BMO moved closer to hitting company-wide and U.S. profit targets after reporting increased first-quarter profits.
Employees at the second-largest Indian bank falsified documents in a scheme that ultimately cost the institution at least $2 billion. Some argue a distributed ledger would have helped prevent or minimize the fraud.
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Execs say other banks are still more of a rival for deposits than the digital currency.
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The government-powered network is allowing larger payments to settle instantly, a move The Clearing House has also made for its RTP network. Payment experts say more than higher limits are needed to make speedy processing ubiquitous.
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The world's largest stablecoin issuer is preparing to launch USAT, its U.S.-regulated, dollar-backed stablecoin, by the end of the year, Tether CEO Paolo Ardoino told reporters at an event in New York. Bo Hines was also named CEO of USAT.
As banks increasingly explore the applications of generative artificial intelligence, regulators are deliberating about the systemic risks that the technology may pose because of their unpredictability, the potential for herd behavior, replication of human biases and AI's inability to predict extreme scenarios.
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Flush with capital from issuing subordinated debt, Peapack-Gladstone is exploring acquisitions in Florida and New York in an effort to generate more fee revenue.
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The new global wealth division, which is being formed by combining the firm’s private bank with a unit that serves substantially less wealthy households, will be led by Citi veteran Jim O’Donnell.
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Acquiring Boston Private could put the parent company of Silicon Valley Bank years ahead of schedule in catering to the investment needs of high-tech and biomedical clients, whose industries have thrived during the pandemic.
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Amplify Credit Union in Austin provided funding for the construction of 28 tiny homes to create more affordable housing in Round Rock, Texas. Several banks had previously shot down the project.
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The San Antonio-based lender is introducing new products targeted at borrowers who make less than 80% of their county's median income. The loans, which will qualify for Community Reinvestment Act credit, could help expand access to the state's increasingly expensive housing market.
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The shape it takes could have implications for how Fannie Mae and Freddie Mac price loans for nonbanks and depositories.
The Denver-based bank-holding company's pending acquisition of Vista Bancshares in Dallas is an opportunity to expand into key fast-growing Texas markets and deepen its talent bench, CEO Tim Laney told analysts.
The Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. announced Friday that they are withdrawing from a 2013 interagency leveraged lending guidance, arguing it was overly restrictive, pushed activity to nonbanks and sidestepped official rulemaking.
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Time and again, seemingly successful bank mergers have been rocked by revelations of poor anti-money-laundering compliance. Assessing the AML risk of a potential merger partner is extremely tricky.
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Lawmakers have a short window of time in which they can use the Congressional Review Act to nullify the Consumer Financial Protection Bureau's misguided rule striking medical debt from credit reports.
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The customer complaints received by the Consumer Financial Protection Bureau are not just a list of grievances. They are a vital source of information for banks and financial services firms, and must be retained.
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A public-private group led by the Treasury issued the first two of six planned resources to help banks navigate the risks and opportunities of AI.
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Treasury Secretary Scott Bessent said in a public appearance in Dallas Friday that the administration will seek alternative means of enacting the White House's tariff agenda after the Supreme Court struck down the tariffs as outside the bounds of the law.
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Banc of California appoints Chris Healy its new executive director and head of payments; Lia Fordjour is named chief financial officer of the American Bankers Association; Airwallex is the latest fintech to lean on sports sponsorships; and more in this week's banking news roundup.
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Shares of the neobank plummeted nearly 30% Thursday despite posting revenue over $1 billion as investors balked at up-front loan provision expenses that come with the expansion of Klarna's longer-term installment loans.
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The relevant Florida statute does not permit President Donald Trump's allegation that JPMorganChase CEO Jamie Dimon directed the bank to put Trump and his businesses on a "blacklist," the bank said in a legal filing.
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The Supreme Court Friday issued a 6-3 ruling that held that a law granting the White House economic emergency powers does not include the power to tax imports.
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Senate Banking Committee ranking member Elizabeth Warren, D-Mass., warned the Treasury Department and Federal Reserve in a Wednesday letter not to bail out cryptocurrency firms in the wake of sharp declines in digital asset values over the last several months.
Tokenized money market funds are becoming more money-like — but, unlike the payment stablecoins that share the same backing, they are securities. Noelle Acheson looks at what this means for our understanding of money.
The 23rd annual ranking of women leaders in the banking industry.
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