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Bank of America on where its AI hopes (and worries) lie; Zelle founder Paul Finch announces his leave from the payments network; the one area where banks and fintechs want more regulation; and more from this week's most-read stories.
David Reilly Bank of America
David Reilly, now on the board of directors for Ally Bank and several other companies, described what teams must do to measure the risk they face from insider threats.

Where Bank of America uses AI, and where its worries lie

The bank is using AI in its chatbot, in trading and other areas. It also has concerns about the potential for bias to creep into the software.

(Full story here.)
Paul Finch
PJ3s

Zelle founder Paul Finch to step down

"It was a difficult decision, but we're at a good spot to do this," Finch, 55, said in an interview.

(Full story here.)
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The one area where banks and fintechs want more regulation

As more consumer data is shared across banks, fintechs and data aggregators, the industry is asking for regulators to step in with better guidance.

(Full story here.)
Acting CFPB Director Mick Mulvaney
Mick Mulvaney, director of the Office of Management and Budget (OMB), pauses while speaking to members of the media outside the White House in Washington, D.C., U.S., on Saturday, Jan. 20, 2018. The U.S. government officially entered a partial shutdown early Saturday as Senate Democrats and a handful of Republicans blocked a bill to fund the government after the two parties failed to break their deadlock over immigration. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Mulvaney vows to 'bring sanity' to Qualified Mortgage rule

Acting CFPB Director Mick Mulvaney suggested that digital mortgages should be held to different standards than ones originated by credit unions and banks.

(Full story here.)
J. Mark McWatters
J. Mark McWatters, acting chairman of the National Credit Union Administration, listens during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, June 22, 2017. Top U.S. banking regulators are sprinting to ease the Volcker Rule, stress tests and other constraints on Wall Street after the Trump administration issued a long list of proposals last week for rolling back post-crisis financial rules. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

McWatters' CFPB bid hasn't even been announced. Is it already in trouble?

A recent Washington Post investigation revealed that J. Mark McWatters runs the National Credit Union Administration from his home in Dallas, raising questions about his being tapped to head the consumer agency.

(Full story here.)
Wells Fargo CEO Tim Sloan
Tim Sloan, chief executive officer and president of Wells Fargo & Co., speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 30, 2018. The conference brings together leaders in business, government, technology, philanthropy, academia, and the media to discuss actionable and collaborative solutions to some of the most important questions of our time. Photographer: Dania Maxwell/Bloomberg
Dania Maxwell/Bloomberg

Wells Fargo's Sloan says don't believe the negative headlines. Really?

The misplaced criticism of the media may be a sign that Wells Fargo CEO Tim Sloan still doesn't recognize the true extent of the bank's problems.

(Full story here.)
Sen. Lindsey Graham, R-S.C.
Senator Lindsey Graham, a Republican from South Carolina, listens during a Senate Judiciary Committee hearing in Washington, D.C., U.S., on Wednesday, July 26, 2017. The hearing is entitled Oversight of the Foreign Agents Registration Act (FARA) and Attempts to Influence U.S. Elections: Lessons Learned from Current and Prior Administrations. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

The real fight over CFPB's payday rule is just beginning

It's too late for Congress to overturn the consumer bureau's regulation on short-term lending, but acting Director Mick Mulvaney will have plenty of chances to reshape it.

(Full story here.)
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Credit unions are bulking up via M&A — and banks are nervous

Bigger credit unions present a formidable challenge for banks in areas such as business lending.

(Full story here.)
Timeline of Wells Fargo saga

Wells Fargo's latest snafu renews a question: Can an insider fix the bank?

News that Wells commercial banking employees improperly altered client documents will likely embolden the most vocal critics of CEO Tim Sloan, who they say can't seem to resolve Wells' lingering problems.

(Full story here.)
baseball betting
Sight on monitor with the teletext and betting offer for baseball matchups.
Sinisa Botas - stock.adobe.com

Just what banks need — another hot-button issue

U.S. credit card issuers are already caught in the middle of intense debates over guns, marijuana and cryptocurrencies. Gambling on sports is next.

(Full story here.)
Artificial intelligence P-to-P payments Data sharing Qualified Mortgages Payday lending Credit unions Tim Sloan CFPB News & Analysis Wells Fargo
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