Banks must understand their AI tools or risk running afoul of the law
AI tools, such as large language models, offer the promise of increased efficiency; but they also carry with them potential legal and regulatory risks. Financial service providers will need to find a way to strike the right balance as technological advancements continue to emerge.
More business loans are going bad. Should banks be worried?
The collateral that supports commercial and industrial loans is generally weaker than in commercial real estate, where banks can take over a devalued office building. Analysts say the loans merit a closer look as commercial bankruptcies rise.
In the fight against junk fees, don’t neglect international payments
The Biden administration should widen the scope of its junk fee initiatives and provide small- and medium-size businesses with relief from excessive international payments charges.
JPMorgan’s battle with Viva Wallet may be over, France attracts payments tech
A London judge has issued an order that could lead the bank to sell the Greek fintech, while two large French financial institutions plan to build a processor.
OneUnited releases Juneteenth TV ads, other institutions honor holiday
A new debit card, a panel discussion and a concert are among the ways banks are commemorating the end of slavery in the U.S.
FDIC, OCC find stakeholders hard to please with merger review guidelines
The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued proposals to update their bank merger review guidelines, but public comments reflect radically different attitudes from stakeholders about how high the bar to mergers should be.
TD Bank targets technology firms of all sizes with new division
The Canadian institution will offer cross-border banking services, financing, wealth management and more with its new TD Innovation Partners platform.
The Supreme Court may soon defang bank regulators — especially the CFPB
The high court will determine how much deference judges should give to regulators in interpreting laws passed by Congress. The upcoming ruling has especially big implications for the Consumer Financial Protection Bureau, which has drawn the banking industry’s ire.
Sunshine Meeting Notice: FDIC Board of Directors Meeting
SUNSHINE ACT NOTICE | JUNE 18, 2024 The FDIC Board of Directors will meet in open session: Time and Date: 10:00 a.m. on Thursday, June 20, 2024. Place: This Board meeting will be open to public observation only by webcast. FDIC Board Members and staff will participate from FDIC Headquarters, 550 17th Street, NW, Washington, […]
Lessons learned from Apple Pay Later for BNPL lenders and banks
The rocky journey and abrupt end of the technology company’s fledgling buy now/pay later service underscores ongoing challenges facing fintechs that offer point-of-sale installment loans, and how banks may benefit from the changing BNPL ecosystem.