Latest news with #PaigeSmith
Bloomberg
08-07-2025
- Business
- Bloomberg
ICYMI: The Banks of Tomorrow
Payments and stablecoin firm Ripple Labs Inc. and crypto custodian BitGo Inc. have applied for national bank charters, joining a crush of upstart financial services companies seeking such approval. BitGo, which custodies billions of dollars in crypto assets for clients, is weighing an initial public offering as soon as this year, Bloomberg News previously reported. The custodian's corporate structure already includes two state-regulated trust companies, one in New York and one chartered in South Dakota. Bloomberg News personal finance reporter Paige Smith details the push by tech-focused firms into the traditional US financial system. Paige speaks with Tim Stenovec and Emily Graffeo on Bloomberg Businessweek Daily.
Bloomberg
04-04-2025
- Business
- Bloomberg
Why Does Everyone Want to Be a Bank Now?
By and Paige Smith Save In March, a financial-technology firm did something no US company had done in more than four years: It became a bank. SmartBiz Loans, a San Francisco-based lender specializing in small businesses, won the requisite regulatory approval — the first company since President Donald Trump's initial term to get the coveted nod. The move suggests the Trump administration is inclined to lower the barriers for non-bank companies eager to enter the world of banking. A change in approach would be welcome to burgeoning fintech businesses and other companies that covet a banking arm in order to have access to a stable, inexpensive source of financing.
Bloomberg
17-03-2025
- Business
- Bloomberg
Robinhood Unveils Prediction Markets Hub
Robinhood Markets Inc. is unveiling a hub inside its popular app for retail traders to bet on the likelihood of certain event outcomes. Bloomberg's Paige Smith explains on "Bloomberg Markets." (Source: Bloomberg)
Bloomberg
19-02-2025
- Business
- Bloomberg
Elon Musk Is Trying to Shut the CFPB. What Should Consumers Know?
By and Paige Smith Save Republicans have had the US Consumer Financial Protection Bureau in their sights since its 2011 inception. With President Donald Trump back in the White House, they appear to be moving toward their goal of dismantling the federal watchdog, which they have long accused of overstepping its authority. In early February, Trump administration officials began disabling the agency, suspending its work overseeing financial companies and closing its Washington, DC, headquarters. The administration fired the agency's director and dozens of other employees, but a plan to dismiss most of the CFPB 's more than 1,500 workers was put on hold to allow a judge to rule on a lawsuit filed by an employee union.
