Banks push back on CFPB plan to curb nonbank supervision
The Consumer Financial Protection Bureau received pointed pushback from banks in their public comments on a proposed rule that would slash the number of nonbanks being supervised in four key markets.
The disaster playbook: What happens if a stablecoin fails?
There’s no designated lender of last resort for nonbank stablecoin issuers in either the recently-passed stablecoin bill or the crypto market structure bill being considered, which experts say could mean bailouts down the road.
QNB to acquire smaller rival in southeastern Pennsylvania
QNB’s proposed $41 million deal to acquire The Victory Bancorp in Limerick, Pennsylvania, is set to create a community bank with $2.4 billion of assets.
Man sentenced to 42 months over $1.2M in check fraud
The operation washed checks stolen from USPS boxes and used “money mules” recruited on Instagram, causing financial and personal distress for victims.
Inside Wise’s Austin, Texas office expansion
The money transfer fintech expanded its Austin office 200% to 90,000 square feet as it looks toward accelerating growth in North America. The company also separately inked a new partnership with Upwork to add Wise Platform as an infrastructure provider for freelancer payouts.
Fed’s Powell mum on future interest rate cuts
Federal Reserve Chair Jerome Powell said in a speech Tuesday that the central bank’s policy stance is “modestly restrictive,” a stance that will give the central bank flexibility to react to an uncertain economic future.
Seeking better results, FICO launches bank-specific AI models
The credit score provider has developed “focused” language artificial intelligence models purpose-built for tasks like detecting payment fraud, assessing risk and recommending next best actions.
Biz2X and Columbia University partner to develop agentic AI
Students are collaborating with credit specialists at the lending platform to build agentic AI models for small business lending and for helping small business owners manage their finances.
FinWise waited a year to disclose a breach affecting 689,000
Six class action lawsuits seek over $5 million after an insider accessed sensitive records.
Fed’s Bowman: ‘Serious risk’ of labor market deterioration
Federal Reserve Vice Chair for Supervision Michelle Bowman said in a speech Tuesday that steeper interest rate cuts should be on the table if the labor market continues to show signs of decline.