North Carolina credit union sues Fiserv over ‘insecure’ systems
The lawsuit alleges the fintech giant secured its own corporate data with strong MFA while leaving client systems vulnerable to compromise.
As NMI enters embedded lending, it faces a crowded market
PayPal and other fintechs already offer small business loans based on future payment flows, creating a competitive market.
OCC says banks may broker crypto assets for customers
In a new interpretive letter, the Office of the Comptroller of the Currency will allow banks to serve as middlemen for “riskless” crypto trades, extending existing brokerage authority for securities to digital assets.
Democrats want CFPB’s Vought to testify before Congress
Democratic senators are calling for Senate Banking Committee Chairman Tim Scott to compel the acting director of the Consumer Financial Protection Bureau to testify.
Bank CEOs expected to meet senators on crypto market structure
The discussions are expected to focus on bankers’ opposition to allowing interest payments on stablecoins, along with the ability of banks to compete in the crypto space and preventing the use of cryptocurrencies to facilitate illegal activities.
Bank regulation is in chaos, and ‘paperwork reduction’ won’t fix that
The administration’s haphazard overhaul of financial regulatory bodies has produced confusion and uncertainty. What regulators should be prioritizing now is bringing a sense of stability to the industry.
Freddie Mac issues updates mandating AI governance
New rules means sellers and servicers will need to have plans demonstrating proper oversight of their artificial intelligence and machine learning practices.
Inside JPMorganChase’s quest to ‘open’ its digital currency
By placing the JPMD deposit token on a public blockchain, the bank hopes to sell a combination of regulatory cover with speed and transparency for large institutional transactions.
Gould says trust charters have long had nonfiduciary scope
Comptroller of the Currency Jonathan Gould said digital asset firms’ trust charter bids fit into the historic scope of the charter, refuting claims that a 2021 interpretive letter he authored as OCC General Counsel expanded the charter’s scope.
Lenders say consumer credit conditions dipped in 3Q: Report
A survey compiled by the American Financial Services Association showed deteriorating business conditions during the third quarter of this year. The outlook for subprime borrowers was particularly grim.