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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.

Threat actors using artificial intelligence and other tools are putting a greater strain on banks' cybersecurity systems, and other institutions could be next.

Because of the Consumer Financial Protection Bureau's onerous regulation governing prepaid products, Americans who rely on them as their primary personal banking tool are being denied access to features available to users of similar products, such as checking accounts.

The multitrillion-dollar package would avert a year-end tax increase at the expense of adding to the U.S. debt burden.

The state supreme court agreed to review the ruling in favor of a group of Wall Street banks that whistleblower Edelweiss said cost the state at least $100 million.

Capital One's acquisition of Discover brings it to the top of the ranking.

Toronto-Dominion Bank set aside less money than expected for souring loans in the second quarter, despite concerns that U.S. tariffs would hamper economic growth.

The credit-card issuer, which recently closed its acquisition of Discover, hopes to become a true competitor with Visa and Mastercard. It won't happen right away, but analysts expect a large potential payoff if the multiyear push goes well.

The president said he would consult with the heads of Treasury, the Commerce Department and the Federal Housing Finance Agency he comes to a decision.

The House Financial Services Committee passed bills to expedite bank merger review, limit the use of reputational risk in bank examinations and imposing timelines for supervisory determinations.

As private credit tops $1 trillion, Fed researchers warn bank exposure to the sector could spark systemic risk if defaults spike.