In this episode:

Finextra, Banking Dive, Law360, The Defiant, Experian, The Paypers

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📢 Top Headlines

• · Experian is reporting that "Launch of Experian’s Cashflow Score signals new era of open banking-powered lending." Experian introduced a new solution leveraging consumer-permissioned transaction data to enable more informed credit decisions. This initiative aims to increase financial access and marks a significant advancement in open banking-powered lending. ​

  · Banking Dive is reporting that "Why banks are all-in on open source." Major financial institutions like Morgan Stanley and JPMorgan Chase are increasingly adopting open-source software development practices to modernize IT infrastructure and attract tech talent. This shift aims to enhance efficiency and foster collaboration within the banking industry.

🔥 The BIG Story

· Banking Dive is reporting A federal judge has issued a preliminary injunction halting the Consumer Financial Protection Bureau (CFPB) from implementing mass layoffs and mandating the reinstatement of all probationary and term employees terminated since February 10th.​ The court's decision also lifts Acting Director Russ Vought's stop-work order, allowing affected employees to resume their duties. Furthermore, the CFPB is prohibited from deleting or impairing agency data and must restore any contracts that were terminated under Vought's directive.

This ruling represents a significant victory for the National Treasury Employees Union (NTEU), which filed the lawsuit challenging the CFPB's recent actions. NTEU President Cat Farman emphasized that CFPB employees are eager to return to their roles, focusing on protecting consumers from financial misconduct. The court's order underscores concerns that, without intervention, the agency could be dismantled before legal questions about the administration's authority are resolved.

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🎙️ Checking in now on Crypto and Web3

• Finextra is reporting that "FDIC says banks don't need prior approval for crypto activities." The Federal Deposit Insurance Corporation (FDIC) announced that U.S. banks no longer need to receive prior approval before engaging in crypto-related activities. This policy change aims to facilitate banks' entry into the crypto sector, provided they adequately manage associated risks. Finextra Research+1Finextra Research+1Axios+2Barron's+2Reuters+2 • The Defiant is reporting that "Ethena Labs' USDtb Stablecoin Surges 1,500%, Enters Top 10 Stablecoins." USDtb, Ethena Labs' synthetic stablecoin, experienced a 1,500% surge in market capitalization in March, propelling it to the eighth-largest stablecoin by market cap. This significant growth reflects increasing interest and adoption in the stablecoin sector. The Defiant • The Paypers is reporting that "UAE to launch digital Dirham for retail by late 2025." The UAE Central Bank plans to introduce a Central Bank Digital Currency (CBDC), with the Digital Dirham expected to be launched for retail use by the end of 2025. This initiative positions the UAE among the growing number of nations developing digital versions of their national currencies.

· Finextra is reporting that "FDIC says banks don't need prior approval for crypto activities." The Federal Deposit Insurance Corporation (FDIC) announced that U.S. banks no longer need to receive prior approval before engaging in crypto-related activities. This policy change aims to facilitate banks' entry into the crypto sector, provided they adequately manage associated risks. ​

· The Defiant is reporting that "Ethena Labs' USDtb Stablecoin Surges 1,500%, Enters Top 10 Stablecoins." USDtb, Ethena Labs' synthetic stablecoin, experienced a 1,500% surge in market capitalization in March, propelling it to the eighth-largest stablecoin by market cap. This significant growth reflects increasing interest and adoption in the stablecoin sector.

· The Paypers is reporting that "UAE to launch digital Dirham for retail by late 2025." The UAE Central Bank plans to introduce a Central Bank Digital Currency (CBDC), with the Digital Dirham expected to be launched for retail use by the end of 2025. This initiative positions the UAE among the growing number of nations developing digital versions of their national currencies. ​

📊 It’s time for the Regulatory Round-Up

· Law360 is reporting that "Fed, CFPB urge 7th Circ. to uphold payday lending rules." The Federal Reserve Board has requested a Kentucky federal judge to uphold its existing cap on debit card swipe fees, defending the regulatory measure's substantive and procedural validity. This move underscores the ongoing legal debates surrounding financial regulations and consumer protection. ​

Remember, folks, sharing is caring—so don’t be the fool who keeps the good stuff all to yourself! Go ahead and drop this episode into your LinkedIn feed, send it to your work BFF, or tag your favorite fintech influencer. Happy April Fool's Day—keep your eyes peeled for those suspiciously believable pranks, and we’ll see you tomorrow!

Links to the news sources from today's episode:

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· Finextra | FDIC says banks don't need prior approval for crypto activities | Live Link

· Banking Dive | CFPB calls mass firing, rehiring injunction a 'charade' | Live Link

· Banking Dive | Banks want better tech, but open-source uptake lags | Live Link

· Law360 | Fed, CFPB urge 7th Circ. to uphold payday lending rules | Live Link

· The Defiant | Ethena Labs' USDTB Stablecoin Surges 1,500%, Enters Top 10 Stablecoins | Live Link

· Experian | Launch of Experian’s CashFlow Score signals new era of open banking | Live Link

· The Paypers | UAE to launch Digital Dirham for retail by late 2025 | Live Link

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