is now tapping into the boy-band business. The San Francisco company announced
Hairy feet, red eyes: Salish Sea reveals two sea spider species new to science
If you're swimming in the Salish Sea late at night and feel a skittering along your calves, tiny hairy feet tip-tapping their way higher and higher toward your face, don't worry—it's probably just the ...
Boston taps UMass students to tackle public health workforce gaps
Boston is tapping its universities to build a stronger public health workforce, starting with students at UMass Boston.
Munich’s Oktoberfest roars to life as the mayor taps the first keg
Munich's Oktoberfest has kicked off with the city's mayor tapping the first beer keg, marking the start of the 191st edition of the festival.
Munich’s Oktoberfest roars to life as the mayor taps the first keg
Munich's Oktoberfest has kicked off with the city's mayor tapping the first beer keg, marking the start of the 191st edition of the festival | KNX News 1070 AM
Munich’s Oktoberfest roars to life as the mayor taps the first keg
Munich's Oktoberfest has kicked off with the city's mayor tapping the first beer keg, marking the start of the 191st edition of the festival | NewsRadio 1080 KRLD
Munich’s Oktoberfest roars to life as the mayor taps the first keg
Munich's Oktoberfest has kicked off with the city's mayor tapping the first beer keg, marking the start of the 191st edition of the festival | WBBM Newsradio 780 AM & 105.9 FM
Walmart launches rural health ambassador pilot, tapping pharmacists for expanded support
Big box retailer Walmart is launching a six-month pilot program that places pharmacists in a new “Health Ambassador” role at five rural stores to help customers navigate health and wellness resourc | Walmart’s Health Ambassador Associate roles will be given to trained pharmacists at each store participating in the program.
Launching a business school at Catholic high school in Victoria
It was an offer he couldn’t refuse, the culmination of his career. Scott Breimhorst couldn’t pass up the invitation to lead a new business school for Holy Family Catholic High School in Victoria. The 53-year-old father of three recognized an opportunity to bridge education and business, tapping into his vast network and cultivating the next generation of executives and entrepreneurs.
How Silicon Valley used Main Street’s outrage against California privacy law
New changes to the California Internet Privacy Act promise to stop abusive wiretapping suits. They also quietly shield Big Tech from lawsuits.
Colorado Sues EarnIn For “Immoral, Unethical, Oppressive and Unscrupulous” Business Practices
Hey all, Jason here. When this hits your inbox, I should be en route to the airport — not to go anywhere myself, just to pick up my better half. I must admit, it’s been strange to be home alone (well, with two dogs) for two weeks! Really lets me “optimize” to spending more time on reading/writing/working, whether that’s healthy or not! Looking forward to getting back into a (somewhat) more balance routine. Subscribe or Support by Upgrading Compare Notes With the People Who Built Modern Fintech Partner content: Remitly CEO Sebastian Gunningham. Increase founder Darragh Buckley. Linda Du, Co-founder & President at Valon. They’ll unpack the decisions behind building and scaling major financial products: what they got right, what broke, what they would do differently, and how AI and new infrastructure are changing the operator playbook. Most events tell you where fintech is going. NerdCon puts the people who built the present in the room and asks them what comes next. Expect an operator-led conversation grounded in real products, real trade-offs and lessons earned the hard way. Fintech Business Weekly readers save 20% on Regular tickets with code FBW20 before standard pricing ends September 11. Meet the Builders Things To Know & Other Good Reads Advent and Stripe Abandon $50 Billion Pursuit of PayPal (Bloomberg) Trump Family’s New Crypto Bank Is Backed by Abu Dhabi Sheikh (Wall Street Journal) The multiplying risks of financing data centres (FT) Let the Bond Market Speak (Wall Street Journal) Did we waste a crisis? Modest proposals to reform deposit insurance. (Fintech Takes Banking) Untangling Guggenheim: How Private Credit Built Its Own Universe (Net Interest) The Hater’s Guide To Circular Financing — Part One (Ed Zitron) Fiat Ventures Rebrands to FGV Capital, Announces $35M Oversubscribed Fund II (BusinessWire) Socure Announces Strategic Growth Investment at $5.2B Valuation and Acquires Agentic Operations Platform Fravity (Socure) Listen: When Consumer Protection Disclosures Work Too Well (Consumer Finance Monitor Podcast) Colorado Sues EarnIn For “Immoral, Unethical, Oppressive and Unscrupulous” Business Practices When Andreessen Horowitz led EarnIn’s $39 million Series B in 2017, Alex Rampell, a partner at the storied venture capital firm, described EarnIn’s small-dollar advance product as “free,” relying on “entirely on voluntary contributions instead of fees.” Rampell favorably compared EarnIn’s approach to typical payday loans, writing, “Payday loans historically have had the potential to be a slippery slope for consumers into financial distress: opaque systems and steep fees that are hard to repay and set individuals back