Tech leaders say AI could end humanity. Banks still love it
The American public has soured on AI amid dire warnings about the technology’s safety. But at banks, the approach is still full steam ahead.
Credit-union CEO ousted over viral ‘Lake America’ photo
The CEO of a Michigan credit union was ousted after an AI-altered photo of her family wearing “Lake America” sweatshirts went viral, drawing criticism from Canadians.
Why Tether’s Iran problem is a bank partner problem
A Senate report found that 84% of 846 sanctioned Iran-linked wallets ran on USDT.
Firms push to make private markets more like publics
As regulators lower regulatory hurdles, many advisors are seeking greater access to private investments, while asset managers and fintechs are trying to eliminate technical barriers keeping regular investors out.
Navigating the pitfalls and perks of private-placement life insurance
Private-placement life insurance can offer tax-free growth and alternative investments for ultrawealthy clients, but advisors warn it isn’t right for everyone who can afford it.
For RIA custody, Betterment’s platform fees will begin at 0.20%
Betterment Advisor Solutions, formerly Betterment for Advisors and Betterment Institutional, is changing its platform fees into a tiered rate that begins at 0.20% for advisory practices with less than $10 million in the business, Betterment CEO Sarah Levy says.
MSR accounting proposal creates standard for recapture
The guidance reflects a mortgage servicing rights market that has broadly included the customer value in refinancing for over a decade, experts say.
Hassett: Fed rate has ‘not a lot of room to go up from here’
The White House’s top economist says inflation is already at the Fed’s 2% target and suggested that further rate hikes could jeopardize growth.
Valley will gain low-cost deposits from deal for Bluevine
The New York-based bank says the small-business fintech’s cheaper deposits will help reduce its reliance on costly wholesale sources.
Fed watchdog flags gaps in security incident oversight
The Federal Reserve’s Office of Inspector General released a report Monday highlighting weaknesses in how information security incidents are identified and resolved.