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The new rules also expand the use of "proven protections," such as multifactor authentication, according to Adrienne Harris, superintendent of the New York State Department of Financial Services.
November 7
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Michael Hsu is voicing concerns about the increasing disintermediation of accountability for banking services as more banks collaborate with nonbank entities. In an interview, he also addresses industry concerns about the Basel endgame proposal and notes banks' growing interest in tokenizing real-world assets.
November 7
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Meta, Apple, Alphabet and other companies that offer digital wallets and payment apps would fall under U.S. Consumer Financial Protection Bureau supervision under a newly proposed rule aimed at treating nonbanks more like traditional counterparts.
November 7
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As banks increasingly explore the applications of generative artificial intelligence, regulators are deliberating about the systemic risks that the technology may pose because of their unpredictability, the potential for herd behavior, replication of human biases and AI's inability to predict extreme scenarios.
November 7
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Rep. Andy Barr, R-Ky., said that international cooperation in the Basel III endgame proposal is latest iteration of an opaque standard-setting process.
November 7
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A.E.A. Federal Credit Union in Yuma said it would acquire West Valley National Bank in a bid to expand into Phoenix and Las Vegas.
November 7
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A sweeping class-action suit in Miami federal court by investors who claim they lost billions in the collapse of FTX and seek to pin blame not just on Bankman-Fried and his inner circle, but also on celebrities who were paid to endorse it to the masses, as well as bankers, accountants and lawyers who propped up the empire's legitimacy.
November 7
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The agency said its investigation did not find that Rose had breached data protection law when she discussed the closing of a politician's bank account with a reporter, and said it regretted giving the impression that she had.
November 7
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After three decades of relying on large retailers like Macy's to promote its private-label credit services, the bank is taking its point-of-sale financing to smaller merchants via platforms like Shopify.
November 7
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His lawyers characterize him as a math nerd and not a criminal, but the mountain of evidence presented during his trial makes it hard to see him as innocent.
November 7
American Banker
