A library of snippets
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Louise Hill, co-founder and CEO of GoHenry, reported that their research found 84% of children and teenagers would like to have more financial education in school and that 68% of 18-year-olds are worried about leaving school without any money skills.
From: UK government urged to implement compulsory financial education from primary school.
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The Treasury Borrowing Advisory Committee has published a new presentation calling for central bank digital currencies (CBDCs) to replace stablecoins.
From: Treasury Advisory Committee Calls for CBDCs to Replace Stablecoins | Cato at Liberty Blog.
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The messaging app Snapchat is the most widely-used platform for online grooming, according to police figures supplied to the children’s charity the NSPCC.
From: Snapchat most-used app for online grooming, says NSPCC – BBC News.
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The FBI is warning that hackers are obtaining private user information — including emails and phone numbers — from U.S.-based tech companies by compromising government and police email addresses to submit “emergency” data requests.
The FBI’s public notice filed this week is a rare admission from the federal government about the threat from fraudulent emergency data requests, a legal process designed to help police and federal authorities obtain information from companies to respond to immediate threats affecting someone’s life or property. The abuse of emergency data requests is not new, and has been widely reported in recent years.
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Looking back, while the industry has reduced costs and kept credit quality high, the improvement in returns since 2021 appears to be largely owed to rising interest rates (Exhibit 3). Modeling, while imperfect, suggests that without rate support, industry ROTE in many geographies would have been around 8 percent, or below cost of capital.
From: McKinsey’s Global Banking Annual Review 2024 | McKinsey.
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They’re visual because the same area showing the QR code (top picture) updates to display the amount paid and the card balance.
From: China upgrades digital RMB CBDC hardware wallet – Ledger Insights – blockchain for enterprise.
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Globally, banks generated $7 trillion in revenue (Exhibit 1) and $1.1 trillion in net income, with return on tangible equity (ROTE) reaching 11.7 percent. Banks have returned to healthy levels of capital (12.8 percent common equity tier one capital divided by risk-weighted assets) and liquidity (77.2 percent), which both improved over 2022. In fact, banking generated more total profit than any other sector around the world.
From: McKinsey’s Global Banking Annual Review 2024 | McKinsey.
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The Consumer Financial Protection Bureau added payment apps and other financial products to its final open banking rule and in keeping with its focus on innovation, provided for some secondary uses of data.
From: CFPB’s 1033 open banking final rule expands scope to payment apps | American Banker.
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The road for digital driver’s licenses in Australia continues to widen, with the announcement that state and territory governments have agreed to adopt international security standards for mobile licenses (mDLs). This improves the chances of nationwide acceptance of digital licenses as part of a new verifiable credential strategy, says a report from InnovationAus.
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In case you missed the memo, we are barreling toward the next big consumer device category: smart glasses. At its developer conference last week, Meta (née Facebook) introduced a positively mind-blowing new set of augmented-reality (AR) glasses dubbed Orion. Snap unveiled its new Snap Spectacles last week. Back in June at Google IO, that company teased a pair. Apple is rumored to be working on its own model as well. Whew.
From: The coolest thing about smart glasses is not the AR. It’s the AI. | MIT Technology Review.
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