Why OpenAI’s checkout ‘pivot’ isn’t a retreat from AI payments
While it’s moving away from embedding transactions in ChatGPT to funneling purchases through third parties, analysts say the artificial intelligence lab’s shift doesn’t dilute the threat large language models pose to traditional card issuers.
Thirteen states sue OneMain for alleged consumer violations
New York Attorney General Letitia James and 12 of her peers alleged Monday that the personal installment lender surreptitiously adds costs for unwanted products. OneMain denied the claims.
Bank of America inks lease for entire office tower at NYC’s One Bryant Park
The company has agreed to a 20-year lease for the entire office portion and some retail space at the 51-story property, where it’s already the anchor tenant.
The real work of modernizing banks’ systems is only just beginning
The most compelling innovation in banking today is not about flashy interfaces or speculative applications of technology, it is about strengthening core functions such as lending, payments, risk management and compliance.
‘The check is in the mail’ may not work as an excuse much longer
The Fed explores ditching paper checks; enforcement actions against banks have plunged under Trump; the CFPB gets a stinging rebuke.
Fed inquiry into checks has bankers fearing ‘disaster’
The Federal Reserve’s recently published request for information on options for updating its check clearing apparatus has bankers fearing that it will opt to phase out paper checks entirely — an outcome that has community banks panicked.
Federal court rules against CFPB in funding lawsuit
A federal judge ruled that acting Consumer Financial Protection Bureau director Russell Vought unlawfully refused to request agency funding from the Federal Reserve Board, dealing a procedural blow to a legal argument that the Fed can only fund the CFPB when it turns a profit.
White House order to increase small bank mortgage lending
A White House executive order issued Friday afternoon directing regulators to ease Dodd-Frank compliance burdens comes as a bipartisan housing bill advances on Capitol Hill.
Fannie, Freddie share sale likely after midterms or later
Caution around the move is growing as focus has shifted to affordability, and current trading prices make near-term action unlikely, according to Wedbush.
With troubles in the rearview, Blue Ridge names new CEO
Billy Beale, who was hired to clean up Virginia-based Blue Ridge Bankshares after its failed foray with fintechs, has left the $2.4 billion-asset company. His successor is Harry Golliday, who was named interim CEO.