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.
Fintech companies are asking a federal regulator to create a specialized charter that would allow them to comply with federal rules instead of facing a state-by-state licensing framework.
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The two financial institutions are testing a combination of machine learning and blockchain to catch errors and block fraud on international transactions.
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As many financial institutions around the world prepare to adopt the ISO 20022 standard for sending international payments by March of 2025, experts say banks failing to make timely preparations could risk losing some customers and payments volume.
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Klarna is looking to get out of one of its key payments businesses after the financial technology giant found the unit created a conflict of interest with peers like Adyen or Stripe.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
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Regions Financial in Birmingham, Ala., has named Kate Randall Danella as executive in charge of several wealth management functions.
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The cloud computing company Salesforce has introduced Salesforce Financial Services Cloud, a series of applications written for financial services firms. The first application in the series is designed to facilitate the relationships between financial advisers and their clients.
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Regions Financial in Birmingham, Ala., has hired a former Bank of New York Mellon executive as head of its corporate trust group.
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Bankers had worried about Rep. Maxine Waters' control of the Financial Services Committee, but many now say the Democrat’s working relationship with the panel’s top Republican is refreshing.
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The Federal Housing Administration's mortgage insurance fund now sits in a much better financial position, but officials say it's still not strong enough to make the premium cuts the industry wants.
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Gov. Phil Murphy signed an executive order Wednesday establishing a board that would come up with a plan to create a public bank in New Jersey.
As part of a wide-ranging speech on community bank oversight, the Federal Reserve governor said business models should determine regulatory scrutiny rather than asset size.
In internal shakeup, the Office of the Comptroller of the Currency will unify supervision divisions, revive the Chief National Bank Examiner office, and elevate IT oversight as part of a broader streamlining push.
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Like it or not, Big tech is going to become a player in financial services. It would be better to write rules now than to wait for a crisis.
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Stakeholders have been focused on what went wrong in the months before Silicon Valley Bank was taken over by regulators. However, essential risk management was missed more than a year ago.
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To strengthen the industry, large regional banks should be subjected to heightened supervision and the Federal Deposit Insurance Corp. should change how it assesses deposit insurance premiums.
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While the bank will no longer run the platform, it will continue providing mobility services to clients in the industry.
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The Department of Government Ethics on Saturday released financial disclosures for former Federal Reserve Gov. Adriana Kugler, showing she had executed several individual stock trades in 2024, including during Fed blackout periods, an apparent violation of Fed ethics rules. The Federal Reserve Inspector General has launched an investigation.
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BNY estimates the market for stablecoins, tokenized deposits and other assets will reach a combined value of $3.6 trillion in four years, while Standard Chartered says the entire banking industry will soon be "tokenized." The trend is creating pressure to update strategies and technology.
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The payments fintech recently introduced AI agents to its lineup of products banks and credit unions can pick from and add to their existing technology stacks.
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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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Sunrise Banks and other members of the Global Alliance for Banking on Values are encouraging their employees to train the generative AI models they use, so that the models understand values-based banking.
Industry groups and consumer advocates are continuing to push for regulators to interpret the GENIUS Act's prohibition on stablecoin interest as broadly as possible, while crypto firms push for a narrower interpretation, arguing that increased competition would benefit consumers.
The 23rd annual ranking of women leaders in the banking industry.
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