UBS to pay $1.44 billion to settle DOJ mortgage-bond case
UBS Group AG agreed to pay $1.44 billion to settle a case with the U.S. Department of Justice regarding how it handled residential mortgage-backed securities.
FDIC: Office loans, nonbank financing, cybersecurity are top bank risks
In its annual report, the Federal Deposit Insurance Corp. explored the various credit, market and operational risks facing the banking sector. It also explored crypto and climate issues.
Wall street giants expect $8.9 billion hit from bank failures
The largest U.S. banks will fork over billions to cover their share of a special assessment from the Federal Deposit Insurance Fund to cover replenishment of the Deposit Insurance Fund after this spring’s bank failures.
Bankers hate saying ‘ESG’ but are hardwiring it into finance
About two-thirds of respondents in a survey of roughly 300 Bloomberg terminal users said the anti-ESG movement that started in the U.S. last year will force firms to stop using those three letters in conversations with clients.
Bank upheaval drives increase in mortgage payoff fraud
Incidents have increased by five times on a quarter-to-quarter basis, starting with the shift in deposit relationships after Silicon Valley Bank failed, CertifID said.
Wall Street banks ‘energized’ for more M&A, KKR’s Thompson says
Cade Thompson, head of U.S. debt capital markets at KKR, said he expects to see a longer list of more formal auction processes that will come to market post-Labor Day.
Generative AI used to conduct cybersecurity drills
A pair of recently launched products use generative AI to actively train people on cybersecurity through the use of live simulations of real attacks.
How ‘Pay by Bank’ could affect U.S. card volume
The shift to faster payments–plus frustration over network interchange costs–is increasing merchants’ use of services that pull money directly from consumers’ bank accounts.
Press Release: FDIC Publishes 2023 Risk Review
PRESS RELEASE | AUGUST 14, 2023 FDIC Publishes 2023 Risk ReviewReport highlights risks in banking system WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today published its 2023 Risk Review. The report summarizes conditions in the U.S. economy, financial markets, and banking industry. The 2023 Risk Review provides a comprehensive summary of key developments and […]
In pursuit of a ‘soft landing,’ the Fed must not neglect the vulnerable
The central bank might be able to avoid a recession, but must not sacrifice the economic well-being of communities harmed the most by high interest rates.