Banks navigate workers’ use of ChatGPT, set AI policies
Employees are using generative AI more than their bosses think they are, research suggests. Some say part of the answer lies in AI-use policies.
Bank investors anticipate catalysts after Fed holds steady
Federal Reserve policymakers said that the U.S. economy remains on sound footing, despite recent setbacks, and that two interest rate cuts lie ahead. Bank stocks advanced on hopes for loan growth and more M&A.
Crapo, Warner double down on CDFI support
The bipartisan co-chairs of the Community Financial Development Institution caucus sent a letter urging the Trump administration to continue supporting the CDFI Fund after it was slated for cuts in a recent executive order.
SmartBiz deal shows regulatory openness to fintech-bank M&A
The small business lender bought a Chicago community bank in what some experts say will be the first of many such deals.
Apollo’s Rowan to be first defense witness at Javice trial
Marc Rowan’s membership on Frank’s board was cited by the defense at the beginning of trial as showing Charlie Javice’s company was a legitimate and credible business.
Stablecoins won’t displace credit cards for consumer payments
Credit cards offer consumers three things stablecoins currently cannot: interest-free short-term loans, rewards programs and transaction reversibility. Your Visa card is going to remain in your wallet for a long time.
ICBA calls for taxes on credit unions, but only larger ones
The Independent Community Bankers of America wants Congress to eliminate tax exemptions for credit unions with more than $1 billion of assets, scaling back an earlier request that would have targeted the entire credit union sector.
Powell: Fed “strongly” wants mortgages off its balance sheet
After the Federal Reserve moved to slow the pace of quantitative tightening, the Fed chair floated the idea of continuing to allow mortgage-backed securities to roll off its books even after the central bank has met its monetary policy objectives in reducing its balance sheet.
Fiserv acquires CCV to boost Clove; Ripple claims victory
Bank technology firm Fiserv agreed to buy the Netherlands-based company, which sells multichannel processing systems. Also: the FCA looks to lighten contactless checkout limits; Ripple’s Garlinghouse said the SEC has dropped a suit against his firm; and more news in the global payments and fintech roundup.
Google acquires Wiz for $32B to make cloud security ‘more accessible’
Google Cloud trails Amazon and Microsoft in market share and is looking to catch up by trying to be one of multiple providers that companies use.