In Monday's "Washington People" column on page 3 , the item on a lawyer's tongue-in-cheek assessment of the writing in new Federal Reserve rules went beyond his actual remarks. The lawyer, H. Rodgin Cohen of Sullivan & Cromwell, said the rules would not comply with the Securities and Exchange Commission's "plain English" requirement, but he did not say that federal banking regulators should be sent back to English class.
Threat group ShinyHunters claimed responsibility for the attack, which reportedly targeted third-party platforms rather than Betterment's own systems.
Artificial intelligence developments are stoking investor fears about software companies. Banks' limited exposure to the sector and general stability is proving attractive to investors.
Prosperity Bancshares finalizes the second of three acquisitions it's announced since July; Sumitomo Mitsui Banking Corporation appoints a new chief information security officer for its American operations; Huntington Bancshares, Third Coast Bancshares and Heritage Financial completed acquisitions; and more in this week's banking news roundup.
Fintech and crypto groups said in comment letters to the Federal Reserve that the proposed "skinny" master account is too limited and could keep firms dependent on banks. Banking groups asked for more time to comment.
Federal Reserve Vice Chair Philip Jefferson said in a speech Friday that long-term productivity gains brought on by artificial intelligence could compel the central bank to maintain higher rates to keep prices stable.
While the e-commerce giant has deemphasized the technology, banks and payment firms are testing the biometric option.
