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Some of the world's largest banks found that digital dollars could be an effective way to improve domestic and cross-border payments, according to a unit of the Federal Reserve Bank of New York.

The Securities and Exchange Commission plans to hold a meeting next week to finalize the changes, which are meant to prevent the kind of outflows that occurred in March 2020 when the onset of the pandemic roiled markets.

A resilient U.S. economy, lingering inflation and comments from the Federal Reserve contributed to a 10-basis-point hike in the 30-year fixed rate, Freddie Mac said.

The Consumer Financial Protection Bureau wants to wipe out $9 billion a year in consumer costs by cutting credit card late fees to just $8. But consumer complaints about late fees remain low, and experts say that's because many first-time late fees are forgiven.

The company directed its bilingual team to steer customers away from products with no closing costs toward "predatory lending options" without disclosing the costs, in part by refusing to provide Spanish-language written materials, according to a lawsuit filed by current and former members of the company's bilingual mortgage sales team.

Lloyds Banking Group, Natwest Group, Bank of Scotland and others will use the artificial intelligence tool in preparation for new rules that will require them to compensate customers affected by "authorized push payment" scams.

The company's longtime chief executive, Mark Tryniski, plans to retire at the close of 2023. Dimitar Karaivanov, the current chief operating officer, will succeed him.

The top three fintech investors in the ranking have 42 combined VC investments at the end of Q1 2023.

AI and machine learning are the future of banking and financial services. Regulators and policymakers need to keep the pace.

(Private equity firm GTCR LLC agreed to buy a majority stake in Worldpay, the merchant-acquiring business of Fidelity National Information Services Inc., in a deal valuing the target at $18.5 billion.