further than where they started. For many Americans living paycheck to paycheck, that kind of slide into debt can be extremely difficult to recover from.” But EarnIn’s product — which, the company says, isn’t a “loan,” legally speaking — ends up being anything but free for most users. While it is technically possible to take a no-fee advance from the company, most users incur “Lightning Speed” (instant funding) fees and/or ostensibly optional tips that combined can equate to annualized percent rates that can reach over 1,000%. With an average term of 9.77 days, even fees and tips that are small on an absolute dollar basis are equivalent to high APRs on an annualized basis. A lawsuit filed last week by Colorado Attorney General Phil Weiser against EarnIn describes the company and its product and business practices quite differently than Andreessen’s Rampell; “EarnIn’s business practices are unfair because they are immoral, unethical, oppressive and unscrupulous,” the complaint, filed in District Court in Denver, Colorado, says. EarnIn’s marquee product, Cash Out, isn’t a loan, the company says, as Cash Out is not “[f]orward [l]ooking” because “[t]he money is transferred based on earnings to date,” does not carry a mandatory fee to access funds, and is “non-recourse,” meaning EarnIn cannot pursue recovery from users who don’t repay advanced funds. EarnIn is sometimes referred to as an “Earned Wage Advance” service. Though, unlike some others in the broader category, EarnIn does not integrate with employers’ payroll or time and attendance systems. Rather, EarnIn attempts to verify a user’s income and employment, by examining direct deposit transaction data in their linked external bank account, by using GPS location and Bluetooth data to estimate a user’s time spent at work, if they work in a fixed location, and/or by having a user provided a work email address. While repayment is theoretically optional, as EarnIn would have no recourse, such as reporting non-payment to the credit bureaus or a collections agency, this is anything but clear to users of the EarnIn app, Colorado’s complaint argues. During the process of taking a Cash Out, users must agree to a preauthorized debit of the amount advanced, plus any expedited funding fee and/or tips. Though users technically can revoke this ACH authorization, the fact that they have this right isn’t presented to users during the Cash Out process, but rather is included in linked terms and conditions few users are likely to actually read. And users who do wish to revoke their ACH authorization must do so three or more days before the scheduled transaction date by emailing EarnIn’s customer support. Similarly, EarnIn’s marketing claims that it carries “no interest” and “no mandatory fees” is technically true, but is not the reality for many of the app’s users, the Colorado complaint argues. Further, EarnIn has extensively marketed to users the ability to “access your pay today,” to get “instant” funds, and to get funds “the same day you work” — when, in reality, this speed of access was only possible by paying the additional, undisclosed Lightning Speed fee. The Colorado complaint highlights this contradiction specifically, noting: EarnIn tells consumers that they can ‘Make any day payday with EarnIn’ and that there no ‘hidden’ or ‘mandatory fees.’ For a consumer to access their pay on the same day requested, they would have to pay the Lightning Speed fee. In the fine print of the advertisement EarnIn discloses that ‘[f]ees apply to use Lightning Speed,’ a direct contradiction to the larger text of the advertisement, and a fact that would not be immediately understood by a consumer as ‘Lightning Speed’ is not defined nor explained. Like other small-dollar lending services, rather than explicitly charge interest, EarnIn collects a markup on the optional Lighting Speed fee, which, given the nature of the transactions, many users opt for, as well as offering users the option to leave “tips.” EarnIn leverages either Real-Time Payments (RTP) rails or push-to-card via debit rails if a user opts for the optional Lightning Speed. But while these capabilities cost EarnIn, on average, $0.075 or $0.20 per transaction, respectively, EarnIn charges users significantly more. Initially, EarnIn charged as little as $1.99 for Cash Outs up to $24. But EarnIn has hiked these fees multiple times, and now charges $4.99 for Cash Outs up to $75 and $6.99 for those over $75. According to the Colorado complaint, EarnIn leverages “dark patterns” to manipulate users and to make it more difficult to avoid tipping. Examples of these “road blocks” highlighted in the complaint include: As of 2023, in the EarnIn app, a consumer attempting to get a loan under the default settings had to make at least eighteen separate taps to complete the transaction and reduce the tip to $0. There is an alternative method to leave a $0 tip, via the “Custom tip” feature, but EarnIn made this option difficult to access by visually deemphasizing it and positioning it near devices’ “home” button. Using language and imagery such as “Tip to pay it forward,” “Your generosity supports the service + helps,” “Your tips make a difference,” and “[t]he APR for this cash out is 0%. Your tips help support us.” While Lightning Speed and