Citi is rolling out agentic AI to its 40,000 developers
The bank is using Cognition’s Devin AI agent to automate simple tasks for programmers, with human controls.
Pawn lender FirstCash to pay $9 million for MLA violations
In a surprise settlement, the Consumer Financial Protection Bureau ordered the Texas lender to pay a penalty and compensate for overcharging servicemembers on more than 45,000 loans.
Huntington eyes Texas growth with $1.9B deal for Dallas bank
The Columbus, Ohio-based company plans to acquire Veritex Holdings, which has grown into one of the Lone Star State’s biggest commercial banks over the past 15 years.
Deregulation amnesia can’t be allowed to blind us to the dangers of excessive risk
As we enter one of the banking industry’s most extreme cycles of deregulation, we should remember it doesn’t always work, especially when supervisory police are reduced and consumer protection guardrails are removed, resulting in a high-speed lane for risk-taking banks and nonbanks.
Business groups seek constraints on FSOC designation power
Major nonbank financial trade groups asked Treasury Secretary Bessent to scrap 2023 guidance expanding nonbank designations, citing cost and competitiveness concerns.
Zelle’s payment network grows beyond its big bank owners
Increasing community bank and credit union adoption is a key pillar of the P2P payment network’s strategy as it looks to increase its network effect and penetrate into small-business payments.
Trump admin lets bank CDFI program wither on the vine
Calls for applications for a bank-specific program within the Community Development Financial Institution Fund have been delayed, raising the possibility that those funds are unspent before the appropriated money expires.
Texas judges repeals CFPB’s medical debt rule
A federal judge in Texas dismissed the Consumer Financial Protection Bureau’s medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
JPMorganChase to charge data aggregators for customer data
The nation’s largest bank is planning to implement fees for access to data that has traditionally been provided free of charge. Data aggregators and fintechs accused JPMorgan of exploiting regulatory uncertainty and raising prices for consumers.
Calabria’s added role in Trump admin, Morais joins First Citizens
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares’ board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week’s banking news roundup.