Treasury Under Secretary for Domestic Finance Jonathan McKernan said he is concerned that the traditional bank funding model of taking in low-cost deposits and making more lucrative loans could be set for a shakeup as fintech challengers get more competitive.
The latest generation of anti-money-laundering software uses agentic AI to help alleviate AML alert fatigue. Experts say this use of the technology is promising, though they offer some caveats.
-
In this week's banking news roundup: NCUA grants Tribe Federal Credit Union a provisional charter; ICBA Payments names Jacob Eisen its new president and CEO; Mission Fed Credit Union announces new role for longtime leader Steve Hasbrooke; and more.
-
The rise of ecommerce and vertical software-as-a-service platforms are prime opportunities for large banks to sell payment processing, card issuance and other banking capabilities.
-
Retailers like Walmart, Target and Dollar General are changing the ways they collect payments in person. This, in turn, could influence payment habits, but it is unlikely to slow the overall momentum of digital transactions.
-
Bank of New York Mellon, the custody bank under pressure from activist investor Trian Fund Management to lift its share price, declined the most in nine months after reporting fourth-quarter earnings that missed analysts' estimates.
-
State Street said fourth-quarter profit fell 3.7% as expenses rose faster than revenue.
-
Capital One acquired Level Money, a startup with a budgeting app for consumers, on Monday. Level Money has approximately 700,000 users and claims to have helped users manage a total of $12 billion during its brief existence.
-
Readers react to whether the next presidential debate will discuss banking, how California's financial policies are bleeding into other blue states, suggested reforms to the Community Reinvestment Act and more.
-
Maine Harvest Federal Credit Union, which will serve farmers and the food industry, opened this week and aims to make $12 million in loans over the next six years.
-
The Federal Housing Administration chief has already been serving as the acting deputy secretary of the Department of Housing and Urban Development.
Fed up with the hassles of applying for a multitude of state licenses and relying on bank partners, fintech firms are increasingly interested in applying for a national bank charter and federal regulators are considering ways to accommodate them.
The New York community bank cited the contribution of BaaS to its core financial results, evolving regulatory expectations, and the cost of talent and technology needed to scale as factors in this decision.
Regulators said the payment company did not provide sufficient customer identification and monitoring, increasing risk for its transfer app. This week's fine follows earlier penalties in other states and the federal government.
-
The real-time payments system from the Federal Reserve will spur an increase in payments innovations and drive prices lower for existing products.
-
There are existing ways to authenticate third-party permissioned data access that don't involve screen-scraping or expensive token-based systems.
-
At best, artificial intelligence will be a tool that helps good bankers be better at their jobs. It won't replace them.
-
Airlines and hotel chains are taking advantage of the banking-as-a-service model and favorable debit interchange regulations offered to bank issuers with under $10 billion in assets to bring debit card rewards back to market after they all but disappeared following the so-called Durbin Amendment.
-
Following the new GENIUS Act, BNY's fund provides a regulated vehicle for stablecoin reserves, distinct from its separate tokenization projects.
-
JPMorganChase, BNY, Citi and others are getting ready to launch autonomous digital workers, but for most, several pieces need to be in place before they can go live.
-
The government shutdown is over, and Congress gets back to its regular business. For banks, the biggest-ticket issues are ongoing deliberations on raising deposit insurance and shaping a crypto market structure bill.
-
Of the 90 honorees on American Banker's 2025 Best Banks to Work For list, 28 had between $3 billion and $10 billion of assets.
-
Federal Deposit Insurance Corp. acting Chair Travis Hill said Thursday morning that the agency's first proposed rules under recently passed stablecoin legislation should be published by the end of the year.
- Daily BriefingDelivered Every WeekdayIdeas that impact your business delivered to your inbox every day.
- TechnologyWednesday, ThursdayThe latest industry developments from digital banking to cybersecurity to AI.
- PaymentsDelivered Every WeekdayAn early-morning roundup of important headlines from the past 24 hours.
- Best of the WeekFridayThe most important and widely read stories from the previous week.
The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.
The payment and commerce company's stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street's earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
The 23rd annual ranking of women leaders in the banking industry.
- Sponsor Content from SAP
- Sponsor Content from Adobe
- Sponsor Content from OneSpan
- Sponsor Content from Moody's Analytics