President Trump has nominated Stuart Levenbach, associate director of the Office of Management and Budget, to be the director of the Consumer Financial Protection Bureau. His selection allows acting CFPB Director Russell Vought to remain in place for at least another 210 days.
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.
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PayPal has brought on expert pitchmen from Uber and Plaid to build an advertising platform for merchants. Its rivals are on a similar path.
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Late payments, which have been on a steady rise since 2021, are now climbing at a slower rate or even declining at some major card issuers. Risks remain, but there's 'reason to be cautiously optimistic," one analyst said.
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An interchange provision included in Illinois' budget bill could force banks and payment processors nationwide to revamp their payments infrastructure, lobbying groups for the industry say.
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Higher-than-expected revenue growth and improved asset quality propelled Northern Trust Corp. to strong profit gains in the quarter that ended March 31.
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Morgan Stanley reported profit that beat analysts' estimates and the highest adjusted revenue in more than five years as equity trading and brokerage revenue jumped.
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First Republic Bank reported higher quarterly profit, though loan growth pushed the San Francisco company above $50 billion in assets.
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The regulator of Fannie Mae and Freddie Mac discussed steps the companies have already taken to limit their risk, as well as efforts to prevent housing market “overlap” with the FHA.
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The combination of low unemployment, rising wages and falling interest rates means more households are taking out loans for big-ticket items like speedboats and mobile homes.
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At a House hearing covering a whole host of housing finance reform topics, Fannie Mae and Freddie Mac's regulator said "if the circumstances" call for eliminating investors, "we will."
Capital One in McLean, Va., has launched an accelerator program for U.K. fintech startups. The 10-week program, called Growth Labs, will operate from the company's Nottingham, England, headquarters in partnership with tech investor L Marks.
Bank of America is planning to open 165 new branches by the end of 2026. As brick-and-mortar locations remain critical for adding new customer accounts, JPMorgan Chase and Wells Fargo are also making targeted additions to their branch networks.
Acting Consumer Financial Protection Bureau Director Russell Vought also directed that future guidance not use the words "shall," "must," "required" or "requirement" to direct parties outside the federal government, except when restating clear legal mandates.
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Antiquated rules separating banking and commerce are preventing an infusion of capital that would revitalize the banking market.
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Banks and market watchdogs are laying a lot of the blame for volatility in regional bank stocks on short sellers. But if regional banks and regulators want to get even, all they have to do is stay strong.
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Regulators' de facto ban on bank mergers and acquisitions is not just harming individual institutions. It poses systemic risk.
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Haiqu's new encoding technique allows quantum computers to process high-dimensional financial data, showing improved performance in spotting anomalies.
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The Virginia-based bank had been an example of what can go wrong when banks partner with fintechs. After being released from an OCC enforcement action, Blue Ridge is now focused on operating as a traditional community bank, said CEO Billy Beale.
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The payments company is expanding the transfer app in an effort to entice more consumers to use the service as their primary banking relationship
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Customers of fintechs like Yotta and Juno, who in some cases lost their life savings, may start to get reimbursed out of the agency's Civil Penalty Fund, but no timeline has been announced for repaying them.
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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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Philadelphia-area Citadel Credit Union is starting to see a payoff from a major investment in its business banking operations.
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In its latest financial stability report, the Federal Reserve found that asset valuations continue to be elevated and leverage levels remain high, especially among nonbanks like hedge funds and insurance firms.
Federal Reserve Board Gov. Stephen Miran said the growth of stablecoins and cryptocurrencies will likely impact monetary policy and could lead to lower interest rates.
The 23rd annual ranking of women leaders in the banking industry.
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