Dropping tri-merge reports hikes mortgage risk, paper claims
Research from Andrew Davidson claims a significant number of mortgage borrowers would have a wide variance in credit score if less than three pulls are used.
Banks appeal ruling that upheld Illinois swipe fee ban
After a federal judge allowed a new state law to ban interchange fees on taxes and tips, a coalition of banks and credit unions struck back.
BofA sharpens focus on private credit, despite rising fears
The North Carolina-based megabank is making a $25 billion commitment to private credit — the latest signal that banks are undeterred, even as Wall Street raises alarm bells about the sector.
Mortgage trade groups back call for updates to Basel III
In a letter to regulators, the consortium of organizations recommended regulatory changes affecting a range of rules from risk weights to warehouse financing.
Klarna stock slide extends into Friday following Q4 earnings
Shares of the neobank plummeted nearly 30% Thursday despite posting revenue over $1 billion as investors balked at up-front loan provision expenses that come with the expansion of Klarna’s longer-term installment loans.
Banc of California names new head of payments
Banc of California appoints Chris Healy its new executive director and head of payments; Lia Fordjour is named chief financial officer of the American Bankers Association; Airwallex is the latest fintech to lean on sports sponsorships; and more in this week’s banking news roundup.
JPMorgan says Trump’s $5B suit ‘fraudulently’ includes Dimon
The relevant Florida statute does not permit President Donald Trump’s allegation that JPMorganChase CEO Jamie Dimon directed the bank to put Trump and his businesses on a “blacklist,” the bank said in a legal filing.
Trump’s global tariffs struck down by U.S. Supreme Court
In a blow to the President’s economic agenda, the high court said the trade barriers could not stand.
Supreme Court Strikes down Trump’s ‘Liberation Day’ tariffs
The Supreme Court Friday issued a 6-3 ruling that held that that a law granting the White House economic emergency powers does not include the power to tax imports.
BofA’s struggles with AI adoption reflect a broader problem in banking
Banks are deploying extremely powerful AI systems but expecting generalist employees to operate them safely and consistently without redesigning workflows around the technology. That virtually guarantees a bad outcome.