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CEOs of payments companies and fintechs such as Block and Bolt have pointed to AI as a driving force behind layoffs at their organizations. But Tania Babina, an associate professor of finance at the University of Maryland's Smith School of Business, says there is no systematic evidence that AI is taking jobs.

Federal Reserve Vice Chair for Supervision Michelle Bowman said Thursday morning that the central bank recently finalized a new organizational structure for its supervision and regulation division.

The largest U.S. bank by assets named two co-presidents as part of its latest executive management changes. Marianne Lake, who was widely viewed as a contender to succeed CEO Jamie Dimon, will retire from the company.

The Bureau of Economic Analysis' personal consumption expenditures inflation report for May showed that inflation had risen 4.1%, meeting elevated expectations and casting further doubt on the prospects of near-term interest rate cuts from the Federal Reserve.

Despite claims to the contrary, the national bank charter is not only alive and well, but is being aggressively defended by an Office of the Comptroller of the Currency that seems hostile toward state-level regulation.

The company, formerly known as LendingClub, moved from NYSE to Nasdaq as it officially launched its new name as a full-fledged digital bank.

Critics of the OCC's broad preemption stance say the OCC is resurrecting an approach Congress curtailed after the financial crisis, setting up another Supreme Court test over the balance between federal banking powers and state consumer protections.

There's broad support for the effort to reduce costs and processes, but the Appraisal Institute warns about reducing property valuation quality control checks.

Keweenaw Financial plans to acquire neighboring Range Financial in a transaction that would create an institution with nearly $1.7 billion of assets.

In 2024, a Honduras-born man who was buying a motorcycle was turned down for a loan. Two years later, Truist Financial is facing a discrimination lawsuit — and the plaintiff's lawyer says many lenders are vulnerable to the same accusations.

The nation's largest banks saw their aggregate capital levels decline the least since the stress testing regime was reformed in 2020. Even so, the Fed will keep stress capital buffers unchanged as it weighs structural changes to its annual capital test.

The Atlanta-based parent company of Ameris Bank plans to open a commercial banking office in Tennessee's largest city by the end of the year, as part of its organic growth strategy.

The head of client segments in Morgan Stanley's wealth division acknowledges AI could one day be the primary source of financial advice for mass affluent clients. Morgan Stanley advisors working with wealthier investors will have to up their games.

The Senate Banking Committee is slated to consider Christopher Phelan to be the chair of the Council of Economic Advisers on Thursday. Phelan has said in past academic papers that fractional reserve banking is "highly problematic."

The Omaha bank says AI agents halve the time required to research fraud, sanctions violations and money-laundering alerts.