U.S. Market Close 12/17/2025

DOW 30  -0.47% -228.29 47,885.97

S&P 500  -1.16% -78.83 6,721.43

NASDAQ 100  -1.93% -485.33 24,647.61

PayPal seeks bank charter

The digital payments pioneer has applied with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to form an industrial bank.

Dive Brief:

• PayPal Holdings said Monday that it has applied with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to establish a Utah-chartered industrial loan company, according to a press release issued by the company.
• The digital payments pioneer said in the release that it’s seeking the charter so that it can expand financial services it offers to U.S. small businesses that proposed PayPal Bank brand. The company has already extended $30 billion in loans and working capital to small businesses, but this move would let it knock third parties out of some arrangements.
• “Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the U.S.,” PayPal CEO Alex Chriss said in the release.

Read more at Payments Dive

IRS Announces 2026 Cost-of-Living Adjustments

COLA increases for dollar limitations on benefits and contributions

The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases.

• Limits by plan type (IRA, 401(k), SEP, SIMPLE IRA, 403(b), 457(b), defined benefit)
• 2025 cost-of-living adjustments for pension plans and retirement-related items (IR-2024-285)
• COLA table PDF for prior years' dollar limitations and Internal Revenue Code references.

Read more at IRS

Treasury Secretary Bessent calls for looser regulations for the US financial system

WASHINGTON (AP) — U.S. Treasury Secretary Scott Bessent is proposing to overhaul a regulatory panel that monitors the nation's financial stability, by advocating for looser regulations.

The Financial Stability Oversight Council, a U.S. body created in the wake of the 2008 global financial crisis, monitors risks to the financial system and coordinates regulators' approaches to overseeing the U.S. financial system. In a letter released by Bessent Thursday, he said “too often in the past, efforts to safeguard the financial system have resulted in burdensome and often duplicative regulations."

“Our administration is changing that approach," said Bessent, who chairs the committee, which is meeting on Thursday.

Bessent said the council will begin to "consider where aspects of the U.S. financial regulatory framework impose undue burdens and where they harm economic growth, thereby undermining financial stability.”

Read more at Associated Press

CFPB Releases Annual Report on Fair Debt Collection Practices Act (FDCPA): By John L. Culhane, Jr. & Richard J. Andreano, Jr. 

As required by amendments to the FDCPA made by Section 1089 of Dodd Frank, the CFPB recently released its annual report to Congress on FDCPA compliance. We note below information provided by the bureau about the complaints it received in 2024, the results of examinations publicly reported in 2024, and enforcement actions by other agencies. 

The CFPB received approximately 207,800 debt collection complaints last year, the bureau reported. While that number was almost twice the number of complaints it received in 2023, when it reported receiving approximately 109,900 complaints, the bureau did not comment on the increase. It did note that those  complaints comprise 7% of all complaints received last year.

As it has in previous years, the CFPB provided information about the nature of the complaints as identified by the consumers who complained. Complaints about a debt that the consumer says they do not owe once again was the predominant issue selected by consumers, as has been the case. since the bureau began collecting complaints in 2013. The CFPB said that 45% of the complaints filed last year were concerning debts that a consumer said they do not owe. 

Read more at Ballard Spahr L.L.P.

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U.S. Bank, Coinstar expand partnership to offer convenient coin deposit options

Bank clients can now directly deposit coins at more than 10,000 retail kiosks and 100+ branches nationwide

U.S. Bank and Coinstar today announced an expansion of their partnership, giving U.S. Bank clients more ways to deposit coins directly into their checking accounts. Following a successful pilot at four branches, Coinstar’s Transfer to Account service is now available at more than 100 U.S. Bank branches and over 10,000 Coinstar kiosks in retail locations nationwide. The expanded service complements the bank’s 2,000 branches and robust digital capabilities to make everyday banking more convenient.

“We’re committed to delivering flexibility and convenience for essential banking services – whether that’s in person, online or on the go,” said Sekou Kaalund, head of branch and small business banking at U.S. Bank. “This expansion with Coinstar helps us do just that by leveraging their unique scale in retail locations and integrating automated coin deposit capabilities into our branches.”

