Seeking better results, FICO launches bank-specific AI models
The credit score provider has developed “focused” language artificial intelligence models purpose-built for tasks like detecting payment fraud, assessing risk and recommending next best actions.
Fed’s Powell mum on future interest rate cuts
Federal Reserve Chair Jerome Powell said in a speech Tuesday that the central bank’s policy stance is “modestly restrictive,” a stance that will give the central bank flexibility to react to an uncertain economic future.
Inside Wise’s Austin, Texas office expansion
The money transfer fintech expanded its Austin office 200% to 90,000 square feet as it looks toward accelerating growth in North America. The company also separately inked a new partnership with Upwork to add Wise Platform as an infrastructure provider for freelancer payouts.
FinWise waited a year to disclose a breach affecting 689,000
Six class action lawsuits seek over $5 million after an insider accessed sensitive records.
Biz2X and Columbia University partner to develop agentic AI
Students are collaborating with credit specialists at the lending platform to build agentic AI models for small business lending and for helping small business owners manage their finances.
Fed’s Bowman: ‘Serious risk’ of labor market deterioration
Federal Reserve Vice Chair for Supervision Michelle Bowman said in a speech Tuesday that steeper interest rate cuts should be on the table if the labor market continues to show signs of decline.
Tokenized deposits are banks’ answer to the stablecoin boom
Excluded from the stablecoin revolution by law, banks deserve the opportunity to participate in the evolution of digital finance. Regulatory clarity on the treatment of tokenized deposits is an essential first step.
SBA’s strict new immigration rules draw a backlash
A Small Business Administration policy enacted during the second Trump administration blocks not only people who are in the country illegally, but also legal temporary residents and even some U.S. citizens, from accessing government-guaranteed loans.
Axos makes first deal since 2019, acquiring specialty lender
The deal will give the bank $1.1 billion of loans in a new segment of the equipment finance business.
Supreme Court to hear case on regulatory independence
The Supreme Court will hear a case in December that could overturn a longstanding precedent finding independent regulators constitutional. Should the court strike down that precedent, it would have major implications for the independence of the Federal Reserve.