Waller backs 25 bps ‘risk management’ rate cut in December
Federal Reserve Gov. Christopher Waller said in a speech Monday that private and public-sector data suggests that the labor market is continuing to weaken, making a 25 basis point rate cut in December a prudent choice.
Digital asset firm LevelField closer to buying Burling Bank
The financial services firm based in Houston tried to buy a Chicago community bank three years ago as part of a plan to offer traditional banking and digital asset services on one platform. With Illinois state approval secured, it now awaits a decision from the Fed.
Bank of America launches new app for retirement withdrawals
The country’s second-largest bank has unveiled a digital platform for retirement decisions — not on how to save, but how to disburse those savings in a steady, sustainable way.
Freddie Mac adds mortgage quality control automation tool
Quality Control Advisor Plus is an integrated system which brings together previously separate units, cutting months off of Freddie Mac’s current QC process.
Chase launches new anti-scam program
The bank is adding trusted contacts, specialized teams and new tech against scams, but consumer advocates say reimbursement is the key missing piece.
Meet Katie Oresar, BMO’s new U.S. payments sales head
Oresar, who joined BMO as head of treasury & payment solutions sales after more than two decades at JPMorgan Payments, spoke with American Banker about her priorities leading a new team; the importance of organic mentorship; and what clients are asking for to keep up with the fast-paced change that’s happening to the payments industry.
‘Revenue opportunities everywhere’: BofA’s tech chief on AI
Artificial intelligence is bringing revenue increases and expense reductions throughout Bank of America, Hari Gopalkrishnan, chief technology and information officer, said at an event Monday.
Ex-Fed Gov. Kugler resigned after violating trading rules
The Department of Government Ethics on Saturday released financial disclosures for former Federal Reserve Gov. Adriana Kugler, showing she had executed several individual stock trades in 2024, including during Fed blackout periods, an apparent violation of Fed ethics rules. The Federal Reserve Inspector General has launched an investigation.
JPMorgan shutters payments platform it acquired from Volkswagen
While the bank will no longer run the platform, it will continue providing mobility services to clients in the industry.
Nonbank financial firms have been running wild. A reckoning is coming
From private credit to stablecoins, firms with scant oversight have been allowed to gobble up business that formerly went to regulated banks. Until balance is restored, the system is overburdened with risk.