Banking

Fintech founder Randy Fernando launched his latest startup, an AI-focused software provider for banks called Maximum, with $30 million in seed funding.

The Treasury's financial crime prevention arm said the Swiss firm's U.S. brokerage wing largely ignored a 2018 consent order to clean up its anti-money-laundering processes, leading to the historic settlement announced early in August.

The investment is expected to bring a 40% increase to Chase Home Lending's mortgage capacity, with the addition of 850 new advisors, the company said.

The neobank is the latest fintech to file a de novo trust bank charter application ahead of the GENIUS Act formally taking effect.

CISA's updated standard asks vendors for every component in their software, including borrowed code. Two researchers say today's tools can't produce it.

A recipe of no securities, mostly adjustable-rate loans and a cheap rural deposit base made the Texas bank the top performer in the $2 billion-$10 billion asset class.

"Increase Bank is the bank I needed at Stripe," CEO Darragh Buckley said as he announced the rebrand of a community bank he acquired last year.

In a new paradigm of anti-money-laundering compliance, success increasingly depends not on obtaining information faster, but on recognizing when machine-generated intelligence should not be trusted.

JPMorganChase has recently teamed up with Ohio State, and SoFi has partnered with Notre Dame, in big-money deals that weren't allowed before this year.

Coastal Financial in Everett, Washington, is reshuffling its management team and abandoning an expansion plan. On Thursday, the bank reported a nearly $69 million credit expense sparked by a fintech partner's deteriorating financial condition.

Prashant Mehrotra says he runs AI use case ideas through a disciplined framework before proceeding.

Digital currency can be tracked and if stolen "burned," then reminted and given back to its rightful owners. That could be a powerful anti-fraud tool.

Community banks have long been reliant on — and constrained by — a handful of core-banking technology vendors. But enterprise artificial intelligence licenses offer the chance to transcend those limitations.

Prosecutors say a Bronx crew recruited homeless people and walked them into branches to open accounts. The controls it beat were mostly human ones, standing at a branch counter.

The lender reported a 40% increase in net revenue, but operating expenses and an uncertain interest rate environment held it back from increasing outlooks.

The Los Angeles-based regional lender reported a quarterly net loss of $251.3 million, driven by a balance-sheet restructuring that included the sale of securities and certain commercial real estate loans.

The technology giant's patents, which were built for banks and credit unions, will enhance the USDC issuer's intellectual property as more banks enter the stablecoin market.

The proposed entity, which will include broadcasting and sponsorship assets, would initially be valued at about $20 billion.

Rather than replacing bankers, artificial intelligence is likely to amplify their impact: strengths as well as weaknesses. This makes investing in employee development more important than ever.

Dallas-based Texas Capital Bank will try for a second time to win shareholder support to switch its state of incorporation from Delaware to the Lone Star State, according to CEO Rob Holmes. If it succeeds, it will join a growing list of companies choosing the same path.