Orrstown’s new CEO says bank is in a position of strength
Adam Metz has spent the past decade in senior management roles at Pennsylvania-based Orrstown. For the past year, Metz, served as chief operating officer and the designated successor to departed CEO Thomas Quinn.
CFTC proposes rules to evaluate prediction market risks
The Commodity Futures Trading Commission wants to establish a framework to evaluate prediction market contracts and determine whether some contracts are related to invalid events or generally serve the public interest.
Why there’s no end to Visa and Mastercard’s fee battles with merchants
Within hours of a judge’s approval of an interchange settlement, merchant lobbyists were crying foul over the latest attempt to end a two decade legal fight, making references to “next steps,” while analysts predicted an appeal.
Fintech lobbyist says Tennessee remittance tax is unconstitutional
The Financial Technology Association has gone to court, claiming the state’s remittance tax is invalid because it infringes on the dormant commerce clause and import-export clause in the U.S. Constitution, which prohibits states from enacting laws that discriminate against foreign commerce and from taxing imports and exports without Congress’ consent.
72% of banks lack AI model ‘kill switches,’ failure reporting
Most banks are unprepared to stop or report an AI model run amok, a Wolters Kluwer study found.
High CPI reading boxes in Fed, raises uncertainty for future rates
Inflation continued to rise in May, bolstering the case for the Federal Reserve to keep its policy rate unchanged at next week’s Federal Open Market Committee meeting. But the range of future monetary policy outcomes is wide, with all eyes on how newly installed Fed Chair Kevin Warsh navigates his new role.
Banks balk at NCUA proposal to expand membership criteria
The National Credit Union Administration proposed amending its common-bond provisions to allow the agency to approve some associations whose membership relies on the purchase of a product or service, a move banks say undermines the rationale for tax-exempt credit unions.
‘For Heaven’s sake, stop it’: DIDMCA opt outs harm interstate commerce
In passing the Depository Institutions Deregulation and Monetary Control Act, Congress intended to create national rules that would guide lending across state borders. States can’t simply opt out of them.
Grasshopper launches AI-based treasury investment service
The digital bank released a treasury management system for its business users powered by a robo-adviser.
Bitcoin is a weather vane for the risk trade
The original cryptocurrency lies at the bleeding edge of the risk curve, and its cross currents say something about how feisty the market is feeling.