Slideshow BofA's AI play, Zelle departure, more guidance (please): Top stories of the week

Published
  • May 18 2018, 3:16pm EDT

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.

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.)

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.

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