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Independence Bank of Kentucky said 14 customers had reported receiving the bills, which included text such as "for motion picture purposes."

The company, a pioneer in AI-based lending, says improvements to its models and long-term commitments from the banks it works with will bring about positive returns in the third and fourth quarters. 

As member demand for installment payments increases, resource-strapped institutions are looking for outside help. Fintechs offer the service.

EverBank Financial in Florida said the deal would give it $900 million of loans and $2 billion of deposits. Should the deal close in early 2025 as planned, it would end a long saga for Sterling.

Jersey-based JTC will pay $80 million for Citigroup's global fiduciary and trust administration services business.

Artificial intelligence is going to be integrated into the financial system. So, banks need to be clear-eyed about its potential dangers, and proactive about avoiding them.

Federal Reserve Vice Chair for Supervision Michael Barr conceded major points to the industry on last year's capital reform proposal. But how regulators will approach other reforms in light of that experience is uncertain.

A new OCC action over the megabank's anti-money-laundering guardrails, which follows news of seemingly more severe lapses at TD Bank, is raising concerns that a broader crackdown is at hand.

Banks now have until Oct. 30 to weigh in on potential risks of third-party fintech partnerships for banking products and services.

Community bankers have found that demonstrating efficiency, providing proper training and describing use cases can help get employees on board with AI products.

At a New York event, industry practitioners shared how they are addressing cultural, compliance and logistical objections to making loans based on bank account data.

The bank's acquisition of embedded finance firm Rize Money and collaboration with open banking firm Trustly will enable the bank to grow real-time processing, account-to-account transfers and address emerging compliance challenges.

The Canadian bank said it expects to recover hundreds of millions of dollars after a three-judge appeals panel found that it cannot be held liable in connection with a multibillion-dollar fraud. The ruling echoed a different appeals court's decision stemming from the collapse of Bernard Madoff's Ponzi scheme.

BNY has acquired managed-account software company Archer; Old National Bancorp has removed the "interim" tag from Chief Financial Officer John Moran; Royal Bank of Canada has done the same for Chief Financial Officer Katherine Gibson; and more in this week's banking news roundup.

Anticipated interest rate cuts could help stressed borrowers, but such a shift in monetary policy may curb lending income.

The crypto company founded by Donald Trump's sons will officially launch Monday.

Banks should embrace Kamala Harris' effort to drive sustainable, equitable economic growth. Doing so will open them up to underserved communities where they can build customer loyalty among a population primed for rapid development.

Acting Comptroller of the Currency Michael Hsu's suggestion that regulators designate certain midsize regional banks as domestic systemically important banks could boost oversight but may also complicate the regulatory landscape, observers say.

Executives at the super-regional bank told investors that years of investments are poised to start paying off in rising profits, but the market seemed skeptical about the company's plan forward.