Technology

First Busey closes acquisition of Merchants and Manufacturers Bank; Stax co-founders launch a new credit-scoring tool; UMB's marketing chief takes on consumer banking; and more in the weekly banking news roundup.

The Federal Reserve issued an enforcement action against Mode Eleven Bancorp, the holding company for Summit National Bank, which engages in banking as a service.

A new, free leaderboard created and continuously updated by the Kensho team at S&P Global gives people in the financial industry a sense of which generative AI models work best for specific use cases.

The CFPB should change its proposal and allow fintechs and other financial services companies the same freedom to innovate that entrenched large banks already enjoy.

TD moved its automated trading service to the cloud, in the hopes of new levels of efficiency and computational power.

Weekend direct deposit would benefit workers, consumers and businesses. The Federal Reserve itself said it was in favor of such an expansion nearly a decade ago. There is no better time than now.

Despite advancements in AI for transaction monitoring, financial institutions share little in the way of fraud data, undermining efforts to combat crimes including check fraud.

The steady drumbeat of consent orders against banks that offer banking as a service continues, with regulators telling banks to keep a closer eye on their fintech partners' compliance with the Bank Secrecy Act and money laundering rules.

The proposed data sharing rules could create opportunities for forward-thinking financial institutions to better serve their customers and meet ever-growing expectations for digital finance.

There are lingering questions related to the agency's 1033 proposal, including how to balance access to information with fraud prevention. But financial institutions should look for ways that access to additional data could help them create better products.