Daily brief · Wednesday, 28 October 2026
Ripple wins OCC charter; states sue over ownership rule
Crypto & Stablecoins
The Office of the Comptroller of the Currency approved Ripple's application to establish a national trust bank, and Banking Dive describes the approval as unconditional. Ripple says it will support its stablecoin plans. It also announced expanded partnerships: Robinhood will offer Ripple's RLUSD stablecoin to retail customers later this year, despite having helped launch the rival USDG token, and BNY is adding XRP and RLUSD to its custody platform. Ripple and C2FO are also testing settlement of approved-invoice payments on the XRP Ledger.
American Banker, Banking Dive, Finextra, Ledger Insights, CoinDesk, The Block, Decrypt
Robinhood reported Q3 revenue up 12% to $1.42B, in line with estimates, with crypto revenue down 55% to $120M and profit down 14% to $476M. CEO Vlad Tenev outlined plans around everyday banking, payments and AI agents. Prediction markets brought in $173 million. SoFi separately raised full-year guidance and disclosed 503,000 crypto products for the first time, with record net revenue of $1.39 billion.
Techmeme, PYMNTS, CoinDesk, The Block, American Banker, Investor's Business Daily
Intel, Oracle and IBM are among firms objecting to the OKX and ICE joint venture's tokenized stock plans. The latest notice added four objections, bringing the total to 26. The venture is preparing to test the SEC's new framework for blockchain-based stock trading. Separately, Janus Henderson and Centrifuge launched a Nasdaq-100 fund on Stellar.
Regulation & Policy
The OCC has finalized its GENIUS Act rule for permitted payment stablecoin issuers, according to a WilmerHale analysis. The final version eases several requirements from the proposal and raises new issues. Separate commentary points to a January 18 start date and addresses bank issuance. Issuers and banks considering stablecoin products should review the final text.
A group of 21 Democratic attorneys general filed suit challenging Treasury's decision to exempt domestic companies from beneficial ownership reporting under the Corporate Transparency Act. They argue the decision effectively repeals the 2021 law. The suit names Treasury and FinCEN and bears on AML programs that rely on ownership data.
Canada's Department of Finance has published draft stablecoin regulations. Coverage says the proposal addresses banks' concerns. It is a draft and not a final rule.
Fraud, AML & Security
A federal judge ruled that consumer protection laws apply to banking-app scams. The ruling allows a couple's $106,000 fraud lawsuit against Bank of America to move forward. Banks facing authorized-push and app-based scam claims may see more such suits.
Banks
Sezzle filed an application with the OCC to charter Sezzle Bank, N.A., and applied to the FDIC for deposit insurance. The buy now, pay later company is the latest fintech to seek a bank charter. Neither agency has acted on the application.
The Bank of England has started a review of how Revolut's product approval process works, according to the Financial Times. The review is reported, and the central bank has not been quoted in the available coverage.
After two Black-owned banks in the Carolinas announced plans to combine, another lender made a purchase offer that it says is superior.
Payments
Visa reported its highest annual revenue growth in more than 15 years in fiscal 2026. CEO Ryan McInerney credited a strong labor market for consumer spending, and said nearly 50 AI partners are in production, a number expected to double in the coming months. PayPal beat on earnings but missed revenue estimates in Q3. Venmo results helped, and BNPL payment volume rose 25%, after the company cut 2,000 jobs.
American Banker, PYMNTS, CNBC, Investor's Business Daily, Payments Dive, PYMNTS.com
From the regulators
The October bank lending survey shows a net tightening for firms (9%) and for consumer credit (14%), with unchanged standards for house purchase loans. Most banks have no specific criteria for AI-related lending.
The FCA-authorised firm entered administration on 23 October 2026, with joint administrators from Azets and RSM appointed.
The digital challenger bank was selected for the second cohort of the regulators' Scale-up Unit.
The OCC, Federal Reserve and FDIC published a proposed information collection under the Paperwork Reduction Act, with a comment request.
Comptroller Jonathan Gould spoke to the Ohio Bankers League about OCC work to help community banks.
Also today
Two proposed UK class-action suits seek billions of pounds over allegedly unlawful consumer card fees.
The CFTC sued Utah after the state filed a lawsuit against prediction market platform Kalshi.
The proposal would add the technologies, already available in nearly a dozen states, to EBT cards. The National Grocers Association says they can reduce SNAP fraud.
The Toronto-based AI platform will acquire the US provider of offer management, disclosure automation and marketing compliance technology for financial institutions.
The bank reminded customers that they are responsible for activity resulting from their AI agents' access to accounts.
The Corporate Crime and Antitrust Task Force will focus on complex fraud and misconduct investigations.
Bill Demchak said PNC's AI growth plans will cost hundreds of millions to save billions.
Read from 116 items posted in the last day.