Fed’s Bowman says Basel proposal still on track for end of Q1
Federal Reserve Vice Chair for Supervision Michelle Bowman said in comments Wednesday that the central bank plans to publish its Basel III endgame capital proposal for public comment before the end of March.
Olympics boost spending in Italy; UK banks push Visa, Mastercard rival
The Olympics are boosting spending in Italy, large-in-part thanks to Americans. In the U.K., Barclays is reportedly leading a meeting to seek support for an existing project. The meeting comes against the backdrop of geopolitical concerns and the dominance of American-based payment firms.
Data breach hits 1 million Figure customers
Data breach extortion group ShinyHunters used social engineering to steal customer names, addresses and phone numbers from the blockchain lender.
Citi completes sale of its last remaining Russian unit
The sale of AO Citibank to Moscow-based Renaissance Capital marks the end of an exit plan that started in 2021 and expanded after Russia invaded Ukraine the following year.
White House report says CFPB raised borrowing costs
A White House Council of Economic Advisers report published Tuesday found that the CFPB cost consumers between $237 and $369 billion since its creation, an analysis that consumer advocates and some financial academics say is flawed.
CEOs are putting themselves in charge of AI. Here’s why.
About 70% of bank CEOs said in a recent survey that they are the AI decision makers in their companies. The reasons for this range from the huge impact AI can have on an organization to the fear of missing out.
MSRs in focus as Fed rethinks Basel III rules
Some observers say changes to MSR risk-weighting would have limited near-term impact and are unlikely to prompt banks to rush back.
EXCLUSIVE RESEARCH: How AI is supporting bank mortgage growth plans
Banks and credit unions are pairing AI-driven efficiency with stable staffing and cross-training to scale mortgage production as originations rebound and technology expands capacity.
She was fired from the CFPB. Now she’s running for Congress.
Alexis Goldstein, who was terminated from the Consumer Financial Protection Bureau last week, is running for Congress in Maryland’s 6th District, which hosts a disproportionate number of federal workers.
California community bank agrees to new union deal
Beneficial State Bank in Oakland has reached a three-year agreement with the Communications Workers of America. The deal follows a groundbreaking union pact the bank signed in 2021.