JD Power sues Chime over marketing campaign
The consumer intelligence company alleged that Chime willfully misused J.D. Power’s name and trademark in its marketing materials. The neobank said it would “vigorously” defend its position.
BofA plans to launch real-time cross-border payments
The domestic focus of most instant settlement rails is evolving toward cross-border, creating an opportunity for the bank to approach corporate clients.
Lawmakers press bank regulators on private credit risks
Members of the House Financial Services Committee pressed prudential bank and credit union regulators about the potential risks of bank lending to private credit firms in a hearing Thursday.
Citi appoints Fraser’s chief of staff to new strategy, IR job
The megabank promoted Margo Pilic, CEO Jane Fraser’s chief of staff since 2021, to a new job that combines bank strategy with investor communications. The promotion was one of several leadership changes announced by the bank.
Another potential AI problem: Bored humans miss AI mistakes
Bank leaders and industry observers are starting to worry about the risk of automation complacency, where glazed-eyed workers fail to see mistakes made by AI models that are right most of the time.
Mortgage rates fall for first time in three weeks
The 30-year fixed rate mortgage average not only remains where it was in September, it is still nearly a half-percentage point above February’s trough.
CFPB issues response to Bilt’s transition troubles
The agency is in discussions with the rent-rewards fintech regarding how it handled a card changeover after Wells Fargo ended its partner bank contract early.
Bank CEO pay is up, Fed board chairman clout is down
Bank CEOs pay is rising again, as the leaders of the largest banks all top $40 million now; the next Fed chair needs to contend with a splintered board.
Colorado Gov. vetoes law barring swipe fees on taxes
Gov. Jared Polis, a Democrat, vetoed a bill passed by the state legislature last month that would have barred banks and credit card companies from charging interchange fees on taxes, arguing that the bill would create too much legal risk for businesses and consumers.
New Basel endgame rules will make banks competitive in mortgages again
A revised Basel III endgame proposal from the Federal Reserve would fundamentally change the economics of mortgage lending for banks — improving returns, reshaping pricing and reopening a market they sidelined.