Klarna’s banking ambitions get a boost from Big Tech
The Swedish buy now/pay later lender has partnered with Adyen and Apple as it builds a merchant network ahead of its U.S. IPO.
What banks need to know about the CFPB’s open banking rule
Banks are trying to get a grasp of the Consumer Financial Protection Bureau’s financial data rights plan, from preparing for an influx of data requests from fintechs to meeting ongoing compliance.
New thresholds set for TILA protections, appraisal requirements
The Federal Reserve and the Consumer Financial Protection Bureau moderately increased the minimum prices at which the Truth in Lending Act applies to loans and leases.
Newtek tops SBA lender list. It’s next hurdle: gaining investor trust
Despite strong growth and solid profits, the Miami-based lender, formerly a business development company, still hasn’t convinced the market it fits in as a bank.
The promise and perils of agentic AI
The technology, which turns large language models into autonomous agents, could be a game changer for banks.
The ‘Jobs Day’ data economists rely on is about to get less dependable
The Bureau of Labor Statistics has been so underfunded, for so long, that it has been forced to propose cuts to the vital Current Population Survey, which tracks the unemployment rate. Congress cannot allow that to happen.
The anti-money-laundering lever that regulators have never used
Regulators have never held a hearing on whether to revoke the charter of a bank convicted of a money-laundering-related violation. As TD Bank nears a “global resolution” in connection with its compliance failures, it’s unlikely to buck the trend.
Warren urges OCC to cap Citigroup’s growth
In a letter to Acting Comptroller Michael Hsu, Democratic Sen. Elizabeth Warren urged the regulator to curtail the megabank’s growth in response to its failure to improve its risk management programs.
How the US port strike affects banks
Coordinated strikes by dock workers along the Eastern Seaboard and the Gulf Coast could cause issues for banks that provide credit to foreign shipping groups and domestic trucking companies.
Credit union-bank merger lifts contentious deal tally to all-time high
OneAZ Credit Union in Phoenix said it would acquire 1st Bank Yuma in the record-setting 17th deal of 2024 involving a credit union buying a bank.