Financial inclusion

Policymakers need to update banking regulations to minimize the risks posed by technology companies entering financial services, a well-known policy analyst says in a new paper.

The Financial Services Committee also announced the head of a newly created subcommittee on diversity and inclusion.

Three credit unions will receive $18,000 each and work with the Center for Financial Services Innovation to track the strength of certain products and services.

The bill would require at least one gender diverse and one racially or ethnically diverse candidate to be interviewed for Fed regional bank president vacancies.

A Financial Services subcommittee planned by Democrats to root out discrimination and expand financial inclusion could put institutions on the hot seat, but it could also foster regulatory relief.

A Financial Services subcommittee planned by Democrats to root out discrimination and expand financial inclusion could put banks on the hot seat, but it could also foster regulatory relief.

MyBucks and its New Finance Bank subsidiary have opened 4,200 digital banking accounts and provided 72 loans at a Malawi branch said to be the first of its kind in a refugee camp.

The Federal Reserve is paying close attention to how it might regulate artificial intelligence and machine learning, Fed Gov. Lael Brainard said in a speech Tuesday.

Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers.

The next downturn will come sooner rather than later, so bankers should press policymakers for several core improvements to the financial system before attitudes in Washington change.