Even the Federal Reserve has trouble seeing into the nonbank black box
Even the Federal Reserve has limited visibility into the nonbank and private-credit markets. That’s a problem for banks that are increasingly lending to those sectors.
Regulators should reject high-cost lenders’ bank charter applications
Applications from Enova International and Opportunity Financial for national bank charters present a danger to consumers. The Federal Reserve and Office of the Comptroller of the Currency should block them.
Pulte’s new intelligence role clouds FHFA agenda
Mortgage industry participants say Federal Housing Finance Agency Director Bill Pulte’s new role as acting director of national intelligence could imperil progress on a potential initial public offering of Fannie Mae and Freddie Mac.
Finastra sells its Phoenix bank core to CORA Group
The bank tech provider sold off its U.S. mid-market banking business, including a core used by hundreds of U.S. banks, to a branch of Constellation Software.
JD Power sues Chime over marketing campaign
The consumer intelligence company alleged that Chime willfully misused J.D. Power’s name and trademark in its marketing materials. The neobank said it would “vigorously” defend its position.
BofA plans to launch real-time cross-border payments
The domestic focus of most instant settlement rails is evolving toward cross-border, creating an opportunity for the bank to approach corporate clients.
Lawmakers press bank regulators on private credit risks
Members of the House Financial Services Committee pressed prudential bank and credit union regulators about the potential risks of bank lending to private credit firms in a hearing Thursday.
Citi appoints Fraser’s chief of staff to new strategy, IR job
The megabank promoted Margo Pilic, CEO Jane Fraser’s chief of staff since 2021, to a new job that combines bank strategy with investor communications. The promotion was one of several leadership changes announced by the bank.
Another potential AI problem: Bored humans miss AI mistakes
Bank leaders and industry observers are starting to worry about the risk of automation complacency, where glazed-eyed workers fail to see mistakes made by AI models that are right most of the time.
Mortgage rates fall for first time in three weeks
The 30-year fixed rate mortgage average not only remains where it was in September, it is still nearly a half-percentage point above February’s trough.