AI-enabled bank fraud is a problem right now, and we are not ready
The financial services industry is relying on outdated methods of detecting and fighting fraud. With the assistance of artificial intelligence, criminals are penetrating vulnerable systems. It’s time for collective action.
Bankers back fed independence as SCOTUS mulls removability
A survey of bank executives conducted by fintech firm IntraFi found that an overwhelming majority of respondents think Federal Reserve Governors should only be removed by the president in cases of proven misconduct.
Maryland bank plagued by office loans will replace its CEO
Susan Riel, who helped found Eagle Bancorp nearly three decades ago, will step down as CEO in 2026. The bank is embarking on a search for her successor.
TruMark Financial CU joins fintech for loan participations
The credit union partnered with Happy Money’s digital lending and participations platform. TruMark has purchased, but not sold, participations for the past five years.
CFPB’s cybersecurity program ‘no longer effective:’ OIG says
The Consumer Financial Protection Bureau has seen a rapid drop in the effectiveness of its cybersecurity program, according to a new report from the Fed’s Office of Inspector General.
Fed’s Cook strikes hawkish tone in rare appearance
In her first public appearance since President Trump moved to fire her from the Federal Reserve Board of Governors, Fed Gov. Lisa Cook reiterated her commitment to bringing inflation under 2% and said that the labor market remains “solid.”
$100M affordable housing fund is ‘just the beginning’
Financial literacy advocate John Hope Bryant has joined with a Los Angeles-based developer in an effort to raise up to $300 million from banks to preserve and construct low-income housing around the country.
How Wells Fargo is building agentic AI into its workflows
AI is transforming legacy modernization efforts as Wells Fargo builds systems for agents to take on humanlike tasks and interact with one another.
Affirm bulks up lending power ahead of earnings
The buy now/pay later firm, which reports earnings Thursday, has inked deals with Worldpay to expand potential borrowers and with New York Life to obtain more capital for future lending.
The canary in the private credit coal mine just dropped dead
Bankruptcies at First Brands and Tricolor should be a wake-up call for banks exposed to the private credit market. Banks should treat indirect lending to shadow banks as a high-risk activity that demands active oversight.