FHFA rule change could expand the number of suspended counterparties
The proposal would bring companies cited for civil enforcement actions under its scope to bar them from doing business with the government-sponsored enterprises.
Here’s how banks are using and experimenting with generative AI
Some of the biggest names in banking have started using large language models to organize their institutional knowledge, but use cases like chatbots remain experimental.
FDIC examiners may need higher pay, freer voice to bolster supervision
The FDIC’s New York regional office faced staffing shortages throughout its supervision of now-failed Signature Bank. Experts say more competitive wages, culture shifts and whistleblower protections could help regulators attract and retain talent and improve oversight.
Banking news roundup
California Bankers Association taps insider as next CEO, Spotify cuts off subscribers who use Apple’s high-cost payments, Relay Payments backs auto-racing team and more in this week’s banking news roundup.
Banks are frustrated with the Fed’s stress testing, but it’s not getting easier
Banks say more transparency is needed in the annual scenario testing regime to make capital planning more predictable. But, amid a flurry of regulatory reforms, the expectation is that capital requirements are only going up from here.
Biden administration will probe high-cost medical financial products
The Consumer Financial Protection Bureau, the Treasury Department and the Department of Health and Human Services released a request for comment on medical debt financing products. At the same time, the White House said that the agencies will explore whether efforts to sign up customers are breaking the law.
Alabama credit unions targeted in ATM fraud conspiracy
Deposits of Listerhill and Avadian credit union customers were compromised by fraud conspirators, one instance in a rise of card skimming cases across the country.
10 fintech investors with the most strategic & corporate VC investments
The top three fintech investors in the ranking have 27 combined strategic and corporate VC investments at the end of Q1 2023.
First Bank in New Jersey gets regulatory approvals to close deal in Philly
The acquisition of Malvern Bancorp, expected to close this month, would hasten First Bank’s efforts to further fortify its footprint stretching from Philadelphia to New York City.
Credit union subordinated debt is a new avenue for ESG investing
A recent breakthrough transaction demonstrates the promise of credit union sub-debt offerings for investors looking to enter the ESG space.