tipping are, in theory, both optional, in practice, users nearly always ended up paying something. According to the Colorado suit, users were charged either a tip or an expedite fee for more than 92% of transactions, with an average APR of nearly 388%. And, although the advances are “non-recourse,” EarnIn successfully collects on nearly all transactions — 99.18%, according to the complaint, which, Colorado argues, “demonstrat[es] that EarnIn’s advances function as high cost loans, not voluntary payments.” The share of EarnIn users incurring fees — despite the product being marketed as 0% APR — is hard to reconcile with Andreessen investor Rampell’s favorable description of EarnIn vs. “opaque systems and steep fees” associated with payday loans, which, Rampell says, can be “extremely difficult” for borrowers to extricate themselves from. According to Colorado’s suit, EarnIn’s Cash Out product “trapped many consumers in extreme cycles of high-cost reborrowing.” The suit gives an example of one consumer in the state, who took out a whopping 1,151 loans, paying a total of $4,038.50 in Lightning Speed expedited funding fees on loans that averaged the equivalent of 1,421% APR. Another Colorado user, the suit says, took out 1,033 loans, paying $8,561.22 in tips and fees at an average APR of 1,539% . These types of usage patterns demonstrate “the severe and repeated financial harm caused by EarnIn’s illegal lending model,” the Colorado complaint argues. In aggregate, from January 2023 through July 2025, EarnIn extended 3.1 million loans to 56,778 users in Colorado — an average of nearly 55 transactions per person during the time period. EarnIn lent more than $300 million and collected more than $16 million from Colorado users in Lightning Speed fees and in tips. Ultimately, the Colorado complaint argues that “EarnIn’s Cash Outs are loans under Colorado law, and EarnIn’s contention that its product is not a loan based on its disclaimer of any legal repayment obligation lacks any real-world significance given how the Cash Out transactions actually operate in practice.” Colorado further argues that “EarnIn was not working with companies here in providing consumers with funds but acted as a third-party lender and charged illegally high rates, used deceptive design strategies to extract some charges, and trapped consumers in repeat borrowing. Colorado will continue to stand up for consumers and hold companies accountable when they violate our credit laws or attempt to evade them through misleading practices.” Colorado’s suit alleges EarnIn assesses finance charge in excess of that permitted by Colorado law, that EarnIn failed to make legally required disclosures to Colorado borrowers, that EarnIn made supervised loans to consumers without obtaining the requisite license, that EarnIn violated the state’s Deferred Deposit Loan Act, that EarnIn engage in unfair and deceptive trade practices, and that EarnIn made false or misleading statements concerning price. The suit seeks a court order enjoining EarnIn from violating relevant Colorado laws, for EarnIn to refund amounts charged in excess of state law, fees, costs, and penalties, and other relief the court deems to be just. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Q2 Quarterly Banking Profile: Five Quick Takeaways The FDIC released its quarterly banking profile, which is always worth a read, for the second quarter. The profile provides an aggregate snapshot about the overall health of the 4,238 institutions whose deposits are insured by the FDIC, who, collectively, hold more than $26 trillion in assets and saw a total net income of more than $90 billion in the second quarter. Net income was up 12% vs. Q1 2026, with lower provisions and realized gains on securities helping to drive the improvement, somewhat offset by increases in non-interest expense and applicable income taxes. Overall net interest margin was basically flat quarter over quarter (up 1 basis point vs. Q1 2026), though community banks saw NIM grow by 10 basis points, to 3.81%. Unsurprisingly, given that interest rates haven’t changed, unrealized losses on securities changed little, edging up slightly to $326.7 billion vs. $325.1 billion in Q1 2026. Aggregate credit quality has remained benign, with asset quality actually improving slightly in Q2. Overall, institutions reported a 9 basis point decline in their past-due and non-accrual rate, to 1.44%. Net charge off rate also declined by 2 basis points, to 0.57%. And finally, the FDIC’s deposit insurance fund stands at $161.1 billion, making the DIF reserve ratio 1.48% — above the statutory minimum of 1.35%, but still below the designated target reserve ratio of 2%. [Paid Subscriber Exclusive] Nissan Withdraws ILC App, State Associations Plan BankChain Alliance, FDIC Defines “Unsafe or Unsound Practice” For First Time Automaker Nissan withdrew its application to charter a Utah industrial loan company and its corresponding application to the FDIC for deposit insurance last week, on August 19th. Nissan’s application had been outstanding for more than a year, as it originally applied in June 2025. Recent applications to the OCC to form national banks have been decisioned, one way or the other, substantially more quickly than has historically been the case.
