CFPB extends compliance deadline for small-business lending rule
The Consumer Financial Protection Bureau extended the deadline for lenders with the highest volume of small-business loans to July 18, 2025, and will not assess penalties for reporting errors for a year.
Hackers claim they stole Federal Reserve data, offer no evidence
Ransomware group LockBit threatened on Sunday to publish the stolen data Tuesday evening. Ransomware experts said it was likely that the group was bluffing.
Synapse’s failure is nobody’s responsibility and everybody’s problem
The bankruptcy of fintech middleware provider Synapse has left thousands of customers unable to access their savings, with seemingly no one empowered to put it back in their hands. Regulators and lawmakers need to do something about it, but first they need to talk about it.
Fed hits fast-growing community bank with enforcement action
The Federal Reserve Board of Governors issued a cease and desist order against Indiana-based United Fidelity Bank over concerns that the bank was deficient in its board oversight policies.
How Sathish Muthukrishnan sold generative AI to Ally execs
The head of data and digital at Ally Bank came up with protective measures governing the use of generative AI and organized “AI Days” for employees to learn about Ally’s progress.
Investor news: Mastercard targets crypto, Comerica to settle fraud suit
Investors are keeping a close eye on recent banking news, including Mastercard’s latest plan for crypto, Comerica’s proposed settlement of a class action, employment gains and skeptical shareholders.
JPMorgan, Commonwealth Bank combine AI tools to improve payments
The two financial institutions are testing a combination of machine learning and blockchain to catch errors and block fraud on international transactions.
Banks have a major role to play in supporting minority-owned businesses
By adopting more inclusive lending practices and actively seeking to support minority-owned businesses, banks can help bridge the financing gap that often stifles the growth of these businesses.
‘I’m left with nothing’: Life inside the Synapse collapse
Customers caught up in the Synapse bankruptcy are met with deafening silence from Washington as they discover their savings — or what is left of them — are held in accounts that fall between the cracks of the bank regulatory apparatus.
What bankers need to know about this year’s stress tests
Later this week, the Federal Reserve will release the results of its annual check-up on larger banks’ balance sheets. Experts say there are always surprises, but that pending capital rules may have a bigger impact than the stress-test results on banks’ dividend and buyback decisions.