Is U.S. Bancorp ready to turn the corner after years of rising costs?
Executives at the super-regional bank told investors Thursday that years of investments are poised to start paying off in rising profits. But the market seemed skeptical about the company’s plan forward.
How AI can raise morale for employees and ‘break them free’
The Treasury department’s chief AI officer said on a panel on Thursday that AI can relieve the burden of mind-numbing activities such as anomaly detection and spur employees to think more creatively.
Despite M&A lull, United Community still seeking deals
The South Carolina-based bank considers itself a buyer, but has put the 17 months since announcing its last acquisition to good use, reassessing multiple business lines and upgrading technology.
Senate Democrats take on fintechs and their partner banks
A letter led by Sen. Elizabeth Warren, D-Mass., urges bank regulators to crack down on banking as a service, while another led by Sen. Jack Reed, D-R.I., asks that the Consumer Financial Protection Bureau more closely monitor buy now, pay later companies.
Wells Fargo gets hit with new AML consent order
The enforcement action by the Office of the Comptroller of the Currency is a major setback for the San Francisco bank, which was freed from a separate anti-money-laundering order in 2021. Its stock price fell sharply after the release of the news.
Inside Mastercard’s $2.65 billion bet on digital security
As the toll of financial crime rises, the card network is attempting to boost its fraud-fighting game by buying threat intelligence firm Recorded Future.
CFPB bans Navient federal student loan servicing, issues $120M fine
Consumer Financial Protection Bureau director Rohit Chopra said the action would “close the book” on the agency’s investigation into the Sallie Mae spinout.
Mortgage rates move as FOMC cut looms
The 30-year fixed rate mortgage fell week-to-week by the largest amount since the start of August and are now almost a percentage point lower than a year ago, according to Freddie Mac.
Lending, AI, outreach: What you’ll see at Small Biz Banking 2024
Executives from JPMorgan Chase, TD, U.S. Bank, M&T and other banks will gather to discuss how they serve small business clients, what those customers want now, and what they expect in 2025 and beyond.
The CFPB is funded by the Fed’s profits. Trouble is, there are none
The law that created the Consumer Financial Protection Bureau stipulates that the agency must be funded by the central bank’s earnings. But, the Fed has been losing money for two years. Therefore, its payments to the agency are not legal.