Read more at USBank

We’re Speeding Past the Tipping Point of Gen AI in Banking

Executive Summary

• Citi’s plan to train hundreds of thousands of employees on how to use GenAI tools is an acknowledgement that AI adoption needs to be encouraged and supported, not rationed
• Citi is also recognizing an important reality: Its best employees are probably already using GenAI tools on their own, and that the bank’s smartest strategy is to shape and refine that usage to its advantage.
• Citi’s move also signals that a workforce that’s enabled and supported in day-to-day use of GenAI will soon be a competitive necessity for all banks and financial institutions, whatever their size.

Citi just made a massive move that every bank and credit union leader should be watching closely. Citi is requiring 175,000 employees to take a training program titled “Asking Smart Questions – Prompting Like a Pro”.

If they move fast enough, it’s possible that Citi will soon have more AI trained and deployed bankers than the rest of the industry, combined. While the training itself may only take 10 to 30 minutes, what’s more important is that Citi is clearly signaling that GenAI tools are now part of every employee’s workday.

Read more at The Financial Brand

American Fintech Council Endorses the Bank-Fintech Partnership Enhancement Act

The American Fintech Council (AFC) has issued a statement in support of the Bank-Fintech Partnership Enhancement Act (HR 6552).

The legislation requires the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation to study how partnerships between Fintechs and banking organizations can support the health of community banks.

Community banks and smaller banks have been in decline for years as consolidation continues, exacerbated by rising costs, expensive compliance, and the need to keep tech stacks up to date.

In a letter to House Financial Services Committee Chairman French Hill and Ranking Member Maxine Waters, AFC urged bipartisan support for legislation sponsored by Representative Andy Barr (R-KY) that would direct federal financial regulators to conduct a comprehensive study on partnerships between fintech companies and banking organizations, including community banks.

Read more at CrowdFundInsider

Fintech Leaders Release First Candid Report on the State of Industry Communication in 2025

Fintech’s most influential voices have come together for the first time to launch the inaugural Started Advisory Board Report, a landmark publication created to elevate how the financial technology industry communicates, builds trust and connects with the world.

Created by Started PR, the advisory board and this report bring together exclusive insight from leaders across policy, media, product, investment and community. It is the first time experts of this calibre have united to give fintech a fully candid view of how effectively it communicates. Collectively, the unique group brings more than 200 years of experience across regulation, journalism, product, investment and ecosystem leadership.

Commenting on the launch of the report, Kimberley Waldron, Founder of Started PR and Chair of the Advisory Board, said: “When you bring together leaders from government, media, investment and product, you get perspectives the industry has never had before. The message is simple. When fintech communicates clearly, it performs better. There is a huge opportunity ahead and this report shows exactly where to start.”

Read more at FFNews

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The IRS just changed the rules, see if you can skip filing taxes this year

With the new year approaching, it's time to start thinking about tax season. The IRS has updated the minimum income requirements for filing a federal tax return for the 2024 tax year (the return you'll file in 2025), and knowing where you stand can save you time and potential headaches. While over 160 million returns are filed annually, not everyone is required to do so.

Whether you need to file depends on three key factors: your gross income (all money you receive that isn't exempt from tax), your filing status, and your age. The IRS sets different thresholds for each combination, and exceeding that threshold means you are legally required to file. Let's break down the new numbers.

2025 Filing Thresholds by Status and Age

• The standard deduction amounts have been adjusted for inflation, which in turn changes the minimum income level that triggers a filing requirement. Below is a comprehensive table outlining the gross income thresholds for the most common filing statuses for the 2024 tax year. If your income was above the amount listed for your category, you must file a return.

Read more at MSN

Payments players cozy up to crypto

Banks, card networks and fintechs are issuing stablecoins, and embracing the digital currency infrastructure to usher clients into a new financial era.

When buy now, pay later giant Klarna said two weeks ago that it’s testing a stablecoin, the firm joined a growing roster of payments processors, card networks, banks and other financial technology companies embracing such digital assets. 

