Organization Root Tag

The Buffalo-based bank said Thursday that the paring of its CRE loan book, which has nearly halved in volume over the last three years, may be near its inflection point.

While borrowing activity increased from a year ago, seasonal patterns and economic concerns suggest near-term slowing, the Mortgage Bankers Association said.

The Bank of New York Mellon had 117 different AI solutions in production at the end of September, Chairman and CEO Robin Vince said. That's up 75% from the second quarter.

An internal error worth more than double the world's GDP highlights both the operational risks and the transparent, self-correcting nature of public blockchains.

Noninterest income at the Minneapolis-based company jumped more than 10% during the third quarter, while asset quality improved and expenses held steady. "Our focus is very much on organic growth," said CEO Gunjan Kedia.

Federal Reserve Gov. Stephen Miran said Thursday that the central bank's forays into examining climate change and racial justice under the prior administration politicized the Fed. He also argued that Fed officials should limit their comments on economic policies such as tariffs.

Federal Reserve Governor Michael Barr said strong oversight mechanisms and consumer protections are needed for stablecoins to make them a more viable payment instrument.

The bank technology company has released Smart Basket, which uses emerging artificial intelligence to improve transaction routing, a strategy that's quickly becoming table stakes for fintechs and financial institutions that offer payments.

The Canadian bank plans to sell the branches, which are mostly in the Midwest and Great Plains, to First Citizens Bank in North Carolina. At the same time, it plans to build 150 branches over the next five years in markets with longer-term growth prospects.

PNC CEO Bill Demchak said Wednesday that regulatory processes and enforcement actions take up half of the time that the company's board spends together. Those rules are on deck for a makeover.

Amid a surge in bank mergers, Citizens CEO Bruce Van Saun said the Providence, Rhode Island-based bank is largely focused on organic growth. "It would have to be a pretty high bar for us to go down that path," he said.

America's second-largest bank revised its net interest income target upward after what analysts called a "clean" third quarter.

Mastercard has added an "agentic cloud" to speed deployment, while Visa has issued a protocol to help AI agents communicate. That and more in American Banker's global payments and fintech roundup.

Allowing lenders to base mortgage decisions on single- or double-pull credit reporting would result in more risk to banks, and higher costs for borrowers.

The conditional approval came with residency waivers for board directors and green-lights the bank's business model, which is aimed at serving tech companies and ultra-high net worth customers in the digital asset space.

Acting Federal Deposit Insurance Corp. Chair Travis Hill said the agency will open the bidding process for failed banks to private equity and other nonbanks, streamline resolution plans and revamp its bidding and funding models, reforms spurred by 2023's bank failures.

Federal Reserve Governor Stephan Miran said the economic standoff with China could increase market volatility, further necessitating the central bank to move its policy stance to neutral.

"We actually see a little bit more strength in the nonprime [consumer]," CFO Brian Wenzel told American Banker.

The Federal Reserve's policies are pressuring banks' balance sheets. While Chairman Jerome Powell is talking about backing off quantitative tightening, he may be waiting too long.

CEO Bill Demchak said there seemed to be "some confusion," after PNC's stock fell some 4% on Wednesday.