The Securities and Exchange Commission initially offered $179.5 million to Michael Bacon, who provided key information to the government about Wells Fargo's fake-accounts scandal. But shortly after SEC Commissioner Paul Atkins took office, the amount was sharply reduced.
Bankers and tech executives at SAS' annual conference said agentic AI is still in the "terrible twos" stage and requires human supervision.
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The 21st century financial system that digital currency promised is being built, but by banks, not by the bitcoin crowd.
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Federal Reserve Gov. Lisa Cook said Friday that she believes tokenization could improve efficiency across the financial system, including faster settlement times and more effective recordkeeping. But those advantages will take place within traditional finance rather than supplanting it, she said.
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The measure, sent Thursday to the governor's desk, would mark the second state ban on interchange fees and could inform an ongoing bank-led legal challenge to a similar Illinois law.
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The megabank's first investor day in four years offered a comprehensive look at how it plans to grow profits and drive higher returns in the coming years. Part of the strategy involves branch updates.
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After Dan Allison spent more than 20 years as a wealth management consultant specializing in referrals, the AI agent version of him will coach financial advisors through WealthReach's new Multiply tool.
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A GAO report suggests that blanket rules on spousal consent for 401(k) withdrawals could solve "financial infidelity problems — and exacerbate them.
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Employers hired an additional 115,000 workers in April, while unemployment remained unchanged at 4.3%. Despite the positive headline figure, a spike in newly unemployed workers and a rising number of underemployed workers suggests instability under the surface.
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Freddie Mac was more aggressive than its counterpart for much of the past year but March activity establishes that there's a different trend at play in 2026.
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A rule change requiring trial modifications before other loss-mitigation options is creating workflow and liquidity challenges, especially for smaller servicers without deep resources.
The president's son has seemingly cut ties with the digital asset fintech ALT5 Sigma, whose shares lost 90% of their value after purchasing the tokens.
Opportunity favors the prepared, and Cambridge Savings Bank had been saving for years to buy a nearby rival. Now, as the mutual bank announces plans to acquire First Seacoast Bank, it says it's found "the right deal at the right time."
The Treasury Department held a high-stakes huddle with state insurance officials to discuss risks associated with the rapid growth of private credit in the economy and whether those investments could pose systemic vulnerabilities.
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The revelation that Mythos, the latest version of Anthropic's Claude large language model, can unearth unknown vulnerabilities in computer systems and websites is a crisis moment, especially for community banks.
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Interpretive guidance from regulators does not deliver the kind of certainty that companies want as they consider expanding into the world of digital assets. Congressional action on the CLARITY Act is the answer.
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What do you get when you put two boring, safe industries together with one super-exciting, possibly dangerous industry? We're apparently going to find out.
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Research from American Banker shows that at least a quarter of all respondents see BNPL as a credible threat to credit card revenue.
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The neobank reported a 25% year-over-year increase in revenue for the quarter ended March 31, with active users jumping 19% to 10.2 million. The company also raised its full-year 2026 guidance and authorized a $200 million share repurchase program.
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Banks are mixed in their adoption of buy now/pay later and installment lending, according to American Banker research. Those that offer or are planning to offer it say that the primary motivating factor is to stay competitive.
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Citi payments exec Driss Temsamani said there's more work needed to bridge gaps to enable artificial intelligence to work broadly for payments and finance.
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The pilot program offers rates better than Coinbase, Robinhood and Charles Schwab and will be rolled out to all of Morgan Stanley's 8.6 million E-Trade users later this year.
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