Banking

Banks are playing a key role in financing the buildout of artificial intelligence. If the industry falters, they will have much to lose — and that would be bad news for the global economy.

A federal judge said recent preemption rules from the National Credit Union Administration would bar Illinois from enforcing its interchange fee restrictions against federal credit unions.

The former top executive at Nodus International Bank in Puerto Rico was sentenced to more than nine years in federal prison after he pleaded guilty to Venezuela sanctions evasion and wire-fraud conspiracy.

Four and a half years after SoFi acquired a bank, it landed 47th on the list of largest U.S. banks by deposits.

Credit unions have long led banks on traditional customer service metrics, but they are currently struggling to match banks' digital service scores. The answer may be deeper collaboration with fintech partners.

As AI agents become more collaborative, creative and fast, banks need to defend themselves.

BCB Bancorp says red ink may top $130 million in the third quarter, as its new CEO moves to address credit-quality issues.

Nine months before the outage, the NCUA told a federal council it may no longer need the authority to examine vendors like the one that failed.

The Boston-based bank, created last year through a merger of equals, appointed Sean Gray as its next CEO. Gray's predecessor informed the company last week of his plans to retire.

The release of Fannie Mae and Freddie Mac's internal metrics support this process, but other measures will still be needed, according to Bank of America.

Looking past the headline numbers, there are reasons to be concerned about the condition of the U.S. economy. Particularly troubling is the fact that large numbers of Americans live financially precarious lives.

The "near-prime" lending fintech Avant is seeking to become a full-service bank by filing for a national de novo bank charter with federal regulators.

Citadel Credit Union recently closed a $50 million loan on a Philadelphia office tower. It's part of a trend, as credit unions build their commercial real estate lending businesses.

State Street promotes Ann Fogarty to chief operating officer and names Mostapha Tahiri president of State Street Alpha; Florida's Portrait Bank expects to open for business on Saturday; Texas Capital Bancshares is on the lookout for a new chief risk officer following the departure of David Oman; and more in this week's banking news roundup.

Bankers need to understand that artificial intelligence services are increasingly used by customers shopping for banking services. The chatbots can be pretty unsparing in their assessments.

1st Summit Bank in Johnstown, Pennsylvania, is offering high school graduates not just free training, but a seven-year employment guarantee. It's an approach that some experts think could catch on.

Bankers are largely downplaying the impact of the Federal Reserve's interest rate increase. Some said this week that the quarter-point hike could be good for near-term profitability.

Credit Acceptance Corp. has agreed to provide $710 million in restitution and debt relief to resolve allegations of predatory lending by 41 state attorneys general.

Now that regulators have failed to approve a controversial merger deal, the question is whether the buyer will have to pay a hefty fee to the seller.