Wall Street sees end of Fed’s balance-sheet runoff this year
Many on Wall Street agree that an abrupt end to quantitative tightening, or QT, is unlikely, with policymakers signaling its rolloff of Treasury holdings will finish by year-end.
Ripple’s $125 million fine brings little clarity to crypto
Unless the SEC appeals, a New York judge’s decision brings an end to the regulator’s four-year battle with the crypto company. But it leaves questions over the legality of crypto unanswered.
Green Dot’s earnings and revenue beat analysts’ estimates
The prepaid card company reported strong results following a government settlement over alleged unfair business practices.
Truist, TAB Bank, Wells Fargo shuffle technology leadership
The three banks recently named new executives to oversee their technology teams.
Online lender LendingPoint names a new CEO
Shawn Stone, the new CEO, has more than 25 years of experience in online loan origination, loan servicing operations, credit and capital markets.
How the Olympics are jolting payments technology
Visa, which leans on sports festivals to showcase emerging shopping and checkout features, says contactless transactions from travelers have jumped during the games.
AI use in customer service faces legal challenges that could hit banks
Air Canada was penalized for misinformation generated by its chatbot; Patagonia has been accused of letting a vendor’s AI model listen to and analyze customer service conversations without consent. These cases have parallels in banking, where many institutions use AI-based chatbots and contact center software.
Mortgage rates sink after jobs report
The 30-year fixed rate loan was down 26 basis points as investors reacted early in the week to the employment numbers, according to Freddie Mac.
Fed dings top midsize bank over money laundering concerns
The Federal Reserve Board issued an enforcement action against Customers Bank, citing compliance deficiencies related to its digital asset strategy and instant payments network.
Market turmoil aside, ‘talk of doom and gloom overstated’ for banks
The stock swoon of early August, however, raises red flags and could delay an anticipated rise in loan demand for banks in need of stronger interest income, analysts caution.