More major payments players are leading their customers to stablecoins as the form of digital currency becomes increasingly popular. That’s partly due to the Genius Act, which called for a regulatory framework for stablecoin use, after President Donald Trump signed the bill into law earlier this year. 

Stablecoins are a type of cryptocurrency tied to the value of a fiat currency, such as the dollar or the euro, which theoretically makes their value more stable when compared to volatile cryptocurrencies like Bitcoin.

Read more at Payments Dive

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Private credit pressures to fuel further defaults in 2026

Summary

• Private credit market faces scrutiny after U.S. bankruptcies
• Margin compression and leverage increase risk of defaults
• Regulatory scrutiny intensifies with Bank of England stress tests

LONDON, Dec 16 (Reuters) - Weakening profit margins at private credit borrowers globally will likely lead to further loan defaults in 2026, credit rating agency Morningstar DBRS said on Tuesday, as it reaffirmed its negative outlook for the fast-growing sector.

The roughly $3 trillion private credit market - mostly made up of loans to companies by non-banks like asset managers - has attracted scrutiny after a few high-profile U.S. bankruptcies earlier this year raised investor concerns about broader credit quality.

Read more at REUTERS

BNPL loan values rise, CFPB says

The average size of buy now, pay later loans grew and use of the payment method inched up, a Consumer Financial Protection Bureau study said.

The size of buy now, pay later loans have increased as more U.S. consumers rely on them, according to a Consumer Financial Protection Bureau study released last week.

The average yearly dollar value of a BNPL loan grew to $848 in 2023 from $745 in 2022, a 14% increase, the agency’s research found.

The bureau unveiled the study — which looked at buy now, pay later loans in 2022 and 2023 — on its website Wednesday with little fanfare.

The Trump administration has vowed to shutter the agency, which has pulled back on enforcement action since Trump took office in January. The bureau previously issued studies on the buy now, pay later industry in 2021 and 2022.

Read more at Payments Dive

Walmart wants out of card class

The retailer says a proposed settlement with Visa and Mastercard over card fees demonstrates the need for major changes to the plaintiff class.

Walmart is asking a federal judge to split a huge class of plaintiffs involved in card fee litigation against Visa and Mastercard to allow large merchants to pursue their own needs with regard to the card networks.

Walmart, the largest U.S. retailer by revenue, wants U.S. District Judge Brian Cogan to decertify the class of plaintiffs pursuing swipe fee changes, the company wrote Friday in its objection to a settlement proposed last month. Alternatively, the retailer said Cogan should give class members a chance “to opt out of the mandatory class or redefine the class so as to carve out large national merchants.”

The plaintiffs and their lawyers “are antagonistic to large national merchants’ interests because they are determined to sell out these interests to secure their preferred relief,” the Bentonville, Arkansas-based company wrote Friday, calling the proposed pact “nakedly inequitable to large national merchants.”

Read more at Payments Dive

Here's What Happens When You Only Use Credit Cards

Credit cards are one of the most powerful tools in personal finance. They offer rewards, protections, and convenience that cash and debit cards simply can't match.

But what happens if you take things one step further and rely only on credit cards for every purchase?

Going fully plastic can work well for some people, and cause big problems for others. Here are the main upsides, trade-offs, and what to think about before committing to a credit-only lifestyle.

The upside of using only credit cards

When used with intention, credit cards can be a smart everyday payment method. Here's why they are so popular.

Read more at The Motley Fool

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Crypto Debit Card vs Traditional Debit Card: Key Differences

Traditional debit cards have been in the sence for decades now and have become one of the favourite payment methods for millions worldwide. However, lately, crypto debit cards have been gaining popularity, and the main difference between the two is how they work while the transaction is being processed. A traditional debit card gets money straight from your bank account to make the payment. 

A crypto debit card does the same, but in a different way. It starts its processing as Bitcoin, USDT, or any other cryptocurrencies and then converts that into fiat currency when the payment is finally processed.

What are Traditional Debit Cards?

