The life insurer Phoenix Cos. Inc. of Hartford, Conn., has restated its third-quarter earnings after receiving notice about a death claim in a runoff block of corporate-owned life insurance.
In a press release Monday, the company said the claim hurt third-quarter net income by $3.1 million after taxes; it was $34.3 million, or 30 cents a share, instead of the $37.4 million, or 32 cents a share, reported last week.
The Pennsylvania-based regional bank said it will collaborate with OpenAI to deploy artificial intelligence across its commercial banking operations. OpenAI technical teams will be onsite to build custom AI capabilities.
The Treasury Department will look at recipients of awards from the Community Development Financial Institutions Fund for "potential violations of applicable law" as the Trump administration continues its campaign against alleged abuses related to the program.
Sen. Thom Tillis, R-N.C., said on Sunday that he no longer opposes Kevin Warsh's nomination to serve as chair of the Federal Reserve following the Justice Department's announced closure of its inquiry into current Fed Chair Jerome Powell.
Banks weighing stablecoin partnerships need to know whose playbook regulators will endorse before another major crypto theft tests the question.
In order for artificial intelligence to be useful, it has to be powered by accurate information, three community-bank executives agreed at a virtual panel hosted by American Banker.
The Office of the Comptroller of the Currency issued an interim final rule Friday to clarify banks' leeway to charge interchange fees, explicitly blocking the applicability of a law passed in Illinois that would ban charging interchange fees on taxes and tips that goes into effect in July.
