Top Treasury lawyer resigns as $1.8B settlement fund unveiled
The Treasury Department’s General Counsel Brian Morrissey resigned his post as controversy grew over a Department of Justice settlement creating a fund to compensate for alleged victims of prosecution by the Biden administration.
California fines Yotta $1M for deceiving savers
Yotta marketed accounts as FDIC-insured and impossible to lose, then moved $28 million of Californians’ money to a Synapse arm its own executives didn’t trust.
Fed’s Waller says AI at central bank has strict guardrails
Federal Reserve Gov. Christopher Waller said Tuesday that central bank researchers using Artificial Intelligence must follow security protocols designed to protect sensitive data.
A major wave of consolidation is about to reshape the banking industry
New bank capital rules have changed the calculus for many banks in the U.S., eliminating many of the barriers that prevented midsize institutions from growing. The result will likely be a rapid spike in mergers.
Citing bad loans, USDA bars a group of lenders from lending program
The move comes about a year after rising delinquency levels prompted SBA to raise lender fees and tightened underwriting standards in its flagship 7(a) program.
OpenAI launches Plaid integration for ChatGPT Pro users
Select ChatGPT users can now connect their bank accounts to the AI-powered chatbot for personal money management advice based on their financial history.
Always-on fraud checks cut Suncoast’s losses by a third
Suncoast Credit Union moved from one-time identity checks to monitoring members for the life of the account. It says fraud losses fell more than a third.
Wells Fargo settles lawsuit alleging hiring, lending discrimination
The $110 million settlement, which was mapped out last fall, requires Wells Fargo to establish a $100 million fund to provide downpayment and closing-cost assistance to eligible borrowers who live in or plan to buy a home in certain low- and moderate-income census tracts.
First Trump, Now Mamdani; politicians stepping into payments
Whether red or blue, leaders share an affinity for battling fintech giants, as the liberal mayor is pressuring regulators to scuttle Western Union’s plan to buy digital transfer Intermex, shortly following PayPal’s ‘DEI settlement’ with the Trump administration.
Why JPMorgan Payments has been ‘pretty quiet’ on agentic commerce
Prashant Sharma, JPMorgan Payments’ executive director of biometrics and identity solutions, spoke with American Banker about agentic commerce and how liability is shifting as a result of large language models.