A traditional debit card is a simple digital or plastic card which issued by your bank and is directly linked to your bank account. Now, when you pay with it, the issuer moves real money (fiat) from your bank account to the merchant’s bank account via an established network such as Visa or MasterCard. It is fully trusted and built on banking rails and protections. A traditional debit card also allows you to withdraw cash via ATMs.

Read more at CoinGape

Why private credit is creating major concerns among economists: PBS

Investors and economists are warning about a piece of the financial system that could pose a risk that is potentially similar in ways to the housing crash that preceded the financial crisis in 2008. It’s part of what's been called the shadow banking system: the private credit market, an alternative type of lending to companies that doesn't involve traditional banks. Paul Solman explains.

Amna Nawaz:

Lately, investors and economists are warning about a piece of the financial system that could pose a risk, potentially similar in ways to the housing crash that preceded the financial crisis in 2008.

It's part of what's been called the shadow banking system, the private credit market, an alternative type of lending to companies that doesn't involve traditional banks.

We asked economics correspondent Paul Solman to explain how it works, what's at stake, and why alarm bells are sounding in some quarters.

Read more at PBS

America’s $38 trillion national debt ‘exacerbates generational imbalances’ with Gen Z and millennials paying the price, warns think tank

The United States’ current borrowing trajectory will place an “undue burden on future generations,” an economic think tank has warned, with younger generations facing a higher interest rate environment, slower economic growth, and stalling wage increases.

The latest research from the American Action Forum chimes with concerns across both the public and private sectors. JPMorganChase CEO Jamie Dimon and Fed Chairman Jerome Powell are among those nervously eyeing the nation’s $38 trillion debt burden. The government has paid $10 billion a week to service the debt for the first few months of the 2026 fiscal year.

Economists are concerned that at some point, the growth of the American economy will become so disconnected from the borrowing of its government that bond buyers will demand higher premiums on their loans. The worry is that the central bank will intervene by increasing the money supply—kick-starting an inflationary cycle—but that ultimately the government may have to cut back on spending.

Read more at FORTUNE

Most Americans say government has a responsibility to ensure health care coverage: PEW

Most Americans (66%) say the federal government has a responsibility to make sure all Americans have health care coverage. Far fewer (33%) say it does not, according to a Pew Research Center survey conducted Nov. 17-30, 2025, among 10,357 U.S. adults.

Yet those who say the federal government has this responsibility are split over how it should ensure coverage:

35% of all adults favor a single national health insurance system run by the government.

31% say insurance should continue to be provided through a mix of private companies and government programs.

Most of those who say the federal government is not responsible for ensuring coverage say it should continue to cover seniors and the very poor through Medicare and Medicaid:

26% of all adults say these programs should continue.

7% say the federal government should not be involved in providing health insurance at all.

Read more at Pew Research Center

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Deloitte Tech Trends 2026

AI moves from experimentation to impact

For 17 years, Deloitte’s Tech Trends report has explored emerging technologies poised to reshape business in the next 18 to 24 months. Tech Trends 2026 demonstrates that no corner of enterprise technology is untouched by AI. This year’s focus has shifted from pilots and proofs of concept to scaling intelligent, AI-driven operations - making automation and innovation the new standard for competitive advantage.

Whether you’re scaling AI across the enterprise, enabling physical AI through robotics, or rethinking infrastructure and organizational models, you’ll gain actionable insights on the five trends driving real results and shaping the business landscape.

Let’s build the future, together.

Read more at Deloitte

Virtual credit cards surge in popularity as online shopping grows and fraud concerns rise

Americans lost $12.5 billion to credit card fraud in 2024, a 25 percent increase from the previous year, according to the Federal Trade Commission.

Even so, credit cards are one of the safest ways to pay for products and services. They come with built-in fraud protection mandated by federal law; report a fraudulent charge within 30 days, and you won’t have to pay for it.

Virtual cards, which act like proxies to physical cards, add an extra layer of protection.

If scammers obtain your physical credit card number, they can use it to buy products or services.

You won’t have to pay for these charges, but your credit card company will likely shut down that account and send you a different card.

Read more at KOMOnews.com

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