Does tapping on a soda can really stop it from exploding?
Many people tap their soda cans to prevent them from fizzing over, but does this technique actually work?
How to Make Connections Uptown, From the Founder of Ms. Steph’s Science Club in Harlem
Stephanie Farmer, the founder of Ms. Steph’s Science Club and longtime Harlem resident and Columbia Community Service grantee, shares her advice for tapping into the local community for those new to the area.
How to use a HELOC to buy investment properties and build wealth
Savvy property investors are tapping the equity in their primary homes to fund an investment purchase. Here's how it works.
Abbott to pump up blood supply with $1M college sports prize amid US crisis
Abbott is again tapping into the competitive spirit of Big Ten universities to drive blood donations,
What Makes a Great Mobile Entertainment App in 2026?
Not long ago, mobile entertainment meant scrolling, tapping, and moving on. Something quick to fill a gap. That rhythm feels distant now. The best apps in 2026 don’t wait for attention; they meet it halfway, shaping themselves around how people actually use their phones. Open one, and it already seems to know what you’re there […]
In Israel, a strong challenger for political change
Israel’s longest-serving prime minister, Benjamin Netanyahu, is facing a major political test this fall. After three years of war and growing public frustration, a former military chief is emerging as an unlikely challenger, offering voters a different vision for the country’s leadership. We look at how an outsider with deep security credentials is tapping into a desire for change — and what his rise could mean for Netanyahu’s political future.
Americana Partners Launches Sports & Entertainment Division
HOUSTON, July 21, 2026--Houston-based Americana Partners, an independent wealth management firm with over $11.5* billion in total client assets, today announced a new division focused on the sports and entertainment industries, tapping Associate Vice President Ben Davidson to lead the wealth management venture.
Americana Partners Launches Sports & Entertainment Division
HOUSTON, July 21, 2026--Houston-based Americana Partners, an independent wealth management firm with over $11.5* billion in total client assets, today announced a new division focused on the sports and entertainment industries, tapping Associate Vice President Ben Davidson to lead the wealth management venture.
Radiology Partners names new head of clinical services
The country’s largest imaging group, with over 4,000 radiologists on its payroll, is tapping a former Universal Health Services exec to serve as president of its patient care division.
New beers are doing everything they can to look old
A fleet of retro-branded light lagers is coming to the beer aisle and tapping into shifting consumer tastes.
Reality Shows Are Tapping Into the Microseries Boom
Industry players like NBCUniversal and Fox and microseries platforms like FlareFlow and aTwist are investing in reality shows as their next frontier.
Supreme Court dumps Trump aide Carter Page’s wiretapping suit against James Comey
The Supreme Court on Monday declined to take up an appeal from former Trump campaign adviser Carter Page who sued former FBI officials over flawed government surveillance he faced during the investigation into Russian interference in the 2016 election.
Mets Announce Starting Pitching Plan
After a stint in the minor leagues, the Mets are tapping Tobias Myers as their starter for Monday's game against the Reds.
What's New in the iOS 27 Photos App
The Photos app is one of a handful of apps that Apple paid extra attention to in iOS 27. It has multiple improvements to performance, and several quality-of-life upgrades. There are also new AI photo editing tools that use Apple Intelligence. AI Tools There is a set of AI photo editing tools in the Photos app, accessible by tapping on the icon featuring three sliders, and then selecting the Apple Intelligence icon labeled "Tools".
Could Bill Pulte be a FISA-shaped problem for the Trump Administration?
