PayThink 2018 Direct Page

A movement is afoot to transfer the job of the Federal Home Loan banks to the Federal Reserve. This would be a disaster for small lenders.

Greg Carmichael, the former CEO of Fifth Third, will join the Los Angeles bank as its executive chair. The move comes a few weeks after City National, which is a unit of Royal Bank of Canada, reported a quarterly loss.

The impact on things like servicing rights would raise costs even for lenders that aren't banks, according to Mortgage Bankers Association President and CEO Bob Broeksmit. Others disagree.

Despite an industrywide rough patch, EverBank still sees promise in the niche business line. The Jacksonville, Florida, company has hired a pair of prominent industry experts to lead a new division tasked with serving investment funds.

Carrie Tolstedt, scheduled to be sentenced Friday for her role in the company's phony-accounts scandal, has already paid for her crime and should receive three years probation, her attorneys argue in a sentencing memo. Prosecutors have recommended a year in prison.

A new model rates large banks on their efforts to develop and deploy artificial intelligence technology. 

Rep. Andy Barr, R-Ky., pressed one witness to say that bank regulators' Basel III endgame proposal, which would raise capital significantly for the largest banks, may have violated the Administrative Procedure Act.

Lee Reams Sr. is the co-founder of TaxBuzz, a vertical search engine and online community for taxpayers and tax professionals. In addition to being an expert on individual taxation and a respected speaker on tax-related topics, he has managed his own 600-plus client tax practice. He has served on numerous professional boards, including the California Tax Education Council, California State Enrolled Agent Society, and the San Fernando Valley Society of Enrolled Agents. He currently oversees a sizeable technical support forum, functioning as the tax research and answer guru for the profession's most complex tax issues.

Instead, the Canadian bank will try to ramp up its current strategy, which includes growth in commercial lending and technology upgrades, as well as streamline management. 

Executives at Citizens Financial Group and community banks such as Seattle Bank and Citizens Bank of Edmond say there are potential use cases for large language models. Yet they have concerns that impersonal service and likely errors could erode customers' faith in their financial institutions.