Technology

President Joe Biden's executive order tackling artificial intelligence could reprioritize the Consumer Financial Protection Bureau's work in fair lending on artificial intelligence algorithms.

The neobank is also benefiting from its product diversity.

In October's roundup of top banking news: Navy Federal's contract with the Department of Defense remains in limbo, check fraud takes a bite out of Regions Financial's third-quarter earnings, a Community Reinvestment Act rule gets finalized and more.

By purchasing the merchant acquirer Atlantic-Pacific Processing Systems, the fintech Stax has rounded out its offerings in a way that echoes the structure of larger payment companies.

Bankers show a lot of interest in advanced AI, as well as a daunting list of challenges, according to American Banker's innovation readiness survey.

Large language models were a big part of the discussion during the company's earnings call on Thursday.

CEO Scott Sanborn said it's unclear when demand from banks to buy the fintech's loans will return.

The Financial Conduct Authority has assembled a team of over 500 technologists as it weighs whether to adopt generative artificial intelligence to help examiners collect and synthesize data on billions of card transactions as part of its monitoring of the U.K.'s top banks.

In the company's third-quarter earnings call, Krishna emphasized new and existing AI models banks and others could use to help developers, customer service people and workers in general become more efficient.

Javice, accused of defrauding JPMorgan Chase in its $175 million acquisition of her college-loan-planning site, says the bank was not sticking to a court order requiring it to pay for her legal defense.