CFPB proposal would subject data brokers to FCRA rules
The Consumer Financial Protection Bureau issued a proposal to protect consumer data privacy and categorize data brokers that sell sensitive consumer data as “consumer reporting agencies” under the Fair Credit Reporting Act, a move that could garner bipartisan support.
WSFS sues over signage that plunged 500 feet to the ground
The Delaware-based bank filed a complaint against two companies that built a WSFS logo display in downtown Philadelphia. Part of the signage eventually broke off in what the bank called an “almost-tragedy.”
Fed official calls for simpler, forward-looking monetary framework
Federal Reserve Gov. Christopher Waller said the central bank’s last framework review was too focused on the post-global financial crisis period and difficult to explain.
Fed’s Waller leaning toward rate cut but open to a ‘skip’
Federal Reserve Gov. Christopher Waller, a Trump appointee, said that while recent inflation readings are concerning, monetary policy would remain restrictive even if the central bank cuts interest rates by another quarter-point this month.
Where did the money go? Latest from Synapse bankruptcy, Evolve
Banks have been returning some funds to fintech customers affected by the Synapse collapse, but a multimillion-dollar discrepancy between how much Synapse says customers are owed and how much the banks say they have remains.
Bipartisan AI bills offer starting point for next Congress
The two bills would require banking agencies to study artificial intelligence and its application in the banking sector, and would codify findings from an earlier AI working group formed by the committee.
Payments at the end of 2024: Lots of cliffhangers
As 2024 comes to a close, trends such as open banking, fights over credit card fees and the future of faster payments are still in flux.
Community banks promote, recruit top executives in November
Several companies filled leadership posts throughout the country, including Clarion County Community Bank’s hiring of Travis Heiser to become its CEO.
Generative AI is a powerful tool for improving financial literacy
The technology has the potential to democratize access to knowledge about financial services, but like any tool, it must be used carefully and responsibly.
Citi splits Mexico business with 93% of staff headed for IPO
Citigroup now operates Grupo Financiero Citi México and Grupo Financiero Banamex in Mexico. The New York-based bank is planning an initial public offering of Banamex as soon as regulators and market conditions allow for the public offering.