Anthropic’s model breakout another wake-up call for banks
The frontier AI model provider confessed its agents broke out of their sandboxes three times to attack other companies’ systems. The incidents are a warning for banks to remain vigilant while embracing the new technology.
Mastercard adds BVNK to hone its bank stablecoin pitch
The card network closed on a $1.8 billion deal to acquire a company that connects digital currencies and traditional money, a key bridge as more non-crypto natives embrace digital assets.
Bank of America’s new disclosure highlights compliance risk
The second-largest U.S. bank provided an update to investors about the consent order issued by the OCC in 2024, saying a resolution may include monetary penalties.
New fintech Maximum aims to take on the core banking cabal
Fintech founder Randy Fernando launched his latest startup, an AI-focused software provider for banks called Maximum, with $30 million in seed funding.
Fincen fines UBS $125M for money laundering recidivism
The Treasury’s financial crime prevention arm said the Swiss firm’s U.S. brokerage wing largely ignored a 2018 consent order to clean up its anti-money laundering processes, leading to the historic settlement announced early in August.
CFPB gets another acting director as OMB’s Vought exits
Mark Paoletta, the Consumer Financial Protection Bureau’s chief legal officer, has taken over as the agency’s acting director. Russell Vought’s term ended Aug. 1.
Capital One cites money laundering review in Trump-related suit
The bank, which denies discriminating against President Trump’s business, said its internal review was triggered by “transaction patterns” that “are among the types of activity flagged by federal banking guidance.”
JPMorgan Chase pours in $750 billion for affordable housing
The investment is expected to bring a 40% increase to Chase Home Lending’s mortgage capacity, with the addition of 850 new advisors, the company said.
Fed Chair Warsh may be misreading an important bond market signal
The Fed chair attributed recent rising bond yields to a strong economy. However, investors are probably also responding to other factors, including Warsh’s own comments about potential changes to inflation measures.
Dakota applies for trust bank charter to issue stablecoins
The neobank is the latest fintech to file a de novo trust bank charter application ahead of the GENIUS Act formally taking effect.