Illinois swipe fee case enters the appeals phase
The attorney general of Illinois is appealing an injunction that exempts banks and credit unions from a state law limiting swipe fees on taxes and tips, prolonging a legal fight over compliance costs.
While embedding AI ‘everywhere,’ BNY won’t disclose costs
CEO Robin Vince declined Thursday to say how much BNY is spending on AI. Instead, he spoke broadly about the technology, saying the custody bank is generating returns from its deployment.
Ohio bank joins credit unions suing Fiserv over security
Antwerp Exchange Bank’s suit is the first by a bank among 10 that one lawyer has filed over Fiserv’s security. Fiserv says clients choose their own protections.
Bill would force bank regulators to disclose Epstein records
A group of 25 lawmakers, 24 Democrats and one Republican, has introduced the Epstein Wall Street Records Act, a bill aimed at holding banks and financial executives accountable for enabling Jeffrey Epstein’s global sex-trafficking network.
Maybe inflation isn’t such a big problem after all
Inflation is a looming monster everywhere you look, except on banks’ bottom lines. Also, the rise of AI agents is creating a minefield of new risks for banks.
A TradFi veteran reflects on one year working in digital assets
Digital assets and artificial intelligence-driven agents are going to transform financial services, and the change is going to happen in a hurry. The industry can take some key steps to weather the transition.
Banks face liability over use of AI chatbots, report finds
Financial institutions that have replaced human customer-service agents with AI chatbots may be violating existing state and federal consumer-protection laws, if they provide inaccurate information that harms consumers, according to a new report by former regulators.
Bowman: global regulators should match Fed’s ‘modernization’
The Federal Reserve’s vice chair for supervision criticized global standard setters for ‘unquestioningly’ adopting policy changes in response to research she says is faulty.
State Street’s new wealth-services unit notches early win
A deal announced Wednesday validates the company’s decision to reverse course and re-enter a market it exited five years ago, CEO Ron O’Hanley said.
How AI will impact payments
Leigh Amaro, Chief Executive of the Americas at Swift, talks with American Banker payments reporter Joey Pizzolato at SIBOS about AI and its impact on the payments sector.