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.
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.
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.
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.
Treasury issues new AI risk tools for banks
A public-private group led by the Treasury issued the first two of six planned resources to help banks navigate the risks and opportunities of AI.
Bessent: ‘No one should expect’ tariff revenue to decline
Treasury Secretary Scott Bessent said in a public appearance in Dallas Friday that the administration will seek alternative means of enacting the White House’s tariff agenda after the Supreme Court struck down the tariffs as outside the bounds of the law.
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.
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.