The arrival of James Gorman as the new CEO of Morgan Stanley has led to several executive moves. The institution has given Thomas Nides, chief administrative officer, more technology and operations responsibility. Jim Rosenthal, who had been head of technology and operations, will be COO of Morgan Stanley Smith Barney and head of corporate strategy. The Payments Processing Information Sharing Council has appointed vocal council advocate and Heartland Payments Systems chair Bob Carr as committee chair. Other members include Rick Van Luvender, director of InfoSec Incidence Response, who was named vice chair. Fiserv vp of industry relations Stuart Williams was elected vice chairman of NACHA's council for electronic billing and payments. Jim Fitzpatrick is Experian's new CIO, joining Experian from Integnology, where he was COO. Algorithmic trading tech firm Progress Software has named John Bates CTO.
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The Drug Enforcement Administration's early moves to reschedule cannabis could spur some banks to get interested in the market, but experts say without a legislative fix the fundamental risks to taking on cannabis clients will remain.
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Gary Farro's testimony focused on both the banking activity of Michael Cohen, a former Trump attorney who paid $130,000 to an adult film actress in 2016, and First Republic Bank's due diligence work.
May 5 -
The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
May 3 -
A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
May 3