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How Long-Term Climate Change Harms Human Health - Global Health Otherwise
How Long-Term Climate Change Harms Human Health - Global Health Otherwise / Ana Maria de Roda Husman, cancer, Dieneke Bijkerk-Schram, Fábio Serafim, Global
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.
Stripe agrees to buy small-business lender Parafin
Parafin powers financing programs for Amazon and Walmart.
Russian attack on Ukrainian Academy of Sciences
Paul Nurse, President of the Royal Society, responds to the attack on the Ukrainian Academy of Sciences.
JCPD investigates threatening graffiti at business tied to gubernatorial candidate Hatley
The Johnson City Police Department is investigating after threatening graffiti was found Thursday morning on a Johnson City business connected to Tennessee gube
Highlighting Mental Health Disparities in Indigenous Communities Affected by Huntington’s Disease
⏱️12 min read | Unique research highlights an overlooked mental health disparity among Indigenous North American people with HD – and the need for care grounded in trust, community partnership, and cultural understanding.
Trafigura launches Volare tanker arm, plans Oslo listing
Trading house Trafigura said on Monday it had launched Volare Shipping, which would own and operate 14 supertankers, adding that it plans to sell shares in the business before listing it on the Norwegian stock exchange next month.
Trafigura to float supertanker arm in first IPO of a business
Commodities trader to take Volare Shipping public in Oslo as Gulf crisis drives tanker rates to record highs
Sioux Falls fintech company among the nation's fastest-growing businesses
A Sioux Falls fintech company that aims to allow easier access to alternative investments is among the fastest-growing businesses in the nation.
3 takeaways from stories on teens’ reliance on AI for mental health support
Roughly 1 in 5 teens are turning to AI chatbots for mental health support — and that number is only growing.
(BPRW) ProcuraFind® and Ally Financial Announce Strategic Initiative to Advance Small Business Growth Through Education, Readiness, and Opportunity
(Black PR Wire) Charlotte, N.C. — ProcuraFind® and Ally Financial announced a strategic, multi-year agreement focused on helping small businesses build stronger companies through education, financial empowerment, supplie...
Keurig Dr Pepper sells stake in Chobani ahead of split; Corgan enters new market with M&A
Keurig Dr Pepper is selling its stake in Chobani and using the proceeds to reduce debt ahead of a planned split. Private equity firm Align Capital Partners completed an exit, while architecture firm Corgan revealed its latest acquisition to enter another fast-growing market. Read on to learn about these deals and more as September gets off to a quick start.
Scientists Wiggled a Fish's Earbones With Light
How do scientists even come up with this?
Veteran Malaysian MP quits Anwar’s party over ‘toxic politics’
Wong Chen, a three-term MP who had spent nearly 20 years in PKR, says he is joining Rafizi Ramli’s Bersama to ‘defend democracy’.
Sweeping, strafing and suppression: Total War: Warhammer 40,000 threatens to blow up Total War's combat fundamentals
Creative Assembly show off Total War: Warhammer 40,000's ranged combat and unit behaviour in detail in a new livestreamed battle.
Your brain starts making social decisions before you do
Researchers found that social behavior begins in the brain before it becomes visible as movement. In zebrafish, a coordinated pattern of activity spread across the brain several seconds before the animals approached another fish. A higher brain region called the pallium played a key role, and fish with stronger neural signals were generally more social.
Aerobic exercise may lessen the health effects of exposure to nanoplastics
Using female zebrafish as a model, researchers have found that aerobic exercise may influence various connections in the body to lessen the damaging health impacts of environmental nanoplastics. In the ...
New AI tool developed by Stowers Institute and Helmholtz Munich scientists predicts how cells choose their future — helping uncover hidden drivers of development
Scientists at the Stowers Institute for Medical Research and Helmholtz Munich have developed RegVelo, a new AI framework that predicts how cells acquire their identities and identifies the genetic regulators guiding those changes. Published in Cell, the study used zebrafish neural crest development to show RegVelo can uncover early drivers of cell fate, including regulators of pigment cell formation, and then support those predictions experimentally. The researchers also applied the framework across multiple biological systems, suggesting its value extends beyond neural crest cells as a broadly useful tool for studying how cells change over time. The team says the new model could pave the way for future cell therapy treatments.
Scientists found the “holy grail” gene that could one day help humans regrow limbs
Scientists studying axolotls, zebrafish, and mice have uncovered a shared set of genes that may one day help humans regrow lost limbs. By identifying powerful “SP genes” involved in regeneration, researchers discovered that disabling these genes stopped proper bone regrowth in salamanders and mice. They then used a gene therapy inspired by zebrafish biology to partially restore regeneration in mice, marking a major step toward future treatments that could replace damaged limbs with living tissue instead of prosthetics.
UA Little Rock Professor Joins Board of Institute for Design Science and Public Policy
Dr. Mohsen Rafiei, a faculty member at UA Little Rock, was recently appointed to the Board of Directors of the Institute for Design Science and Public Policy (IDSPP), a nonprofit ... UA Little Rock Professor Joins Board of Institute for Design Science and Public Policy
Roma interested in Verona’s Belghali, no talks yet
Journalist Alfredo Pedullà confirms recent rumors that Rafik Belghali is being pursued by Roma this summer. The Verona full-back is popular with both Gian Piero Gasperini and Frederic Massara, who is...
Textbooks challenged by new discovery about how cells divide
Scientists have uncovered a surprising new way that giant embryonic cells divide—without relying on the classic “purse-string” ring long thought essential for splitting a cell in two. Studying zebrafish embryos, researchers found that instead of forming a fully closed contractile ring, cells use a clever “mechanical ratchet” system.
UNM Researchers Link Heavy Wildfire Smoke Exposure to Poorer Mental Health Measures
University of New Mexico researchers report that acute exposure to wildfire smoke filled with ultrafine PM 2.5 particles is associated with poorer outcomes on mental health measures.
LIVE: 40th Golden Disc Awards kick off with red carpet at 5 p.m.
Korea's longest-running annual K-pop awards show returns this evening at the Taipei Dome in Taiwan with a star-studded lineup featuring Jennie, Stray Kids, IVE, Enhyphen and Le Sserafim. Join us here for live updates from 4 p.m.
LE SSERAFIM rings in the New Year with a ‘CRAZY’ Times Square performance
LE SSERAFIM rang in the New Year with a “CRAZY” performance on ABC’s Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest, lighting up a snowy Times Square
BUSINESS PERSPECTIVES: BerkShares Business of the Month is Hilltown Restaurant
"Food has been in my blood and in my soul and in my family. Providing hospitality and connecting people through food just feels natural to me. At Hilltown we aim to practice a 'joyful hospitality,'" said Hilltown chef and owner Rafi Bildner.