The House Financial Services Committee discussed allowing banks to experiment with artificial intelligence with a waiver from regulatory penalties, including consumer protection laws, in a hearing.
Online lenders' struggle with fraud is driving them to join new networks designed to find links between fraudulent loan applications and signs of borrowers trying to obtain multiple loans simultaneously.
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The U.S. card brands plan to acquire European firms for security and subscription payments, while Bank of America seeks new markets for its virtual B2B business and JPMorgan Chase's blockchain unit gains ground.
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The state's ill-conceived law banning interchange fees on sales tax and gratuities will be burdensome and expensive to implement and could portend a patchwork of state-level copycat legislation that would balkanize the payments system.
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The payment protocol, years in the making, includes more information for transactions, aiding real-time processing, international commerce, risk management and overall accuracy. But it also requires a lot of work.
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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The Center For Financial Services Innovation has released a framework it says is designed to spur safe data sharing between banks, fintechs and third-party data aggregators.
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TD Ameritrade and its largest stakeholder, Toronto-Dominion Bank, agreed to buy Scottrade Financial for $4 billion, combining two of the largest online brokerages while expanding the U.S. operations of Canada's second-largest lender.
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Bank of New York Mellon's ability to bring in new business for its massive custody business propelled its quarterly profit.
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The agency's announcement came one day after the agency said it would provide borrowers struggling to stay current with an additional payment deferral option.
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U.S. Bancorp, Wells Fargo, WSFS and others were already deeply engaged in digital transformations before the coronavirus crisis led them to pivot — quickly.
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![“A growing concern for many [homeowners] is the notion that they would have to make a balloon payment at the end of the mortgage forbearance,” said CFPB Director Kathy Kraninger.](https://arizent.brightspotcdn.com/dims4/default/21bc754/2147483647/strip/true/crop/5000x2813+0+260/resize/1280x720!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F1e%2F1a%2Fa2ee24e14f76810e720c3b08aee8%2Fkraninger-kathy-bl-031020.jpg)
The joint site describes potential strategies for both homeowners and renters economically affected by COVID-19.
![“A growing concern for many [homeowners] is the notion that they would have to make a balloon payment at the end of the mortgage forbearance,” said CFPB Director Kathy Kraninger.](https://arizent.brightspotcdn.com/dims4/default/d17cefd/2147483647/strip/true/crop/5000x2813+0+260/resize/1440x810!/format/webp/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F1e%2F1a%2Fa2ee24e14f76810e720c3b08aee8%2Fkraninger-kathy-bl-031020.jpg)
The bank has hired an advisory firm to assess a potential sale, a capital raise or a strategic partnership after a prior merger fell through.
Andrew Blassie, a former executive at Illinois-based Bank of O'Fallon, pleaded guilty to inflating bank accounts, defrauding retirees and abusing insider access, according to the Federal Deposit Insurance Corp. Office of the Inspector General.
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The promises made by supporters of the Credit Card Competition Act don't account for all of the ways in which it could actually increase the cost of doing business.
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The Fed's meteoric increase in the federal funds rate over the last 18 months has left banks holding billions in unproductive investment securities. Helping them would be good for the economy.
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If the industry keeps consolidating at its current rate, there will be roughly 500 banks in 20 years. That will likely mean the loss of competition and choice for customers in some markets.
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The bank is increasing monthly and transaction fees on a business checking account for the first time since 2017.
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In oral arguments held Monday morning, a majority of Supreme Court justices seemed poised to overrule a 90-year-old precedent validating multimember independent commissions, but it remains uncertain what limits — if any — the court may impose on the president's removal powers.
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The all-stock acquisition of Mountain Commerce Bancorp in Knoxville marks the Arkansas-based company's first M&A foray since 2022.
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JPMorganChase hired Berkshire Hathaway's Todd Combs for a broad role that includes advising Chief Executive Officer Jamie Dimon
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The National Defense Authorization Act will be voted on by the House without the housing package that passed through the Senate Banking Committee unanimously.
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The Consumer Financial Protection Bureau's acting Director Russell Vought has an obligation to request funding for the agency, five former Federal Reserve officials said. Plus, three nonprofits sue Vought and the CFPB.
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After Citizens CEO Bruce Van Saun announced a company-wide AI makeover, Chief Information Officer Michael Ruttledge told American Banker about what's happening under the hood.
The Consumer Financial Protection Bureau and its union filed legal briefs Friday after a district court judge asked if a preliminary injunction aimed at preventing a mass layoff is still in effect.
The 23rd annual ranking of women leaders in the banking industry.
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