The bank has been on a multiyear journey to deploy artificial intelligence, starting with a massive data cleanup project, chief information officer Brian Schaeffer says.
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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As the company bolsters artificial intelligence-powered point of sale and battles other fintechs and the card networks, getting a boost with distribution has become a major priority.
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Top banking trades have thrown their support behind the central bank's argument that it has discretion over access to its payments systems. Custodia is seeking to appeal a lower court ruling that affirmed that discretion.
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If the government forces the card giant to reduce control over security gateways, firms that sell debit processing and adjacent payment tools to banks such as FIS and Fiserv could cash in.
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State Street on Wednesday appointed a new chief financial officer.
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JPMorgan Chase's Thasunda Duckett has been named chief executive officer of consumer banking as part of one of the bank's periodic management reshufflings.
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BNY Mellon's Karen Peetz tops the 25 Most Powerful Women in Banking list; the 25 Most Powerful Women in Finance list is led by Mary Callahan Erdoes at JPMorgan Chase; and Nandita Bakhshi at Bank of the West heads the 25 Women to Watch list.
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Mortgage lenders impose steep pricing adjustments for cash-out refinancing; bankers fear massive borrower fraud in the Paycheck Protection Program; some worry the coronavirus is giving banks an excuse to spy on employees; and more from this week's most-read stories.
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Lenders that scrambled to grant forbearance as the coronavirus pandemic took hold are unsure about the extent of potential losses.
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An April survey from Clever Real Estate also found that potential home buyers and sellers have put their plans on hold.
WASHINGTON A cybersecurity information-sharing group for the financial services industry has moved forward with a plan to create an arm dedicated to combatting threats to the largest banks.
The Dallas-based bank has a growing list of legal and regulatory issues — some of them connected to its role in a U.S. government benefits program, and others not.
Upgrading its anti-money-laundering controls is the Canadian bank's top priority following historic failures that led to a $3.1 billion penalty and a U.S. asset cap.
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FedNow and RTP are only going to get better and more efficient as they become interoperable and develop new use cases. It's time to get on board.
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Making the Consumer Financial Protection Bureau's funding subject to congressional appropriations would bring some much-needed accountability to a runaway regulator.
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Increasing federal deposit insurance limits is not the answer to the banking system's woes. It would cause riskier behavior and more red tape. And it wouldn't prevent bank runs.
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Democratic senators are calling for Senate Banking Committee Chairman Tim Scott to compel the acting director of the Consumer Financial Protection Bureau to testify.
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In a new interpretive letter, the Office of the Comptroller of the Currency will allow banks to serve as middlemen for "riskless" crypto trades, extending existing brokerage authority for securities to digital assets.
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New rules means sellers and servicers will need to have plans demonstrating proper oversight of their artificial intelligence and machine learning practices.
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The discussions are expected to focus on bankers' opposition to allowing interest payments on stablecoins, along with the ability of banks to compete in the crypto space and preventing the use of cryptocurrencies to facilitate illegal activities.
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By placing the JPMD deposit token on a public blockchain, the bank hopes to sell a combination of regulatory cover with speed and transparency for large institutional transactions.
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A survey compiled by the American Financial Services Association showed deteriorating business conditions during the third quarter of this year. The outlook for subprime borrowers was particularly grim.
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As federal watchdogs step back from regulating "Buy Now, Pay Later" loans, state authorities are stepping in. This week, the attorneys general from California and several other blue states joined the fight.
The Troy, Michigan-based lender and servicer faces at least seven lawsuits over a hack in June allegedly perpetrated by a known ransomware gang.
The 23rd annual ranking of women leaders in the banking industry.
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