Despite the weaker-than-expected results, interim CEO Thomas Gibbons pledged to continue spending heavily on tech upgrades aimed at cutting costs, improving efficiency and developing innovative products.

The San Francisco bank is also bulking up in Florida and Wyoming, no-tax states where many of its affluent clients have retired or have second homes.

Thirty-seven years after the release of Quicken desktop software, the company is launching a streamlined app to reach a new demographic.

Decision-making algorithms powered by machine learning are seen as the next frontier for a more nuanced approach to mortgage decisions but skeptics worry this will just be a new way to discriminate.

Total loans from credit unions increased by nearly 18%, driven in part by car dealerships rebuilding their inventory. Headwinds in the mortgage market also fueled interest in home equity loans.

Bank regulators rolled out two joint proposals this month as part of a broader push to address discrimination in home valuations. Advocates see promise, but appraisers fear the changes could artificially inflate valuations.

The devastation of communities across Southern California will, inevitably, cause tremendous stress on the banks that serve them. This should be a wake-up call for regulators to take climate risk more seriously.

AI isn't inherently good or bad; its value depends entirely on how it's used. For financial institutions, this means shifting the focus from internal productivity gains to customer outcomes.

Non-stablecoin cryptocurrencies have no inherent value, so creating a federal "reserve" of them is absurd on its face. Chinese hacking of bitcoin will have no significant economic impact.