By tapping an underqualified ally for one of the most sensitive intelligence jobs on Earth, the president is risking a major legislative miss.
watchOS 27 Features Dynamic App Grid, New Gesture Control, and More
Apple today unveiled watchOS 27, featuring a redesigned dynamic app grid, new gesture controls, and a raft of usability and battery improvements. The new dynamic app grid surfaces and rearranges five apps based on context and usage. Users can simply tap the bottom center icon to go to the rest of their apps. A new tap gesture lets users select a widget in the Smart Stack by tapping their index finger and thumb together once, allowing interaction even when the other hand is occupied.
President Trump says he will nominate Todd Blanche to serve as attorney general
President Donald Trump says he will nominate Todd Blanche to serve as attorney general, tapping his former personal attorney who has aggressively pursued the Republican president’s agenda while leading the Justice Department in an acting role
Trump names controversial housing official Bill Pulte as acting director of national intelligence
President Trump on Tuesday announced he's tapping housing official Bill Pulte to serve as the acting director of national intelligence to replace Tulsi Gabbard.
Investors and labels are buying into the growing South Asian music business in the U.S.
Warner Music Group, the third-largest music label by market share, is tapping into the South Asian music movement with its latest venture, 5 Junction.
Mainstream anime moments create big business opportunities
Anime has gone mainstream in the United States, drawing millions of fans who spend big money on conventions, streaming, gaming, and merchandise. But anime is no longer reserved just for cosplayers. Now, businesses and sports franchises are increasingly tapping into anime culture to grow audiences, strengthen fan loyalty, and create new revenue opportunities.
The Whistleblower Who Uncovered the NSA’s ‘Big Brother Machine’
An unexpected visitor gave my team the evidence we needed to prove that the government was secretly wiretapping Americans.
20th Anniversary iPhone to Feature Custom 'Micro-Curved' OLED Panel
For its 20th-anniversary iPhone, Apple is tapping Samsung to produce a custom micro-curved OLED display that is brighter and thinner than existing panels, according to new supply chain information out of China. Apple is reportedly considering a radical redesign for the 20th-anniversary iPhone that could feature a completely bezel-less display that curves around all four edges of the device.
Trump to Nominate Doctor Who Has Publicly Supported Vaccines as C.D.C. Director
Dr. Erica Schwartz is seen as a highly qualified traditional choice and tapping her is the strongest signal yet that the administration is veering away from vaccine skepticism this election year.
Beacon Health names Sarah Paturalski president of Dowagiac hospital
Beacon Health System has named Sarah Paturalski as president of Beacon Dowagiac, tapping a longtime nursing leader who most recently served as interim president
Survey: Has an AI agent interviewed you for a job?
Some employers are tapping the tech to act as a human recruiter. If you've been in the hot seat, Business Insider would like to hear from you.
2026 Perspectives in Private Equity: Sports
Professional sports continue to emerge as an attractive asset class for private equity investors, as evolving ownership dynamics, attractive fundamentals and underlying growth drivers create opportunities. Sports investments offer sponsors an opportunity to diversify portfolios, reduce risk and deliver uncorrelated returns, while tapping into an industry experiencing strong growth driven by continued demand for content, league expansion and the adoption of new revenue models. Sports teams and leagues can also represent unique trophy assets for investors, often delivering intangible value beyond financial returns.
Back in Business? Some Iron Hill brewpubs looking to reopen
Iron Hill Brewery is tapping back in to the brewpub business.
America Needs Reproductive Health Leave
Too often, "women have to choose between working through unbearable pain, losing income they can’t afford to go without, or tapping into a limited number of sick days," writes Congresswoman Ansari.
Tapping, twirling and "T" signs: Sports replays have a language all their own
Every moment of any major sporting event can be dissected in high-definition these days, meaning officials and umpires sometimes seem to be staring at a TV screen to review close
Tapping, twirling and "T" signs: Sports replays have a language all their own
Every moment of pretty much any major sporting event can be dissected in high-definition these days, and officials and umpires are spending more and more time staring at a TV screen to review close calls.
Tapping, twirling and “T” signs: Sports replays have a language all their own
Every moment of pretty much any major sporting event can be dissected in high-definition these days, and officials and umpires are spending more and more time staring at a TV screen to review close…
Tapping, twirling and "T" signs: Sports replays have a language all their own
Every moment of pretty much any major sporting event can be dissected in high-definition these days, and officials and umpires are spending more and more time staring at a TV screen to review close calls. It's also led to a type of sign language unique to the sports world. There's the twirling motion with a finger that's ubiquitous during NBA games when anyone believes their team has been wronged.
