ECB tells banks: Fix AI cyber gaps by Oct. 31
The order covers the European units of JPMorganChase, Goldman, Citi and Morgan Stanley, and previews what U.S. regulators may eventually demand.
Fed proposal calls for higher threshold for BSA/AML citation
The proposal calls for banks to make their compliance programs “risk-based” and pledges to emphasize “systemic” flaws with anti-money laundering programs rather than “isolated” shortcomings.
New England bank merger adds opportunity for mortgage unit
A $160 million deal to merge Hometown Financial Group subsidiaries and Primary Bank will lead to consolidation under a single brand name of TruNorth.
How a bank-owned debit network upends payment processing
As JPMorganChase, Wells Fargo and others chase a potential $15 billion deal to buy Fiserv’s Star network, experts say the growth of AI-powered transactions and competition among bank technology firms will make debit routing a hot commodity, portending more M&A and placing pressure on traditional card networks.
Crypto banks are safer than insured banks: Bitgo’s CEO
The crypto companies that have recently received national trust bank charters hold 100% reserves and thus are lower risk than traditional banks that hold fractional reserves, Mike Belshe argues.
Here’s what will trigger the next fight over payments compliance
A new consumer wellness trend, peptide treatments, is rapidly gaining popularity, and is inevitably going to cause problems in payments as banks and payment processors try to assess which providers are legitimate.
Bowman: Low-risk AI usage should get lighter regulatory touch
Federal Reserve Vice Chair for Supervision Michelle Bowman said in a speech Tuesday morning that she is working with other regulators around the world to emphasize innovation in the banking sector, including with artificial intelligence.
Kevin Warsh is underselling the value of chatter
The new Fed is going to do less talking, if Kevin Warsh has his way. But talking is a powerful tool the Fed can use to get what it wants.
Tokenized deposits may be coming, but it’s not a slam-dunk
Market watchers say it is plausible that regulators will have established rules of the road for tokenized bank deposits by next year. But to get there, many outstanding issues will need to be ironed out first.
Okla. bank pounces on court-ordered sale of shares in N.M. rival
Oklahoma’s Bank7 may acquire New Mexico’s Century Bank by the end of the year. The reason: a wealthy Century shareholder is being forced to sell his shares to satisfy a $40 million debt.