Regulation

A settlement with 46 states resolves allegations that Block's Cash App engaged in deceptive marketing and failed to maintain legally mandated fraud protections. The deal also requires Block to honor an agreement with the Consumer Financial Protection Bureau made in the final days of the Biden administration.

Researchers at the Federal Reserve Bank of New York analyzed more than 3,000 historical bank runs and found that weak financial fundamentals — rather than pure depositor panic — determine whether a bank run translates into a bank failure or broader financial crisis. 

The order covers the European units of JPMorganChase, Goldman, Citi and Morgan Stanley, and previews what U.S. regulators may eventually demand.

The proposal calls for banks to make their compliance programs "risk-based" and pledges to emphasize "systemic" flaws with anti-money-laundering programs rather than "isolated" shortcomings.

Federal Reserve Vice Chair for Supervision Michelle Bowman said in a speech Tuesday morning that she is working with other regulators around the world to emphasize innovation in the banking sector, including with artificial intelligence.

Oklahoma's Bank7 may acquire New Mexico's Century Bank by the end of the year. The reason: A wealthy Century shareholder is being forced to sell his shares to satisfy a $40 million debt.

Federal Reserve Board Gov. Christopher Waller says he is OK with dialing down the amount of communication issued by the central bank's monetary policy committee, but doesn't want the central bank to throw out the baby with the bathwater.

Now that the code underlying payment systems can be rewritten faster than its reliability can be checked, banks and payments processors need to adopt new methods of verifying that changes are safe and stable.

A tour of the technology that banking has run on, dating back to Franklin's anti-counterfeit measures and the bank-note bulletin that preceded American Banker.