CFPB fines ACI Worldwide $25 million for mortgage servicing error
The watchdog claims that during internal testing, the company illegally processed $2.3 billion in mortgage payments.
Inside Wise’s plans to manage economic turbulence
The fintech’s revenue has soared as interest rates jump to contain inflation. CFO Matt Briers discussed the firm’s strategy to navigate the inevitable decline.
Bank of America seeks Texas muni revival after two-year halt
The bank hasn’t managed debt sales in Texas since a measure took effect in 2021 that bars governmental entities from working with companies that “discriminate” against firearms businesses. BofA’s “current risk-based framework and policies” can comply with that law, a lawyer for the bank has told the state.
New York is buying a supercomputer to understand and regulate AI
New York is seeking to procure a supercomputer to run artificial intelligence systems and gain a deeper understanding of the technology for more effective regulation.
BofA to enter new markets in Nebraska, Alabama and Ohio
Bank of America says it will extend its branch footprint to Omaha, Dayton and Huntsville. The moves are part of an ongoing strategy to enter new markets even as the bank reduces its total branch count.
UBS preparing to cut more than half of Credit Suisse workforce
Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter said.
Treasury calls for climate scenario testing, more disclosures from insurers
A report from the Treasury Department’s Federal Insurance Office urges state regulators to spruce up their toolkits for monitoring and mitigating the impact of climate change on homeowners insurance.
The time has come to admit the countercyclical capital buffer can’t work
The Federal Reserve gave itself the power to raise capital requirements when risks are elevated to ensure banks can lend through the business cycle. But the rule hasn’t been used, and it isn’t clear it could ever work in practice.
Wells Fargo investor seeks files in probe over fake interviews for diverse candidates
A Florida pension fund is demanding the bank turn over files about a possible criminal probe into whether the bank violated federal law by setting up fake job interviews to meet in-house diversity guidelines.
Cost cuts to share spotlight during bank earnings season
When community lenders report second-quarter results next month, all eyes will be on deposit levels and funding costs. By extension, analysts expect more banks to roll out expense reduction plans to protect their bottom lines.