Preferred Bank moved a $115 million block of loans to nonaccrual status after the borrower, which is battling fraud charges leveled by other banks, began missing payments.
The self-regulatory body says working with data aggregators increases risk of cyber fraud, unauthorized transactions and identity theft. But aggregators say other links in the information chain are more vulnerable.
-
The credit score provider has developed "focused" language artificial intelligence models purpose-built for tasks like detecting payment fraud, assessing risk and recommending next best actions.
-
Students are collaborating with credit specialists at the lending platform to build agentic AI models for small business lending and for helping small business owners manage their finances.
-
The company is selling its Genius platform to large restaurant and entertainment companies in an attempt to counter the wave of improvements from its rivals.
Top tech news in November: The Office of the Comptroller of the Currency's appointee to the Office of Financial Technology comes into question, Mint's closure presents opportunities for banks, bank and fintech leaders look toward generative artificial intelligence for innovation and more.
-
At the brokerage and wealth management arm of Ally Financial, Bell leads the team responsible for shaping the insight on investing and the global markets that is shared with customers.
-
Ta is aiming to reduce turnover at Wells Fargo Advisors by revamping the succession planning program.
-
The company will start to offer insurance planning and risk management services as part of its purchase of Strategic Wealth Group in Valdosta, Ga.
-
The hike was driven by modest home price gains this year, following a larger conforming loan limit boost in 2022 in reaction to then-double-digit home price growth.
-
Stress tests suggest systemically important depositories could weather current risks. Meanwhile, single-family arrears remain low, but that business could be impacted.
-
Even if the 30-year fixed were to slip further to 6.4%, it is not enough to end the seller's strike, economists said.
S&T Bancorp is shuffling its board structure as Chairwoman Christine Toretti plans her departure; Philip Bohi is named general counsel of the American Financial Services Association; Coastal Community Bank appoints Brandon Soto as its new chief financial officer; and more in this week's banking news roundup.
Treasury Secretary Bessent said FSOC is readjusting its approach to avoid stifling growth in moves with implications for capital, technology and mortgages.
-
A robust consumer protection regime ensures that consumers will rely on the stability and reliability of traditional banks by pushing capital away from volatile and speculative markets.
-
As the user experience becomes fundamentally more digital, the separation of banking and commerce washes out. It all starts to look like data processing.
-
An administration willing to rethink longstanding regulatory norms could implement targeted reforms that unlock the potential for increased investment, innovation and job creation across the country.
-
Dennis Devine joins the San Francisco-based banking giant after a stint at Chicago-based Alliant Credit Union, which grew rapidly during his four years at the helm.
-
Federal Reserve Gov. Lisa Cook said AI could boost productivity, but warned the transition may raise unemployment and force difficult tradeoffs between inflation and jobs.
-
Federal Deposit Insurance Corp. report shows margins widened and profitability remained high even as credit quality saw some wobbles from consumer and commercial loan portfolios.
-
In tests, generative AI models gave different answers to questions about banks, and those answers changed as users added new prompts.
-
Federal Reserve Bank of Chicago President Austan Goolsbee said the central bank should focus on getting inflation to its 2% target before making any additional cuts to short-term interest rates.
-
While bank and crypto lobbyists argue over yield provisions in the crypto bill, another part of the legislation could have a much bigger impact on banks' bottom lines.
- Daily BriefingDelivered Every WeekdayIdeas that impact your business delivered to your inbox every day.
- TechnologyWednesday, ThursdayThe latest industry developments from digital banking to cybersecurity to AI.
- PaymentsDelivered Every WeekdayAn early-morning roundup of important headlines from the past 24 hours.
- Best of the WeekFridayThe most important and widely read stories from the previous week.
Credit One Bank agreed to a $10.2 million settlement after almost five years of litigation with a group of California district attorneys. The suit alleged that the bank's vendors made harassing phone calls to borrowers.
The platforms, where bets are placed on everything from U.K. soccer teams to the price of bitcoin, are getting traction from investors and attention from regulators.
The 23rd annual ranking of women leaders in the banking industry.
- Partner Insights from Akoya
- Sponsored by S&P Global
- Sponsored by S&P Global
-
Partner Insights from Oracle America -
Partner Insights from Oracle America
