The Chicago-based, $261 million-asset Metropolitan Capital Bank & Trust was placed in receivership and its assets sold to Detroit-based First Independence Bank, costing the Federal Deposit Insurance Corp.'s Deposit Insurance Fund an estimated $19.7 million.
It’s highly debatable whether the artificial intelligence engines that online lenders typically use, and that banks are just starting to deploy, are capable of making credit decisions without inadvertent prejudices.
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U.S. households were financially sound last year, but the Federal Reserve's annual well-being report highlighted a few emerging trends, including rising buy now/pay later delinquencies and incidents of financial fraud.
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The card giant appointed Antony Cahill as its new regional president and CEO; Global Payments further simplifies its business; Curve adds Apple Pay rival to iOS devices; and more in this week's global payments roundup.
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The stablecoin issuer has kicked off its initial public offering after reportedly delaying it due to macroeconomic uncertainty caused by Trump's tariff plans last month. It first filed its S-1 with the Securities and Exchange Commission in April.
Numerated, a vendor of loan prospecting, marketing and underwriting software that was developed within Eastern Bank, now has $32 million.
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The company's fourth-quarter results were also stymied by costs tied to severance and litigation, along with investments in technology.
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The Financial Solutions Lab, a joint initiative, has announced the winners of its annual competition to identify solutions to consumer financial challenges, this year focusing on startups dedicated to improving financial health in the workplace.
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Its savings, budgeting, spending and goal-setting tools, combined with artificial intelligence to add smart insights and advice, are a good example of how regional banks are trying to distinguish their mobile products from those of bigger banks with larger tech budgets.
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Multiple factors have slowed residential sales, tightening the market for home loans for banks and credit unions.
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The moves were widely anticipated, with the markets already pricing them in, as the central bank attempts to get the upper hand on record-setting inflation.
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Even "lifers" are considering new jobs as financial institutions bulk up to expand into new markets.
The Cincinnati-based bank has partnered with the fintech Trust & Will to make estate planning easy, accessible — and free.
Federal Reserve Bank of St. Louis President Alberto G. Musalem would not directly say whether central bank independence is under threat, instead highlighting that the topic has received more attention.
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Vice President and Democratic presidential nominee Kamala Harris' pitch for an "opportunity economy" is a sound political and economic vision. But banks must be a partner in making that vision into a reality.
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The convergence of technology like blockchain with the continued evolution of rules and industry standards in traditional finance will shape the next era of market progress.
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Artificial intelligence is going to be integrated into the financial system. So, banks need to be clear-eyed about its potential dangers, and proactive about avoiding them.
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The London-based fintech has launched a suite of financial services as its global expansion gains steam. That and more in the American Banker global payments and fintech roundup.
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The e-commerce giant, which is in the midst of a corporate downsizing, is discontinuing its Go and Fresh stores and One palm checkout while it repurposes the underlying technology.
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The Minneapolis-based company will return to its former governance structure when it installs CEO Gunjan Kedia as board chair. Andy Cecere had served as chair during his tenure as the company's chief executive, and then became executive chair when he stepped down as CEO last year.
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Acquiring Stellar Bancorp will create the second-largest Texas-headquartered bank, with a No. 5 deposit share in the massive Houston marketplace.
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As the Federal Open Market Committee announces its near-term interest rate plans Wednesday, market watchers expect the central bank to hold interest rates steady as policymakers seek greater clarity on the health of the economy.
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Julia Carreon is suing the bank, alleging she suffered race and sex discrimination, including sexual harassment by Andy Sieg, the bank's head of wealth management. On Tuesday, Citi hit back by filing a petition to compel arbitration and accusing Carreon of making false claims.
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Comptroller of the Currency Jonathan Gould said in a letter to Sen. Elizabeth Warren, D-Mass., that the OCC "intends to act consistent with this duty rather than your demand."
Trump, during his return from Davos, signaled reluctance to allow 401(k) withdrawals for home down payments, but other tax-advantaged options remain on table.
The 23rd annual ranking of women leaders in the banking industry.
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