Waller: Policymakers ‘must let the disruption occur’ in AI
Federal Reserve Gov. Christopher Waller said Wednesday that breakthroughs in artificial intelligence will undoubtedly make life easier and lead to growth, but acknowledged that the technology’s adoption will lead to short-term labor market disruptions.
FDIC will allow private equity to bid for failed banks
Acting Federal Deposit Insurance Corp. Chair Travis Hill said the agency will open the bidding process for failed banks to private equity and other nonbanks, streamline resolution plans and revamp its bidding and funding models, reforms spurred by 2023’s bank failures.
Miran: China trade war further bolsters rate cuts
Federal Reserve Governor Stephan Miran said the economic standoff with China could increase market volatility, further necessitating the central bank to move its policy stance to neutral.
Synchrony will loosen credit as consumers remain resilient
“We actually see a little bit more strength in the nonprime [consumer],” CFO Brian Wenzel told American Banker.
Large banks lead the cryptocurrency pack, credit unions close behind
New research from American Banker finds that most are still hashing out plans for crypto and stablecoins, but a handful have already launched projects.
Fees, net interest income fuel Bank of America earnings beat
In the third quarter, America’s second-largest bank surpassed Wall Street’s forecasts for net income, revenue and earnings per share.
Powell may actually be “too late” when it comes to ending QT
The Federal Reserve’s policies are pressuring banks’ balance sheets. While Chairman Jerome Powell is talking about backing off quantitative tightening, he may be waiting too long.
PNC logs record revenue on fee income, loan growth
The Pittsburgh-based bank’s solid third quarter comes weeks after it announced it plans to acquire a Colorado bank for $4.1 billion.
Stripe’s stablecoin wing vies for national trust charter from OCC
Bridge will join a number of digital asset firms vying for the coveted charter, seizing on the crypto-friendly environment in the second Trump term.
Warner: Directive to lay off CDFI staff likely came from OMB
Treasury laid off all of its Community Development Financial Institution Fund staff on Friday, with the reduction in force notices saying that the department plans on abolishing the fund.