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Federal Reserve Gov. Lisa Cook said AI could boost productivity, but warned the transition may raise unemployment and force difficult tradeoffs between inflation and jobs.

Federal Deposit Insurance Corp. report shows margins widened and profitability remained high even as credit quality saw some wobbles from consumer and commercial loan portfolios. 

In tests, generative AI models gave different answers to questions about banks, and those answers changed as users added new prompts.

Federal Reserve Bank of Chicago President Austan Goolsbee said the central bank should focus on getting inflation to its 2% target before making any additional cuts to short-term interest rates.

Showing up for clients is still crucial, but using AI to deliver on financial goals matters more, says Altruist's CEO.

The headlong rush to apply AI to all sorts of internal systems runs the risk of damaging consumer trust in the industry. Banks should look to their history and be deliberate about how they integrate AI into their systems.

While bank and crypto lobbyists argue over yield provisions in the crypto bill, another part of the legislation could have a much bigger impact on banks' bottom lines.

The nation's largest bank said Monday that it will continue to invest in artificial intelligence, despite fears that the technology may harm lenders, and in private credit, despite concerns of cracks in asset quality.

The investors agreed to buy 499 million shares of Citi's Mexican retail unit for around $2.5 billion. The sale was at a small premium to the initial stake the megabank sold to Mexican billionaire Fernando Chico Pardo last year. 

Credit One Bank agreed to a $10.2 million settlement after almost five years of litigation with a group of California district attorneys. The suit alleged that the bank's vendors made harassing phone calls to borrowers.

The platforms, where bets are placed on everything from U.K. soccer teams to the price of bitcoin, are getting traction from investors and attention from regulators.

Hackers used stolen credentials to access the French FICOBA database, exposing names and account numbers but failing to access funds directly.

Social Security numbers, business addresses and other sensitive information were exposed. The company has fixed the error and refunded the victims.

The CFPB is in an existential legal brawl against it's own acting director, Russell Vought, and President Donald Trump, whose confirmed goal is to kill the agency.

Critics say more regs for BNPL are overkill, but proponents hope the state rule will be a framework for other states.