PayThink 2018 Direct Page

Payments greater than $1 million are favored among the Charlotte-based bank's corporate clients; the U.K.'s Financial Conduct Authority taps NVIDIA for AI testing and more in this week's global payments roundup.

The House Financial Services Committee passed a crypto oversight bill in a 32-19 vote, as well as several other bills bankers support, including one to curtail abusive trigger leads in mortgage lending, in a lengthy markup.

Dr. David A. Wood is passionate about understanding new technologies and implementing them into the curriculum of Brigham Young University, where he works as the Glenn D. Ardis professor of accounting. He has published over 200 articles in a combination of respected academic and practitioner journals, monographs, books, and cases, including a recently released book on AI titled, "Rewiring your Mind for AI: How to Think, Work, and Thrive in the Age of Intelligence". He has helped companies and organizations around the world learn about and implement GenAI and other tech topics. He was previously named by Accounting Today as one of the 100 most influential people in accounting. He is a cocreator of a free generative AI governance framework (see http://genai.global/), and of two companies related to GenAI training and reviewing Excel workpapers (http://skillabyte.com/ and https://hiddenhawkai.com/).

The Treasury secretary is being touted to lead the central bank after President Donald Trump said he would name Jerome Powell's successor "very soon." Powell's term as Fed chair ends in May 2026.

Dr. Becca Baaske is an Assistant Professor of Accounting in the Sykes College of Business at the University of Tampa. She brings practical experience from both public accounting, having worked as an auditor at PwC Chicago, and corporate accounting, where she served as staff at the former John Marshall Law School. Her research primarily contributes to the auditing and accounting information systems (AIS) judgment and decision-making literature, with a focus on experimental methodology. Specifically, much of her work examines how auditors may overlook risks or audit issues due to insufficient skill sets related to data or limitations in skeptical cognitive processing. Additionally, she contributes to the accounting education literature, exploring topics such as motivation, learning, and initiatives aimed at strengthening the accounting pipeline. She has published in academic journals such as Auditing: A Journal of Practice & Theory, Journal of Information Systems, and Accounting Horizons. 

The government measure of inflation for May ticked up modestly, adding to the signals that the Federal Reserve is unlikely to move on interest rates when it meets next month.

The HUMPS Act, pending in Congress, would take necessary steps to begin putting some guardrails around regulators' assessment of the quality of banks' "management."

The Trump administration's plan to fire 90% of the staff at the Consumer Financial Protection Bureau has raised constitutional questions about whether courts can decide whether a president is taking "care that the Laws be faithfully executed."

The JPMorgan Chase CEO also sounded off on regulatory requirements, expressing optimism that capital rules will be scaled back.

Shelia Bair, who chaired the Federal Deposit Insurance Corp. from 2006 to 2011, said that while post-crisis reforms may have overregulated banks, the current deregulatory swing could undermine important protections and lead to another banking crisis.