Investment

Chief executives from across the business world are set to join President Biden for a discussion Wednesday on how industry and the federal government can partner to improve cybersecurity in the face of debilitating ransomware and cyberattacks.

Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.

Finance that relies on smartphones and smart contracts can lower costs for banking services and promote financial inclusion, proponents say. But a look at who is using the technology tells a different story.

Inventors at Bank of America kept originating ideas, leading to a record-setting first half of the year, even while continuing to work from home.

CEO Thomas Cangemi is pushing to modernize a bank that for decades was focused largely on multifamily lending. The company has already agreed to buy the mortgage lender Flagstar Bancorp and its partnership with Figure Technologies, a blockchain-focused fintech, has the potential to make that acquisition more productive.

The Los Angeles credit union started out by creating a self-service bot it named Royce. CEO David Tuyo discusses Royce's contributions and other ways artificial intelligence is improving efficiency.

The incident, which may have exposed customers’ account information to other customers, was caused by a technical glitch, the company wrote in a notice posted on a state attorney general's website.

The size of the financial commitments was not disclosed, but they add to a $425 million fundraising round that the data aggregator announced earlier this year.

New York Community Bancorp says it will invest in Figure Technologies, which has developed an open source distributed ledger. The bank plans to use the technology to cut costs in mortgages and payments and promote financial inclusion.

Online attacks on travel and other nonfinancial industries grew at a much faster rate in the second quarter than those on financial services companies. Yet hackers pose considerable risk to banks and credit unions, especially in payments.