Fraudsters and modestly dishonest employees can use generative AI to quickly create convincing fake utility bills, pay stubs, passports and other documents banks rely on.
Both banks and fintech are satisfied for now with the CFPB's nonbinding principles on data-sharing. But the statement may lay the groundwork for future regulation.
-
The card, powered by fintech Cardless' embedded credit card platform, provides up to 4% cash back in bitcoin, and allows customers to service their account directly in the cryptocurrency exchange's app, similar to the way Apple Card works in Apple Wallet.
-
New forms of artificial intelligence can take most, if not all, of shopping and checkout out of the hands of humans. Not everybody is going to be comfortable with that, though the payment giant sees travel as a good place to start.
-
Payments greater than $1 million are favored among the Charlotte-based bank's corporate clients; the U.K.'s Financial Conduct Authority taps NVIDIA for AI testing and more in this week's global payments roundup.
It's no longer enough to conduct traditional demographic analysis of customers. TD Bank wants to know what is going on with individual consumers at any given moment and respond accordingly.
-
The U.S. subsidiary of the British banking giant has partnered with Everfi to offer an online self-guided financial education program, and with GreenPath Financial Wellness to deliver in-person seminars in numerous cities.
-
The Association for Black Economic Power will receive an interest-free forgivable loan and a grant from the city to help pay for a retail space and equipment for the effort.
-
Credit union clients of CMS will be able to make securities transactions without commissions.
-
Like other mortgage lenders, the San Francisco megabank has been cutting staff since refinancing volumes started to fall. Additional layoffs are expected over the next couple of quarters, according to the bank’s chief financial officer.
-
The San Francisco bank reported a 31% increase in loan originations during the second quarter. Analysts are wondering whether it will be able to secure enough low-cost funds to avoid eroding margins.
-
Several groups raised concerns at a public hearing about the Canadian bank’s proposed acquisition of Bank of the West. They accused BMO of shortcomings in its mortgage lending to Black and Latino borrowers and said they won’t support the deal without the bank's firm commitment to help underserved communities.
The Toronto-based bank said that Aron Levine will become group head and president of BMO U.S. It also announced the upcoming retirement of Ernie Johannson, head of North American personal and business banking.
Banks are scouring consumer complaints, bank accounts and loan denials to identify people and companies who they may have cut off from banking services amid a new push by the Trump administration to address allegations of political bias in debanking.
-
More than a decade ago, a senator from Alabama warned that the Consumer Financial Protection Bureau would grow into an unaccountable monstrosity. His successor, Sen. Katie Britt, says that prediction has proven true.
-
Regulatory justice prevailed with a federal district court injunction staying the politically motivated CRA final rule, the most complicated and convoluted regulation ever. Depending on election results, it may end up in the Supreme Court.
-
The Supreme Court ruled this year that companies facing civil money penalties have the right to request a jury trial. The ruling is going to change the way regulators and companies think about enforcement actions.
-
The combination of the banks is the latest in a trend of deals closing on speedier timelines, and signals the industry's hunt for scale.
-
When the Swiss banking giant bought rival Credit Suisse in 2023, it inherited an investigation over money the Nazis looted from European Jews. The issue now seems to be coming to a head in Washington.
-
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.
-
Court documents reveal how a teller used the drive-through window and work email to aid a scheme that bypassed TD's fraud defenses.
-
U.S. Bancorp shuffles management as COO Souheil Badran announces his retirement; Stock Yards Bancorp agrees to buy Field & Main Bancorp; Citi's wealth business hires Mercer's Olaolu Aganga for a newly created role; and more in this week's banking news roundup.
-
Former Fed Gov. Kevin Warsh is a relatively known quantity to financial markets, but his embrace of President Trump's agenda and the White House's own contentious relationship with the central bank make it hard to know with certainty where — or even whether — he will lead the Fed.
- 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 fintech, founded by an ex-Coinbase executive, seeks to offer stablecoin-powered global money movement services to businesses.
Supply chain attacks have doubled since 2021, with professional services firms increasingly acting as "stepping stones" to access bank data.
The 23rd annual ranking of women leaders in the banking industry.
- Partner Insights from Paxos
- Sponsor Content from Finzly
- Sponsored by S&P Global
- Sponsor Content from Brightwell