Robinhood to cut 10% of staff, doesn’t mention AI as a factor
The fintech joins a handful of fintechs and payments companies that have laid off staff this year. Robinhood CEO Vlad Tenev said the decision was proactive to keep the organization lean.
Banks aren’t ready for AI agents moving money, experts warn
Two industry leaders at American Banker’s Digital Banking conference said banks’ fraud and identity controls weren’t built for software acting as the customer.
Bitcoin is not a scarce asset
Zelle, Western Union, SoFi and others are all launching stablecoins, adding to the thousands of other digital assets that do essentially the same thing as bitcoin.
Banks, fintechs sue Oregon over interest rate opt-out law
Banking and fintech trade groups have filed suit against the State of Oregon over a new lending law that they say unlawfully restricts interest-rate exportation by out-of-state state banks and threatens access to credit.
Jury awards former Ameris employee $80 million in termination suit
The Atlanta bank was ordered to pay nearly $80 million to the former head of its equipment-finance subsidiary Balboa Capital
Bank of America’s latest anti-fraud weapon: the ‘scaminar’
BofA is using an old-school method to battle the world’s newest scams: in-person seminars, taught at brick-and-mortar branches.
Regulatory silence on generative AI isn’t a license for inaction
Regulators have signaled that the speed of progress in generative and agentic artificial intelligence makes producing definitive guidance impractical. That does not remove banks’ obligation to face up to their risks.
Fed SVB probe pledges to be apolitical. Observers aren’t so sure
Stephen J. Scott, an investigator hired to audit the Federal Reserve’s handling of Silicon Valley Bank before its collapse, says the probe is focused on “facts, not politics.” But more than three years on, the biggest question surrounding the U.S.’s second most costly bank failure for many is who bears the blame.
Neobank Current raises $80 million, reports growth
The digital banking fintech expects to reach profitability this year as it recovers from a post-2021 valuation drop with three consecutive years of growth.
Two D.C.-area community banks to merge in $98 million deal
National Capital Bank, founded in 1889, and Old Dominion National Bank, founded in 2007, are combining with plans to take the merged entity public.