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Interacting with ChatGPT is like hanging out with the best-informed, brainiest acquaintance you've ever had. Surprisingly, it's that characteristic that makes it a boon to the banking industry.

The Inclusiv Network and the National Association of Latino Credit Unions and Professionals opened the Juntos Avanzamos-NLCUP regional chapter in California last month. It's the first part of a campaign to address financial inclusion on a local level.

Further interest-rate hikes by the Federal Reserve will force Bank of America to continue repricing deposits, which fell 6.5% in the fourth quarter compared with a year earlier, executives said.

JPMorgan Chase, Wells Fargo and the Bank of New York Mellon all announced plans to restart or increase their buybacks this year after a sharp drop-off in 2022. Bank of America's CEO also said the company is "back in the game."

Robin Vince, who took the helm in September, said the world's largest custody bank has delivered disappointing results over the past decade, including in 2022, when he said it failed to control costs effectively.

Three-quarters of bank financial officers said they would very likely turn to Federal Home Loan bank advances to boost falling reserve balances. The top priority was to meet liquidity requirements set in stress tests.

For the fourth straight quarter, the nation's largest bank boosted its loan-loss reserves, this time setting aside $1.4 billion to cover potentially souring loans. Other big banks made similar moves as the industry braces for a potential recession.

Treasury Secretary Janet Yellen said the department will begin taking special accounting maneuvers on Jan. 19 to avoid breaching the U.S. debt limit, urging lawmakers to boost the ceiling to avert a devastating payments default.

The banking industry pushed Congress to pass the Fair Hiring in Banking Act as part of last year's defense spending bill. But while banks and some public interest groups hailed the move, others say it doesn't go far enough.

Community banks and credit unions have pooled their resources and ideas to develop a bilingual challenger bank, banking-as-a-service playbook, cheaper alternative to Zelle and other innovations.