New York State introduces bill deeming EWA a loan
The bill, known as the STOP Act, was introduced by State Sen. Samra Brouk and Assemblymember Steven Raga, and proposes that any wage or cash advance be considered a loan and subject to the state’s 16% civil usury law.
Fraud courier sentenced for stealing millions from seniors
Prosecutors argued the 23-year-old courier knew he was aiding criminals, citing texts about “gold rushing” and scammer videos on his phone.
Synchrony says retailers would also be hurt by 10% rate cap
Merchants have mostly been silent on President Trump’s call for a cap on credit-card interest rates. But they’d take a “huge hit” under such a plan, Synchrony CEO Brian Doubles said Tuesday.
Former Citi exec alleges sexual harassment by wealth chief
Julia Carreon is suing the bank, alleging she suffered race and sex discrimination, including sexual harassment by Andy Sieg, the bank’s head of wealth management.
Judge blesses Fifth Third-Comerica deal, shuts down lawsuit
A Delaware judge denied HoldCo Asset Management’s emergency motion for a temporary restraining order to stop the deal from closing. Fifth Third plans to complete its purchase on Feb. 1.
Mastercard expands startup outreach to agentic AI firms
The card network’s Start Path engagement program is scouring the technology world for entrepreneurs working on the new form of artificial intelligence.
Banks’ myopic focus on stablecoin interest obscures a greater threat
The risk facing U.S. banks is not that stablecoins will suddenly siphon deposits through yield alone. It is that deposits will gradually follow utility as financial experiences improve elsewhere.
State regulators optimistic about shift in bank supervision
State regulators say proposed changes by the Federal Reserve that would make state bank examiners the primary boots on the ground will make bank examinations faster, but could cause some issues to go overlooked.
What to expect at American Banker’s inaugural On-Chain summit
At a time when banks have tokenization, stablecoin and blockchain projects in the works, senior leaders will exchange ideas at a New York conference.
Lawsuit calls out AI hiring practices that many banks use
Eightfold AI, which many companies use as they screen job candidates, is being accused of gathering information about applicants without their consent. The lawsuit also alleges that the company uses an algorithm to judge candidates without explaining how it works.