Federal Reserve Governor Michael Barr warned that subjecting the stress testing models to the notice and comment process could lead them to "ossify."
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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In her day-to-day job directing activities at the card network's Start Path accelerator, Sabrina Tharani helps nurture companies that are developing new payments products and services.
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The bank hasn't explained why person-to-person payments, bill processing and account-transfer services went down for parts of two days this week. But observers suspect glitches in its legacy systems could occur at other financial institutions and increasingly affect real-time payment networks.
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Despite a sharp drop in spending and rising delinquencies during the second quarter, the issuer's stock rose on news of lower debt, rising deposits and a new private-label partnership with Dell Technologies.
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As fee-oriented investment management becomes more popular with advisers and clients, fee-structured accounts are growing apace. Or not, depending on how the terms are defined.
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Willard "Bill" Jonathan Tillotson Jr. followed Rule No. 1 in succession planning: He started early. So when he died, control of the Pittsburgh financial advisory firm he helped build in the 1960s passed as expected to his daughter, Kim Tillotson Fleming, and the company's small group of employee-shareholders.
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The groups applauded a proposal to establish minimum GSE capital requirements, but called for more immediate steps to release the companies from conservatorship.
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Risk management and technology systems at the Federal Housing Administration lag decades behind Fannie Mae and Freddie Mac and desperately need to be revamped, according to a top official at HUD.
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The bill aimed at helping struggling homeowners also requires documentation of servicer behavior and FHFA evaluation of the services provided to borrowers.
A TD Bank survey found a massive increase in the ranks of people who talk to ChatGPT about their finances. Ted Paris, the bank's head of AI, says banks still have an opportunity here.
After being undercapitalized for decades, some minority-led banks finally got large capital infusions in the wake of George Floyd's murder. But higher interest rates have made it harder for them to gather the deposits they need to boost lending substantially.
Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.
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There are new regulations to address, but many requirements streamline current AML practices, says Mark Srere, an attorney at Bryan Cave Leighton Paisner.
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A comprehensive strategy around when and how consumers pay bills online can better help credit unions understand members' behavior patterns and deepen those relationships.
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Without the application of tested safeguards, using such data can run the risk of worsening the very problems of credit access that we seek to solve.
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Federal Reserve Bank of St. Louis President Alberto G. Musalem would not directly say whether central bank independence is under threat, instead highlighting that the topic has received more attention.
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Stablecore, a recently founded fintech, completed its first funding round with the goal of bringing stablecoin technology to banks and credit unions.
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Prior to this week's Federal Open Market Committee meeting, many onlookers thought a Trump-aligned and oppositional voting bloc could emerge, complicating the central bank's message. But the quarterly economic projections show that not to be the case.
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Signs of elevated stress are emerging within the $1.7 trillion private credit market as default rates are rising and more borrowers are choosing to defer cash interest payments, according to a Bank of America Corp. report.
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Triumph Financial took steps to guard and move scores of cars backing its $23 million loan to Tricolor Holdings after the subprime auto lender filed for bankruptcy last week.
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Comerica announced the promotion of Kristina Janssens to be its next chief risk office; Washington Trust hired James "Jim" Brown, an executive from Berkshire Bank, as its chief commercial banking officer; Citizens Financial pledged $20 million to support workforce development programs; and more in this week's banking news roundup.
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The White House has appealed a D.C. District Court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the Fed board pending the outcome of her challenge to President Trump's moves to fire her.
Consumer prices rose 0.4% in August, up from 0.2% in July, as weak job growth and lingering tariff uncertainty reinforce expectations for a September Fed rate cut.
The 23rd annual ranking of women leaders in the banking industry.
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