FHFA’s Vantagescore move changes math on mortgage insurance
Private mortgage insurers must accept the FICO alternative as valid collateral before it can be widely adopted by the mortgage industry.
Regulators need to lead a rethink of how we deal with payments fraud
To reverse the trend in payments fraud, regulators and the private sector must work together to expand how we define verification. It must be a dynamic, intelligence-driven process embedded at every point of the payment journey.
Wells Fargo sued for not disclosing fees during loan origination
A Wells Fargo customer was surprised to receive a “cryptic notice” and a cashier’s check from the firm compensating him for float fees charged more than a decade ago. A lawsuit followed.
Ally surges past estimates after dramatic restructuring
Three months after posting negative returns, Ally Financial’s net income and earnings per share both surpassed Wall Street’s expectations.
Truist misses earnings estimate, keeps a lid on expenses
While the regional bank’s second-quarter earnings per share fell slightly short of analysts’ expectations, it managed to reduce expenses by 3.5% year over year. Keeping costs in check has been a major focal point for Truist for years.
Amex earnings beat Wall Street estimates on strong revenue growth
The credit card company, which sells to high-income consumers, said its card refresh strategy is on schedule with CEO Steve Squeri citing “strong momentum.”
As banks embrace crypto, a defense blueprint is born
A new MITRE framework breaks down how cybercriminals attack cryptocurrency systems and helps institutions secure them. Plus, it’s a free, open standard.
Why one midsize bank is excited about stablecoins
Fifth Third Bancorp in Cincinnati wants to become a bank for crypto platforms. Its CEO believes that stablecoins pose minimal threat to the U.S. deposit market.
Stablecoin legislation inches, finally, toward a House vote
The GENIUS Act, which will give the green light to banks interested in stablecoins, but which has also raised fears that it will disintermediate the banking system, will go straight to President Donald Trump’s desk once it passes the full House vote later today.
5 ways financial firms nudge staff to use AI more
New York Life and D.E. Shaw are among the companies encouraging use of large language models throughout their organizations.