Hackers used stolen credentials to access the French FICOBA database, exposing names and account numbers but failing to access funds directly.
CEO Jamie Dimon has called the AI initiative, which includes a vast hiring campaign, "critical to our company's future success."
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The American Fintech Council requested a 30-day extension for buy now/pay later providers to submit information about their businesses to the New York Department of Financial Services. New York is the first state to institute a law specifically regulating BNPL.
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Pressure on Asian merchants that sell to the U.S. caused the Dutch payment company to reduce its outlook. Payment experts say it's a matter of time before other firms face the same challenges.
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Paying for items with your palm or face isn't commonplace yet, but it's coming. What banks need to know.
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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.
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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.
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Thirty-seven years after the release of Quicken desktop software, the company is launching a streamlined app to reach a new demographic.
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Under guidelines proposed this month, credit unions would see changes in the quality standards for computer-generated appraisal systems, along with when and how financial institutions and consumers can request reconsiderations of value.
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The markets had a muted reaction to the Federal Open Market Committee pause on raising short-term rates a week ago, Freddie Mac found.
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The bank's $4.6 billion commitment is smaller in size and shorter in duration than a previous plan. It also pledged $9 billion to sustainable finance initiatives over the next three years.
Large banks have begun sharing their adjusted gender pay gap ratios — how much women are paid versus men for similar jobs. The trouble is, they don’t have similar jobs.
Revenues were up for the quarter, but stock compensation-related expenses brought the neobank to a negative net income.
The Office of the Comptroller of the Currency issued an interpretive letter Tuesday that would allow banks under its jurisdiction to hold small amounts of network tokens to test and process customer transactions.
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Long-term partnerships between banks and fintechs are the real future of financial services. Pharmaceutical firms' relationships with contract research organizations offer a useful model.
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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.
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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.
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A White House Council of Economic Advisers report published Tuesday found that the CFPB cost consumers between $237 and $369 billion since its creation, an analysis that consumer advocates and some financial academics say is flawed.
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Beneficial State Bank in Oakland has reached a three-year agreement with the Communications Workers of America. The deal follows a groundbreaking union pact the bank signed in 2021.
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Alexis Goldstein, who was terminated from the Consumer Financial Protection Bureau last week, is running for Congress in Maryland's 6th District, which hosts a disproportionate number of federal workers.
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Banks and credit unions are pairing AI-driven efficiency with stable staffing and cross-training to scale mortgage production as originations rebound and technology expands capacity.
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The Federal Reserve is moving quickly to implement its proposed "skinny" master account, giving state-chartered fintechs more access to the central bank's payment systems. But experts say a legal challenge to the rule is almost certain, regardless of where the Fed draws the line.
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Some observers say changes to MSR risk-weighting would have limited near-term impact and are unlikely to prompt banks to rush back.
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The Office of the Comptroller of the Currency Tuesday issued a proposed rule that would create an independent appeals board, de novo review standard for banks and uninsured firms like trusts, OCC says it'll increase trust in the system.
An ugly legal dispute between two San Diego credit unions offers a warning about what can go wrong when careful relationship-building doesn't precede a marriage.
The 23rd annual ranking of women leaders in the banking industry.
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