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Financial institutions increasingly depend on large tech companies such as Google and Apple for infrastructure, said the group that runs the World Economic Forum, stopping well short of recommending regulatory changes.
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Almost 15 months after its announcement, Capital One Financial Corp.'s takeover of Discover Financial Services was officially completed on Sunday, creating the largest credit-card issuer by loan volume in the US.
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The payment company's restructured Genius point of sale system is designed to cover all types of merchants to keep them away from other processors and fintechs.
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Legacy payment systems won't cut it as autonomous software agents begin transacting and collaborating at scale. New payment rails that take advantage of blockchain technology will be vital in the future.
The bank is taking a concept that has worked for years in the credit card world — artificial-intelligence-based fraud detection — and applying it to corporate customers' transactions.
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The personal finance management tool will allow members to combine accounts from other institutions and track spending.
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Digit, Chime and Pluto are among those said to be stepping into a void left by the banking industry. But designing helpful enough, yet flexible enough, financial safeguards for consumers is easier said than done.
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From partnerships with law enforcement to Toys for Tots drives, here's how credit unions are making the holiday season special for those in need.
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The Consumer Financial Protection Bureau argues borrowers in the case had a right to answers even if the inquiries were origination related and foreclosure litigation was pending.
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The core function of the Federal Home Loan Bank System — advances to member institutions — plummeted 20% last year to $350 billion, its lowest level in 15 years. That erosion of purpose is emboldening critics, who say the Home Loan banks need to change or face irrelevance.
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The agency is conducting its first price review for Fannie Mae and Freddie Mac products since 2015 to make sure they are generating viable returns. The acting director said that is just one of many questions that must be answered before the enterprises can be privatized.
Average Americans are souring on their own financial health, according to a New York Fed survey. That includes their ability to pay off their debts.
The Office of the Comptroller of the Currency's recent bulletin warning banks that past debanking actions could affect supervisory reviews is the latest effort to put the president's executive order on debanking into action. But industry sources say the order itself forces banks to choose between pleasing their regulators and taking on unwanted risk.
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Recent Supreme Court decisions reducing the ability of regulatory agencies to interpret the meaning of federal laws make it likely that supervisory decisions based on assessments of banks' safety and soundness will face court challenges.
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The Federal Reserve's independence in setting monetary policy is critical to global confidence in U.S. markets and the dollar's status as reserve currency of choice. Making those functions constitutionally separate from the executive branch is the best way to ensure that independence.
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As more women generate and steward great wealth, they must also strive to develop and maintain financial wellness. The wealth management industry has a vital role to play in helping dynamic women on their journey.
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TD Bank has said it's completed "the majority" of the action items for its U.S. compliance remediation.
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The U.K. conducted simulated cybersecurity attacks on its banks' live systems and found they lack basic patching and identity controls.
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Comptroller of the Currency Jonathan Gould said in a letter to Sen. Elizabeth Warren, D-Mass., that the OCC "intends to act consistent with this duty rather than your demand."
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Trump, during his return from Davos, signaled reluctance to allow 401(k) withdrawals for home down payments, but other tax-advantaged options remain on table.
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The Boston bank, which has been targeted by an activist investor over its M&A strategy, isn't pursuing deals, CEO Denis Sheahan said Friday. Instead, the company is focused on organic growth and share buybacks.
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Goldman Sachs makes leadership changes across its global credit business; JPMorganChase names Simon Dale global head of the credit portfolio group lending; Citi hires Anand Govind as a managing director on its technology investment banking team; and more in this week's banking news roundup.
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The bank's AI-based virtual assistant, which began development 10 years ago, is now used by 42 million customers and more than 200,000 employees. It does everything from sending wire transfers to unlocking corporate phones.
The regional bank recorded $130 million of legal charges during the fourth quarter in connection with the resolution of a legal battle involving overdraft fees. Its earnings also took a hit from $63 million in employee severance costs.
The 23rd annual ranking of women leaders in the banking industry.
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