Inside Bank of America’s $250 billion in data center funding
It’s not just about AI and the bank is not walking away from its green goals, Karen Fang, the initiative’s leader, told American Banker.
For Kalshi, an ’emergency’ is a state AG suing it
The CFTC said it was using ’emergency’ powers to keep the lights on at Kalshi after the New York Attorney General sued the sports-betting company.
Big banks left mortgages. Why some community banks stayed
United Bank and Five Points Bank, both ranked among the top-performing banks by Capital Performance Group, said they have stayed in the mortgage business because they see it as a way to build strong relationships in the communities they serve.
Banks’ interest in tokenized deposits grew in second quarter
American Banker’s digital asset index found growth in digital assets is outpacing stablecoins.
Are Altruist’s technology and low fees enough to tame the giants?
Altruist has earned legions of fans among financial advisors for sleek technology and low, clear fees. But its critics question whether that is enough to catch up to the giants that have dominated the business for decades.
Western Union’s LatAm strategy faces fintech pressure
Amid threats from immigration policy and emerging fintechs, International Money Express, a global remittance company and $500 million acquisition target for Western Union, reported a 18% year-over-year decline in revenue in the second quarter with analysts questioning whether the purchase holds the same value as it did a year ago when the deal was first […]
Beneficial ownership regime’s demise removes tool for banks
The Treasury’s Financial Crimes Enforcement Network’s decision to permanently exempt U.S. businesses from disclosing their true owners eliminates a database banks hoped would help them satisfy their customer due diligence.
Supporting clients with caregiving can yield ‘return on empathy’
As clients ask advisors for help navigating caregiving resources, advisors who are able to provide trusted referrals may find clients return the favor with referrals of their own.
CU vendor TruStage faces 14 suits over monthslong outage
The company, which says it serves 93% of credit unions, expects most key processes to run by mid-August. Its status page still said “Investigating” Wednesday.
BofA strikes $1.9 billion deal for stake in India lender Jio
The move gives Bank of America a stronger foothold in the Indian market by investing in one of the fastest-growing financial firms in the region.