Fed kicks two bank employees out of the industry for crimes
Former employees at First Horizon Bank and M&T Bank committed crimes by misappropriating customer data and stealing money from a customer’s bank account.
Former banker fraudulently loans $3M to lumberman
Alan Childs pleaded guilty to using straw borrowers and falsified loan records to help a timber businessman secure millions in fraudulent loans.
BMO taps another ex-Fifth Third executive to serve as CFO
The Toronto-based bank named Rahul Nalgirkar as incoming finance chief. Nalgirkar, who joined BMO in 2022 from Fifth Third, will succeed the retiring Tayfun Tuzun, who came to BMO in 2020 after working at Fifth Third.
OCC reverts to tiered bank supervision, reversing earlier move
The Office of the Comptroller of the Currency will announce Senior staffers overseeing large, regional and community banks early next month, apparently reversing the unified approach to supervision it implemented earlier in the year.
How M&T Bank ensures data quality as it implements gen AI
Andrew Foster, the bank’s chief data officer, explained how he has been instilling data discipline across the organization and making the bank’s data AI-ready.
Stablecoins will disrupt payments, just not in the way you think
Stablecoins don’t compete with payment platforms. They do, however, provide a turbo-powered springboard for new projects that will, just as incumbents are adapting to the new tools.
How the Trump administration has neutralized the CFPB
Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.
The new rules of financial wellness
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More rate cuts eyed as Fed zeroes in on soft labor market
Federal Reserve Chair Jerome Powell said there was a “high degree of unity” among committee members during this week’s Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
Bank stocks rise on Fed’s first rate cut of 2025
The Federal Open Market Committee’s decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.