Fed’s Bowman says Basel proposal still on track for end of Q1
Federal Reserve Vice Chair for Supervision Michelle Bowman said in comments Wednesday that the central bank plans to publish its Basel III endgame capital proposal for public comment before the end of March.
Citi completes sale of its last remaining Russian unit
The sale of AO Citibank to Moscow-based Renaissance Capital marks the end of an exit plan that started in 2021 and expanded after Russia invaded Ukraine the following year.
Data breach hits 1 million Figure customers
Data breach extortion group ShinyHunters used social engineering to steal customer names, addresses and phone numbers from the blockchain lender.
CEOs are putting themselves in charge of AI. Here’s why.
About 70% of bank CEOs said in a recent survey that they are the AI decision makers in their companies. The reasons for this range from the huge impact AI can have on an organization to the fear of missing out.
White House report says CFPB raised borrowing costs
A White House Council of Economic Advisers report published Tuesday found that the CFPB cost consumers between $237 and $369 billion since its creation, an analysis that consumer advocates and some financial academics say is flawed.
California community bank agrees to new union deal
Beneficial State Bank in Oakland has reached a three-year agreement with the Communications Workers of America. The deal follows a groundbreaking union pact the bank signed in 2021.
She was fired from the CFPB. Now she’s running for Congress.
Alexis Goldstein, who was terminated from the Consumer Financial Protection Bureau last week, is running for Congress in Maryland’s 6th District, which hosts a disproportionate number of federal workers.
EXCLUSIVE RESEARCH: How AI is supporting bank mortgage growth plans
Banks and credit unions are pairing AI-driven efficiency with stable staffing and cross-training to scale mortgage production as originations rebound and technology expands capacity.
MSRs in focus as Fed rethinks Basel III rules
Some observers say changes to MSR risk-weighting would have limited near-term impact and are unlikely to prompt banks to rush back.
How past successes can doom banks to weak performance in the future
Doubling down on what has worked in the past — especially if it’s still working now — may inadvertently trap banks into business models ill-suited for the future. Smart bankers make room for change before it is forced on them.