The Latest

The Federal Reserve released additional information about its periodic review of its monetary policy strategy, tools and communications framework; TD Bank Group announced Michelle Myers will succeed Anita O'Dell as global chief auditor; Provident Financial Services will expand its commercial lending team; and more in this week's banking news roundup.

The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.

A punitive tax on payments sent overseas to the families of immigrants would have a cascading set of consequences — all of them bad.

The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.

The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.

The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.

The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.

Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.

Analysts say lenders' shares could rally on deregulation, lighter tax burdens and a resurgence of M&A. Declining interest rates and lower loan losses could further bolster bottom lines and attract investor interest.

The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.