Press Release: FDIC Announces Division of Complex Institution Supervision and Resolution Appointment

PRESS RELEASE | SEPTEMBER 19, 2023 FDIC Announces Division of Complex Institution Supervision and Resolution Appointment WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors appointed Arthur J. Murton to serve as Director of the Division of Complex Institution Supervision and Resolution (CISR), following the retirement of Acting Director James McGraw, on October […]

Time to go back to the drawing board on cannabis banking

As cannabis becomes more and more commonplace, reasonable people might wonder why Congress hasn’t made it easier for banks to serve legal cannabis businesses. But maybe giving big banks and capital markets a green light to dive into cannabis with both feet is an outcome worth avoiding.

CFPB issues guidance on credit denials that use artificial intelligence

The Consumer Financial Protection Bureau issued guidance on the use of artificial intelligence in credit underwriting, saying that creditors are relying too heavily on a CFPB checklist and sample forms when they should provide specificity to explain why a consumer is denied credit.

FTX sues Sam Bankman-Fried’s parents to claw back funds

The managers of the bankrupt crypto exchange FTX sued the parents of co-founder and former CEO Sam Bankman-Fried to “recover millions of dollars in fraudulently transferred and misappropriated funds,” according to a court filing.