Despite record loan applications, Upstart's AI pulled back, causing a revenue miss and raising "incremental uncertainty" about its core underwriting model.
The latest generation of anti-money-laundering software uses agentic AI to help alleviate AML alert fatigue. Experts say this use of the technology is promising, though they offer some caveats.
-
Wars in Ukraine and the Middle East. Fiercely polarized U.S. politics. Rapidly multiplying payments options on social media networks and elsewhere. Those factors and more are making it harder than ever for banks to combat illicit financial transactions.
-
Despite further delays, the country has taken two key steps to opening up access to its Real-Time Rail, including allowing payment companies to participate without a bank partner, but it has yet to commit to a date for the project to go live.
-
M&T Bank creates new chief communications officer role, Citi cuts London investment banking jobs as deal drought persists, new report by McKinsey advises banks to institute artificial intelligence from headquarters rather than by divisions, and more in our weekly news roundup.
-
Emigrant offers art- and antique-related services that most banks do not. "It's not cost-effective for many of the big banks to invest in the expertise and infrastructure to offer art advisory services or to underwrite loans," says Andy Augenblick, the president of Emigrant Bank Fine Art Finance.
-
Years after they were first launched, in-plan annuities, meant to help retirement-plan participants turn their nest eggs into regular income streams, remain fairly rare.
-
Lehman Brothers Holdings Inc. is proposing a wide-ranging settlement of its outstanding derivatives trades with more than a dozen of its largest counterparties, including some of the biggest banks.
-
All of the Seattle company's directors, including CEO Mark Mason, were backed by shareholders despite a challenge by Blue Lion Partners.
-
The Michigan-based CUSO has acquired a stake in NestReady, giving it exclusive industry rights on the mortgage technology firm's products.
-
The mortgage agency has hired Eric Blankenstein, who sparked controversy while at the consumer bureau over past revelations of racially charged writings.
Rather than replace aging servers and add an on-site backup system, The Eastern Colorado Bank moved its IT infrastructure to the cloud. While some bankers fear outsourcing such systems, the community bank has had a hosted core for several years.
Fulton Financial taps Valley National's Richard Kraemer as its new CFO; UBS' veteran private banker Jenny Su has left the firm; Bank of America names Kevin Brunner head of global technology, media and telecommunications investment banking; and more in this week's banking news roundup.
The Consumer Financial Protection Bureau has rehired more than 100 fire employees, but the union claims dozens of employees have not been reinstated in violation of a federal court order.
-
The National Credit Union Administration must justify its sharply higher operating budget for next year.
-
Investors are learning the hard way, again, that highflying new financial products, with little or no regulatory oversight, tend to crash.
-
The National Credit Union Administration can no longer examine third-party vendors and service providers. That leaves the industry vulnerable to cybercriminals and other bad actors.
-
New York State's former top regulator Adrienne A. Harris has rejoined Sullivan & Cromwell as of counsel and senior policy advisor; Founders Bank appointed Karen Grau to its board of directors; Deutsche Bank's DWS Group is opening an office in Abu Dhabi; and more in this week's banking news roundup.
-
Earned wage access provider EarnIn, which historically has been known for direct-to-consumer EWA, is now offering a payroll software solution. The move comes as consumer advocate groups step up efforts for stricter regulation of the industry.
-
As the political dispute drags on, there are implications beyond government disbursements, potentially harming corporate cash positions and the larger economy, according to payment experts from Billtrust and research firms.
-
As the Office of the Comptroller of the Currency receives a spurt of applications for national trust charters from crypto and payments firms, bank trade groups are urging regulators to ensure proposed activities fit within the statutory limits of the charter and the law.
-
A new study has decoded banks' television commercials, analyzing what the messaging reveals about the bank behind the advertisement. When an ad leans too hard on emotions, researchers found, viewers should beware.
-
The head of the government-sponsored enterprise's oversight agency said the cuts were made to positions that weren't central to mortgages and new home sales.
- 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.
Some customers reportedly complained about getting locked out of their accounts after signing up for the bank's new Strata Elite credit card. "We feel like we have done the right thing for all of our good customers," Pam Habner, Citi's head of U.S. branded cards, said Tuesday.
The Long Island-based bank hasn't been profitable in eight quarters, but executives maintain that it's on the right path, citing more loan book diversity, lower expenses and an improved margin.
The 23rd annual ranking of women leaders in the banking industry.
-
-
- Sponsor Content from SAS
- Partner Insights from Consumer Bankers Association






























































