CFPB flunks cybersecurity audit amid staff cuts: OIG report
The Consumer Financial Protection Bureau is leaving millions of sensitive financial records vulnerable to cyber threats, the inspector general has found. It cited a massive staff reduction during the Trump administration as the root cause.
How banks can reclaim the $18 trillion SMB market
Businesses are decoupling daily payment execution from traditional banking channels
Why RIA buyers are seeking relatively young leadership — and vice versa
As RIA buyers become pickier, the age of a firm’s leaders can be a big draw still.
With major banks onboard, DTCC launches tokenized securities
The service lets investors trade stock on a blockchain, 24/7. J.P. Morgan, Bank of America, Citi and Morgan Stanley have signed all agreements to use it.
Despite missing asset goal, LPL points to silver linings in Commonwealth deal
Although acknowledging that they won’t hit their goal of retaining 90% of the assets Commonwealth Financial Network had at the time of its acquisition, LPL executives say the deal is living up to its promise in most other ways.
OCC, FDIC part ways on forcing banks to fix cyber gaps
At FDIC-supervised banks, a cyber weakness examiners can’t tie to the balance sheet may draw only an informal note under a rule taking effect Nov. 2.
Understanding the banking industry’s reaction to AI agents
The introduction of AI agents capable of transacting on behalf of their customers has many banks placing restrictions on their use. But the reason for banks’ caution is not well understood, and is sometimes misrepresented.
For Fed, politics impossible to avoid in pre-midterm FOMC
The Federal Open Market Committee’s voting history heading into previous elections might shed light on how it approaches this week’s decision.
How the proposed merger of two Black banks ignited a fight
After two Black banks in the Carolinas announced plans to combine, another lender made a purchase offer that it says is superior.
Visa says you can thank the labor market for strong spending
CEO Ryan McInerney said during the company’s fiscal fourth quarter earnings call that a strong labor market was driving the uptick in consumer spending, despite widespread uncertainty. His comments came as Visa posted its highest rate of annual revenue growth in more than 15 years.