Compliance

The revelation that Mythos, the latest version of Anthropic's Claude large language model, can unearth unknown vulnerabilities in computer systems and websites is a crisis moment, especially for community banks.

Federal Reserve Gov. Lisa Cook said Friday that she believes tokenization could improve efficiency across the financial system, including faster settlement times and more effective recordkeeping. But those advantages will take place within traditional finance rather than supplanting it, she said.

Plaintiffs say Team 313 stole Social Security numbers and IDs. Chime says no data left its systems. None of the suits has its own evidence.

The case exposes a systemic risk for banks: incident-response and ransomware-negotiation firms receive sensitive breach details that a corrupted insider can sell back to the attackers.

The president's son has seemingly cut ties with the digital asset fintech ALT5 Sigma, whose shares lost 90% of their value after purchasing the tokens.

New York extracted $5 million and a broker registration from Uphold over its promotion of CredEarn, a yield product whose issuer collapsed in 2020.

Banks have publicly said they're on top of the risk presented by Anthropic's Claude Mythos, which can find and exploit software vulnerabilities at unprecedented speed. Experts aren't as sure.

Plaintiffs allege the banks failed to safeguard names, Social Security numbers and account data after a breach at a vendor neither bank has named.

While stablecoins aren't widely used for payments, banks still have a role to play in leading the market.