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The world's biggest banks have slowly begun experimenting more with artificial intelligence in recent months, spurred by the promise that it will help them boost staffers' productivity and cut costs.

The BSBY interest rate benchmark was originally envisioned as a successor to the once-ubiquitous Libor rate. But it failed to gain much traction, and Bloomberg now plans to shut it down next year.

The Champaign, Illinois-based company said it would pay $41.6 million to acquire Merchants and Manufacturers Bank Corp., which has five branches in the Greater Chicago area.

Stress tests suggest systemically important depositories could weather current risks. Meanwhile, single-family arrears remain low, but that business could be impacted.

Cybercrime-as-a-service tools are using generative artificial intelligence in new ways to crack payment card security, according to a report from Arkose Labs.

The move by the company's new CEO is designed to promote greater network effects and benefits for paying members. Bank CEOs say the network helps smaller banks compete.

Purchases by banks, airlines, industrial heavyweights and other businesses fell for the first time last year, according to Bloomberg Green's analysis of data in three public registries covering more than 260,000 transactions since 2010. Yet corporate buyers increased purchases of offsets derived from a particularly controversial source — wind, hydro and solar projects.

Sumitomo Mitsui Financial Group's Chief Executive Officer Jun Ohta, who pursued an aggressive expansion abroad during his four years at the helm of Japan's second-largest bank, has died. He was 65. 

The Consumer Financial Protection Bureau wants to limit law enforcement access to a tool that has proven vital in many criminal investigations.

Arthur J. Gallagher & Co. has been a prolific acquirer, purchasing the insurance brokerages from multiple banks over the last year. Its management has indicated it has another $3.5 billion that it can use for more deals.

An investigation uncovered the fact that Prashant Bhardwaj, whom the Office of the Comptroller of the Currency hired to be Deputy Comptroller and Chief Financial Technology Officer in March, had a resume full of lies.

In Canada and the U.K., borrowers can take mortgages with them from home to home. Some say this feature could unlock the U.S. housing market, but others say it would be more trouble than it's worth.

Capping interest rates may be popular with consumers, and ultimately voters, but doing so would actually hurt those advocates are trying to help.

A national interest rate cap of 36% would protect consumers from predatory practices that exploit their desperation and would level the playing field with responsible lenders who offer fair and transparent products.

Young adults exiting the foster care system often lack the documents and relationships they need to engage with financial products early on. Some advocates, including many in the Texas Legislature, are working to change that.