Despite a surge in quarterly expenses in the fourth quarter and a projected uptick in the first quarter, the North Carolina company is standing by its expense guidance for 2024.

Fourth-quarter net income at the Buffalo, New York, bank fell 37% because of higher funding costs and a special deposit insurance assessment. But lower interest rates and a stronger economy are expected to strengthen profits this year and into 2025, its CFO says.

A sharp increase in credit card account write-offs, a slowdown in consumer spending and heavy compliance costs triggered a 62% decline in fourth-quarter earnings.

Gary Gensler, chair of the Securities and Exchange Commission, said that any company going public had to be "full, fair and truthful" in their disclosures about their artificial intelligence's true capabilities.

A group of Democratic lawmakers have written to federal regulators asking them to reconsider potential chilling effects on clean energy financing in the Basel III endgame proposal.

The acting comptroller of the currency said regulators should give "serious consideration" to enacting a rule requiring banks to have enough assets pledged to the Federal Reserve's discount window to cover "ultra short term, acute outflows."