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The Federal Deposit Insurance Corp's decision to scrap Biden-era rules restricting industrial banks raises hopes for firms seeking to establish ILCs, but that doesn't mean the entry of the largest retailers and tech firms — whose entry to the industry banks most fear — is imminent.
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The Pittsburgh bank is working with the cryptocurrency platform to let PNC customers buy, sell and hold cryptocurrencies.
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Sam Altman, the founder and CEO of OpenAI, said the rapidly growing capabilities of AI are rendering many of banks' fraud prevention measures useless and warned of an "impending fraud crisis" if banks don't update their processes.
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The Evansville, Indiana-based bank has hired Tim Burke to oversee commercial and community banking, along with wealth, credit and marketing.
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After edging past Wall Street's estimates, the Cleveland-based bank expressed higher hopes for its loan book as well as the macro environment.
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The bank is reportedly considering allowing bitcoin and ethereum to back loans. Volatility in digital assets would make it a difficult market, according to payment experts.
