Bank of America gives Merrill Lynch an AI makeover
The bank is pushing wealth managers to use artificial intelligence embedded in Salesforce and Zoom to plan, summarize and follow up on client meetings.
Activist investor prepares for round two with Maryland bank
Diligence Capital Management’s proposals and board nominations for the beleaguered Eagle Bancorp won’t be put before shareholders. But the activist investor isn’t giving up the fight.
There are lots of stablecoin risks that we haven’t been talking about
The systemic risks posed by stablecoins on public blockchains go further than deposit flight and market dislocation — there’s also technology risk. But Noelle Acheson argues that these should be incorporated into guardrails rather than used to stop progress.
Mortgage order adds more rules to diminished CFPB’s load
A recent executive order encouraging changes to the Consumer Financial Protection Bureau’s Ability-To-Repay and Qualified Mortgage rules are adding to a packed agenda at a time when the agency has lost a third of its staff.
BMO, UK’s Monument Bank join the tokenized deposit train
Bank of Montreal has introduced a tokenized cash and deposit platform, while the London-based Monument is partnering with the Midnight Foundation’s distributed ledger. Also, Starling Bank’s AI play, stablecoins gain ground in APAC and Africa and more in the American Banker global payments and fintech roundup.
Zions’ latest deal will boost its multifamily business
The Salt Lake City-based regional bank plans to grow its multifamily lending business by acquiring the agency lending business of a commercial real estate investment group. If the deal is approved, Zions would join a short list of banks that can underwrite and close multifamily loans on behalf of Fannie Mae and Freddie Mac.
FSOC guidance sets ‘very high’ bar for nonbank designation
The Financial Stability Oversight Council Wednesday published a proposed guidance focused on designating activities rather than individual firms for heightened prudential standards, making it more difficult for the council to designate firms going forward.
Stablecoin yield language unloved by banks and crypto alike
Draft legislative language meant to break an impasse on stablecoin yield circulating among stakeholders includes a lengthy list of exceptions to a ban on rewards for stablecoin holdings, making it unlikely to satisfy banks as negotiations continue.
House gives deposit insurance reform another try
In a new legislative package offered Wednesday, House lawmakers halved the deposit insurance limit offered in earlier deposit insurance reform bills coming from the Senate.
$300 AI tool kits let criminals bypass bank security
A TD Bank expert warned RSAC attendees that criminals use cheap printers, stolen data and AI to bypass identity verification in under five minutes.