More than 200 employees are exiting the National Credit Union Administration as the credit union regulator pursues its Trump-era mandate to shrink government and slash operating costs.

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.

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.

"There were four layers between me and the senior managers of the products and like 14 layers across the organization, which is too much for an organization that needs to be agile," David Velez said.

The bank's LLM Suite, a portal through which all employees can use popular large language models, is American Banker's Innovation of the Year in the Generative AI category.

Bond yields are shooting up for the second time in as many months. Federal Reserve Gov. Christopher Waller attributes the volatility to concerns about rising national debt levels.