An end to the battle between touchscreens and long fingernails is on the horizon
Anybody who has tried to use a smartphone or tablet with long nails knows that there's a learning curve. Rather than effortlessly tapping with a fingertip, you must awkwardly lay the pads of your fingers ...
Why Wall Street is scouting college sports stars
Banks have realised the potential from tapping in to tomorrow’s elite - and by definition wealthy - athletes
How two churches forged Jasmine Crockett and James Talarico’s politics
In the Senate Democratic primary, Talarico has made his church’s ethos of compassion central to his campaign, while Jasmine Crockett is tapping into the civic power of Black churches.
Bayer and celebrity chef keep diners in the dark to shed light on heart health
Bayer has cooked up the next phase of its “See Your Risks” campaign, tapping Food Network star Jeff Mauro as its sous chef. | Bayer has cooked up the next phase of its “See Your Risks” campaign with celebrity chef Jeff Mauro. The drugmaker is offering people the chance to dine in Mauro’s immersive dark dining experience, the Heart to Heart Bistro—provided they complete its aspirin heart health risk assessment.
Inside Chevron’s flagship refinery tapping into Venezuelan crude after Maduro's capture
Chevron begins processing Venezuelan oil at Gulf Coast refinery following Maduro's capture, marking the company's first public acknowledgment of operations.
Las Vegas Businesses Ditch Credit Card Fees for Bitcoin Payments
Las Vegas Valley businesses, from restaurant chains to small juice bars, are embracing Bitcoin payments as mainstream adoption accelerates, with companies avoiding credit card processing fees averaging 2.5% to 3.5% while tapping into a growing customer base actively seeking crypto-friendly merchants. The shift follows Square’s November 2025 decision to enable ...
New Dothan business offers affordable creative outlet
DOTHAN, Ala. (WDHN) — A new Dothan business could be the spot for your next creative date night or family outing without the hefty price tag. Peaceful Painting pottery studio officially opened its doors December 1, 2025 with the goal of providing affordable fun while tapping into your creative side. Owner, Erin Amelco moved to […]
Tapping into new 'probabilistic computing' paradigm can make AI chips use much less power, scientists say
A new digital system allows operations on a chip to run in parallel, so an AI program can arrive at the best possible answer more quickly.
Gap Inc. Creates Chief Entertainment Officer Role, Tapping Pam Kaufman to Lead Entertainment Strategy
/PRNewswire/ -- Gap Inc. (NYSE: GAP) today announced the appointment of Pam Kaufman as Executive Vice President, Chief Entertainment Officer. In this newly...
A Maine Democrat gave RFK Jr.-aligned groups a win. Is it an opening for a political realignment?
Pingree's fight was a rare instance of a Democrat tapping the political coalition associated with Kennedy.
Lamont details $168 million plan to cover federal cuts for food, health care, housing aid
Gov. Ned Lamont detailed his plans Thursday to use $168 million from an emergency fund lawmakers created last month. In a letter to legislative leaders, Lamont said he was tapping into the $500 million fund for access to food, housing, and health care. “We wanted to do – make sure that we had people’s backs and that our people weren’t…
The Google app is intentionally replacing Pixel Launcher search
In the past few days, tapping the Pixel Launcher search bar opens a different screen powered by the Google app. This is not a bug...
Newsom taps former CDC leaders critical of Trump-era health policies for new initiative
Gov. Gavin Newsom on Monday announced a new California-led public health initiative, tapping former U.S. Centers for Disease Control and Prevention officials who publicly clashed with the Trump administration.
Democrats want to win back Congress. First they need to weather their primary battles
At least a dozen US House Democrats are already facing primary challenges, as progressives seek to transform a party regaining its footing after 2024 by tapping into voters’ frustration with its leaders ahead of next year’s midterm elections.
A Koch-funded group is tapping star marketers for a $250 million push to 'reignite the American spirit'
The Koch-funded Stand Together is supporting a new effort that's lined up top marketers to boost civic engagement around America's 250th birthday.
How Michigan universities' lobbying changed amid threats to higher education
Michigan's top universities are changing tactics and tapping alumni to push back against the rising skepticism about higher education's mission.