OpenAI’s security incident offers three lessons for banks
The Hugging Face breach gives bank executives reason to rethink some of their technology choices.
CFPB pick Johnson eludes Democrats in confirmation hearing
Brian Johnson, President Trump’s nominee to lead the Consumer Financial Protection Bureau, navigated a somewhat contentious Senate Banking Committee hearing dominated by Democratic opposition but without giving away specific plans he has for the agency.
When a long-short strategy is right for a client
Advisors can help clients to diversify their stock portfolios, maximize growth and defer taxes with this increasingly popular method for harvesting losses.
First Citizens says it’s repaid $8.5B tied to SVB acquisition
The North Carolina-based bank plans to make additional monthly payments of $500 million-$1 billion to the Federal Deposit Insurance Corp., in order to reduce $35 billion of debt tied to its acquisition of the failed Silicon Valley Bank.
Mortgage rates edging closer to the 7% mark
Originators need to keep an eye on the 10-year Treasury yield used in pricing mortgages, which not only broke through 4.6%, climbed above 4.7% on Thursday.
Policy uncertainty creates an invisible ‘tax’ on capital formation
Banks can price in risk and manage their way around both left-wing and right-wing administrations. But the kind of uncertainty that arises from today’s brand of politics is impossible to model.
Augustus raises $180M as it builds out a de novo bank
The company, which has conditional approval for a bank charter, hit a $1 billion valuation with fintech exec backing from firms such as Nubank and Revolut.
AI, sometimes, is even smarter than we think it is
An OpenAI program managed to escape its sandbox, go out on the web and find another AI platform, and hack it. Not even OpenAI expected that.
OpenAI models’ Hugging Face breach is a red flag for bankers
The intrusion did not affect the financial industry directly. But it presents a warning to banks that are deploying agentic AI.
Visa’s World Cup sponsorship pays off ahead of earnings
The payment network, which posts second-quarter results next week, noted localized boosts in payment volume near match sites in cities such as Boston, New York and Guadalajara.