Even JPMorgan Payments feels pressure to compete with fintechs

JPMorgan Payments processes about $12 trillion in payments per day globally. It is also the largest credit card issuer and merchant acquirer in the country. But to stay on top, the banking behemoth has made it its business to work with, and think like, nimbler fintechs.

Exclusive research: Banks up AI investment to cut costs

Banks are prioritizing AI investments for several reasons, including streamlining operations, reducing costs and improving employee workflows. By comparison, enhancing risk assessment and strengthening cybersecurity ranked lower among the reasons banks are investing in AI.

FDIC proposes preclearing stablecoin AML actions with Fincen

A proposal from the Federal Deposit Insurance Corp. would require the agency to notify Treasury’s Financial Crimes Enforcement Network 30 days prior to major anti-money laundering actions against stablecoin issuers. The rule would also allow issuers to directly share normally confidential information with Fincen during the enforcement process.

What’s life like after crypto firms get trust bank charters?

The Office of the Comptroller of the Currency has conditionally approved several national trust bank charters for crypto companies. Fabian Dori at Sygnum Bank, which has operated as crypto bank for six years, shares what happens after the charter.

Consumer credit demand wanes as Iran war drags on

Households are cutting back on spending and buying fewer big ticket items, according to a key consumer confidence report. Higher inflation expectations and recession concerns are driving the pullback.

FHA adds automation for spot approvals on condos

The streamlining is designed to further expedite a process which allows mortgage companies to get a case number for loans on single units even if the building they’re in doesn’t have one.