Fed’s Goolsbee: Prioritize inflation before further cuts
Federal Reserve Bank of Chicago President Austan Goolsbee said the central bank should focus on getting inflation to its 2% target before making any additional cuts to short-term interest rates.
Banks need to pump the brakes on artificial intelligence adoption
The headlong rush to apply AI to all sorts of internal systems runs the risk of damaging consumer trust in the industry. Banks should look to their history and be deliberate about how they integrate AI into their systems.
Permissibility is the real prize for banks in crypto bill
While bank and crypto lobbyists argue over yield provisions in the crypto bill, another part of the legislation could have a much bigger impact on banks’ bottom lines.
JPMorgan invests for new age of competition amid AI fears
The nation’s largest bank said Monday that it will continue to invest in artificial intelligence, despite fears that the technology may harm lenders, and in private credit, despite concerns of cracks in asset quality.
Citigroup strikes Banamex stake sales with Blackstone, BTG
The investors agreed to buy 499 million shares of Citi’s Mexican retail unit for around $2.5 billion. The sale was at a small premium to the initial stake the megabank sold to Mexican billionaire Fernando Chico Pardo last year.
Credit-card bank reaches $10M settlement in debt-collection suit
Credit One Bank agreed to a $10.2 million settlement after almost five years of litigation with a group of California district attorneys. The suit alleged that the bank’s vendors made harassing phone calls to borrowers.
Prediction markets: What they are and why they matter
The platforms, where bets are placed on everything from U.K. soccer teams to the price of bitcoin, are getting traction from investors and attention from regulators.
1.2 million French bank accounts exposed in breach
Hackers used stolen credentials to access the French FICOBA database, exposing names and account numbers but failing to access funds directly.
PayPal’s ‘bad code’ leads to unauthorized payments
Social Security numbers, business addresses and other sensitive information were exposed. The company has fixed the error and refunded the victims.
CFPB shutdown battle reaches crucial D.C. Circuit hearing
The CFPB is in an existential legal brawl against it’s own acting director, Russell Vought, and President Donald Trump, whose confirmed goal is to kill the agency.