Goldman Sachs Chief Legal Officer Kathryn Ruemmler received an 11% pay hike last year, bringing her total compensation to $25 million; U.S. Bank promoted Toby Clements to chief operations officer; Klarna is expanding its forward-flow and whole-loan sale deal with Elliot Investment Management to $2 billion; and more in this week's banking news roundup.
In tests, generative AI models gave different answers to questions about banks, and those answers changed as users added new prompts.
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BVNK's technology enables traditional currency and stablecoins to work together, and will enable the card network to improve distribution for clients that use digital assets.
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While it's moving away from embedding transactions in ChatGPT to funneling purchases through third parties, analysts say the artificial intelligence lab's shift doesn't dilute the threat large language models pose to traditional card issuers.
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The Federal Reserve's recently published request for information on options for updating its check clearing apparatus has bankers fearing that it will opt to phase out paper checks entirely — an outcome that has community banks panicked.
The new developer assistant helps corporate clients and partners find and integrate the bank's APIs into their programs and websites.
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Chris Shelper is now the sole chief banking officer at First Interstate BancSystem; Kristy Fercho joins LERETA's board of directors; Truist Financial launches a business focused on private equity and family office transactions; and more in this week's banking news roundup.
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The 170-year-old Salem Five Cent Savings Bank has hired one private banker and could scale the business further if its performance matches management's expectations.
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MetroCity Bankshares in Doraville, Georgia, plans to finalize its acquisition of First IC Corp; Rockefeller Capital Management's Brian D. Riley will join BNY Wealth as global head; Blackstone appoints former Morgan Stanley rainmaker Franck Petitgas to a top role in Europe; and more in this week's banking news roundup.
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In an interview at ICE Mortgage Technology's annual conference, Bob Broeksmit also expressed skepticism of market dominance among just a few large lenders.
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A Federal Housing Finance Agency report suggests it should have more authority over companies that work with Fannie Mae and Freddie Mac.
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Americans 70 years or older held 26% of the United States' $48 trillion in real estate wealth in the third quarter of last year, Redfin said.
A new report from the Consumer Federation of America says the true cost of online scams is an estimated $119 billion per year; Associated Banc-Corp moves forward with its planned acquisition of family owned American National; Servbank HoldCo completes its acquisition of IF Bancorp; and more in this week's banking news roundup.
A federal judge said Friday that the Trump Organization will have three months to collect new evidence and refile its complaint. It alleges that Capital One illegally closed hundreds of its accounts following the Jan. 6, 2021, attacks on the U.S. Capitol.
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New research sheds light on the real causes of bank failures; and the economic numbers aren't adding up to a recession, yet.
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If we allow algorithms to inherit yesterday's incentives — maximizing return, minimizing empathy — then tomorrow's system will be flawlessly efficient at reproducing inequality.
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Romance scams and other "pig butchering" frauds are growing rapidly. Should banks refund the stolen money? Not all agree on the answer to that question.
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A recent executive order encouraging changes to the Consumer Financial Protection Bureau's Ability-To-Repay and Qualified Mortgage rules are adding to a packed agenda at a time when the agency has lost a third of its staff.
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Some lenders and condo market stakeholders are raising concerns that new GSE rules ending limited reviews and tightening reserve requirements could raise costs.
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Bank of Montreal has introduced a tokenized cash and deposit platform, while the London-based Monument is partnering with the Midnight Foundation's distributed ledger. Also, Starling Bank's AI play, stablecoins gain ground in APAC and Africa and more in the American Banker global payments and fintech roundup.
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In a new legislative package offered Wednesday, House lawmakers halved the deposit insurance limit offered in earlier deposit insurance reform bills coming from the Senate.
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Draft legislative language meant to break an impasse on stablecoin yield circulating among stakeholders includes a lengthy list of exceptions to a ban on rewards for stablecoin holdings, making it unlikely to satisfy banks as negotiations continue.
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The Financial Stability Oversight Council Wednesday published a proposed guidance focused on designating activities rather than individual firms for heightened prudential standards, making it more difficult for the council to designate firms going forward.
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Bank of Montreal has introduced a tokenized cash and deposit platform, while the London-based Monument is partnering with the Midnight Foundation's distributed ledger. Also, Starling Bank's AI play, stablecoins gain ground in APAC and Africa and more in the American Banker global payments and fintech roundup.
In a new legislative package offered Wednesday, House lawmakers halved the deposit insurance limit offered in earlier deposit insurance reform bills coming from the Senate.
Under Habner's leadership, Citi has become the third largest issuer in the U.S. general purpose credit card market.
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