What banks do with bad loans
Lenders either write down portions of soured credits or charge them off altogether to remove them from their balance sheets. Banks also set aside reserves to cover potential future bad loans. This allowance creates a buffer for lenders to absorb losses.
Federal agencies warn of rising deepfake threats
The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.
CEO of Iowa’s largest credit union retires
Jeff Disterhoft, 56, has left GreenState Credit Union after 24 years as its chief executive.
Japan’s MUFG battles private equity, startups to hire US bankers
It’s a challenge Japan’s largest lender must overcome as it focuses on growing its corporate banking presence in the US, said Fumitaka Nakahama, the firm’s head of global corporate and investment banking.
Flagstar’s CEO explains why the bank ignored geography in rebranding
Following New York Community Bancorp’s acquisition of Flagstar, the company is ditching the regional bank brands that it long used. CEO Thomas Cangemi calls Flagstar a “neutral” but “patriotic” name that underscores the firm’s nationwide expansion strategy.
Deutsche Bank tests out AI to detect rogue traders’ phone calls
The bank is testing artificial intelligence tools that aim to detect possible signs of misconduct from the tone of traders’ phone conversations.
12 fintech investors with the most VC investments in the first half of 2023
The top three fintech investors in the ranking have 76 combined VC investments as of June 2023.
Mr. Cooper plots to step in as banks retreat further from mortgages
But at the same time, the publicly traded company is selling off another type of housing finance asset to some large depository institutions.
Visa partners with U.K. open-banking startup
This week in global news, Ant gets bullish on AI, PayPal’s stablecoin has a fan in the bitcoin world, and more.
Kugler sworn in as Fed governor, brings board to full strength
The Biden administration tapped Adriana Kugler, executive director of the World Bank and a professor at Georgetown, to fill a seat on the Board of Governors that had been vacant since February.