Trump renews his calls to cap credit card fees
President Donald Trump said that he supported capping what he called “out-of-control credit card swipe fees” at the Republican midterm convention in Dallas. Wednesday’s comments mark the third time the president has said he supported the Credit Card Competition Act.
Ameriprise using its $1B tech spend to save advisors 10 to 20 hours a week
Like many firms, Ameriprise has been pumping money into AI in recent years. But its dedication to technology goes back much further, says the firm’s head of technology and service delivery.
AI agents don’t have to fail in order to cause major problems for banks
An agent that takes an unexpected action in the service of achieving its assigned goal can create vulnerabilities that may be difficult to spot in real time. These problems can compound if the agent continues to act within a bank’s systems.
BMO payments partner to pay $12M for serving shell companies
A consulting firm working for BMO Harris flagged the processor’s chargeback problem in 2015. The FTC says the shell accounts kept coming through 2023.
AI ROI estimates tend to leave one thing out
The first two articles in this series addressed what banks should measure and how. This final article asks what people often get wrong in calculating AI ROI.
IBKR’s custody pitch to RIAs focuses on low fees, growth potential
Interactive Brokers, also known by its hot ticker symbol of IBKR, shares much more fee information than most custodians, without revealing much in the way of its scale among RIAs. Can it gain greater reach in a competitive channel?
Q3 agency MBS lags targets as home equity, non-QM gain ground
BTIG is predicting mortgage origination volume for loanDepot, PennyMac Financial Services, Rithm, Rocket Cos., and UWM Holdings combined will be 5% lower than the industry consensus for the third quarter.
Alabama bank rejects activists’ ‘unreasonable’ demands
For months, United Bancorporation of Alabama avoided a public clash with two unhappy shareholders. But after the duo demanded seats on the board of directors, the bank finally clapped back.
Why advisors should talk about client ‘health portfolios’
Financial advisors would be wise to treat “health span” like an investment portfolio to better prepare clients to afford and enjoy longer retirements, a researcher said.
FDIC won’t have to return $1.71 billion to SVB creditors
A federal judge found SVB Financial’s management negligently prioritized yield over safety, allowing the Federal Deposit Insurance Corp. to retain the deposits after the bank’s 2023 collapse.