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.
New York’s BNPL regs take shape amid a CFPB vacuum
Critics say more regs for BNPL are overkill, but proponents hope the state rule will be a framework for other states.
Waller questions January jobs surge, backs possible March cut
Federal Reserve Gov. Christopher Waller said during an appearance Monday his decision on whether or not to support a cut to short-term interest rates depends on labor market indicators.
Fincen should reassert its control over anti-money-laundering policy
As geopolitical threats loom, the U.S. needs a better-coordinated AML strategy. The Treasury Department’s Financial Crimes Enforcement Network should take the lead in implementing needed reforms.