Banks should enlist AI to help customers recognize fraud in real time
Banks should take a page from the health sciences’ playbook and use artificial intelligence to “nudge” consumers away from transactions that have the characteristics of known fraud schemes.
Trump fires Fed Gov. Lisa Cook ‘effective immediately’
President Trump posted a letter on social media addressed to Federal Reserve Gov. Lisa Cook, informing her that he was terminating her due to allegations of mortgage fraud. The move is likely to tee up an unprecedented legal fight over the Fed’s independence.
Even opponents of Biden CRA want to preserve part of the rule
Bank industry advocates, housing groups and CRA veterans say the rule is overly complexity and burdensome, but even they agree pre-approving CRA-eligible activities was a good idea.
DraftKings bans use of credit cards in sports wagers
The online gambling operator, which was recently fined $450,000 by Massachusetts regulators, indicated that its new policy is designed to protect customers from cash-advance fees.
Chime secures new distribution channel with Workday partnership
The deal will allow Workday to offer Chime Workplace, the neobank’s suite of enterprise financial wellness solutions, to its clients. For Chime, the partnership provides a wider reach to new potential deposit accounts.
Australia’s CBA halts AI-driven layoffs amid union pressure
A banking union calls the reversal by Commonwealth Bank “a massive win,” but warns the fight to protect human jobs from AI replacement isn’t over.
As Trump, foes collide, occupancy fraud is spotlighted
Here’s what industry experts have to say about a risk that a housing regulator has spotlighted through referrals that have led to high-level allegations.
Clear stablecoin regulation will drive a return to ‘narrow banking’
As stablecoins gain broader adoption in the U.S., they will eat into banks’ deposits. As a result, lending in the U.S. may be increasingly funded by the wholesale capital markets.
Bankers demand deposit fix while fighting over price tag
A bipartisan amendment from Sens. Bill Hagerty, R-Tenn., and Angela Alsobrooks, D-Md., would expand deposit insurance for business accounts, but the industry is split on who should bear higher FDIC premium costs.
Exclusive: Union accuses Wells Fargo exec of eavesdropping
A recent bargaining session was interrupted when union representatives learned that a Wells executive who wasn’t in the room could hear what was being said. The bank maintains that it was a simple mistake involving a Microsoft Team meeting that should have been disconnected, but union officials aren’t buying that story.