Fed’s Barr warns community banks about AI fraud risks
Federal Reserve Gov. Michael Barr is warning small banks about the growing threat from fraudsters’ use of AI-generated deepfakes. But he also says AI may be able to help community banks fight fraud more effectively.
JPMorganChase, Capital One top AI ranking, once again
The two banks lead Evident’s AI Index, which scores banks according to AI talent, innovation, leadership and transparency.
Democrats urge full D.C. Circuit to hear CFPB court case
Top Democratic lawmakers are asking the full appeals court to hear a case about the Trump administration’s efforts to fire employees at the Consumer Financial Protection Bureau.
Former FDIC board member confirmed to top Treasury role
The Senate confirmed former Federal Deposit Insurance Corp. board member Jonathan McKernan to serve as Treasury’s Under Secretary for Domestic Finance on a party-line vote, installing a key industry ally in the Treasury Department.
Congress has let banks’ access to a key cyber defense tool lapse
The failure to reauthorize protections for information exchange under the Cybersecurity Information Sharing Act has created a dangerous gap in our protection against cyber criminals and hostile state actors.
Community bankers say regulations no longer such big concern
In a new survey, 28.4% of community banks said that regulation represented an “extremely important” risk, down from 44.1% last year.
Influencers share false Zelle, Cash App advice on TikTok
A new report links a surge in consumer complaints to two financial influencers selling dubious advice and products to millions of followers online.
Citizens looks within for its next commercial banking head
Don McCree, who has led commercial banking at Citizens since 2015, plans to retire next year. His successor, Ted Swimmer, who was in charge of capital markets, took over on Tuesday.
After notching a big gain, MVB repositions its bond book
The Fairmont, West Virginia, bank is taking a $7.6 million hit to rid itself of $73 million in long-duration, low-yielding securities, though the sale of its payments subsidiary the week before cushions the blow.
Exclusive: Waters presses bank regulators on shutdown relief
House Financial Services Committee ranking member Maxine Waters, D-Calif., asked bank regulators to give banks the supervisory clearance to extend lines of credit and modify loan terms for federal employees furloughed after the government shut down last week.