The banking industry isn’t ready to fight AI-enabled deepfakes
The industry and its regulators need to acknowledge the danger presented by ultrarealistic deepfake technology and implement new layers of transaction authentication.
David Julian, ex-Wells Fargo exec who battled OCC, sounds off
Julian, the bank’s onetime audit chief, recently agreed to settle with the Office of the Comptroller of the Currency for a tiny percentage of the $7 million the agency had been seeking. In an interview, he spoke about the expensive legal fight and who bears responsibility for the bank’s fake-accounts scandal.
Newtek CEO: Bank ‘misunderstood’ amid higher credit losses
Investors seemed to agree with CEO Barry Sloane’s argument that strong earnings will outweigh a jump in nonaccrual loans.
Powell leaves door open to staying at Fed past 2026
Federal Reserve Chair Jerome Powell declined to say whether he would depart the central bank after his chairmanship ends next year, as is typical with Fed chairs who are not reappointed. He also pushed back on criticism from one potential replacement.
How Santander plans to grow in the U.S.
While other European-based banks have retreated from the United States, Santander is doubling down by building out its nationwide digital-banking platform. “Unequivocally,” said U.S. CEO Christiana Riley, “the opportunity … is so clear.”
Bessent defends temporary FDIC chair, seeks permanent pick
The Treasury secretary tells the House Financial Services Committee that he is vetting candidates to fill the role and says acting Chair Travis Hill has been effective.
PayPal plans Apple Pay rival in Germany
The payment company joins other firms that are expanding apps in Europe, where Apple has agreed to ease access to supporting technology. Plus, the U.K. plans a new crypto crackdown.
Navy Federal offers debt-free members a path to credit
The credit union partnered with Bloom Credit to offer members a new way to build their credit score by sharing rent and utility payment data.
Upstart beats expectations, but outlook worries investors
The AI lending platform company reported strong earnings and revenue, as well as deals with Fortress and Walmart, but investors appear to be spooked by economic uncertainty.
HSBC offers Trump tariff loan to cover clients’ import costs
The London-headquartered bank is extending its TradePay platform to directly cover the cost of tariff payments, allowing importers to effectively borrow to meet the increased expenses involved in shipping products into the U.S.