Powell says fixing inflation is ‘the best thing we can do’ for housing
The Federal Reserve chair said a rate cut would not solve the underlying issues driving up shelter costs, even as housing becomes a disproportionate driver of inflation.
Political lines harden around FDIC workplace scandal
A House Financial Services Committee’s hearing on workplace misconduct at the Federal Deposit Insurance Corp. Wednesday offered Republicans an opportunity to call for FDIC Chair Martin Gruenberg’s immediate resignation, but Democrats pushed back against the implication that Gruenberg alone is to blame.
Risk executives from SVB, Credit Suisse assess last year’s turmoil
Former executives from two banks that collapsed within two weeks of each other spoke Tuesday about lessons to be learned from the crisis.
LockBit ransomware gang persists despite law enforcement crackdowns
After a disruption in February, LockBit roared back in May, highlighting persistent cyber threats to the financial sector.
Chopra fends off new line of attack on CFPB funding in Senate
Consumer Financial Protection Bureau Director Rohit Chopra pushed back against a new argument posed by Senate Republicans that the bureau may only be funded if the Federal Reserve earns a profit.
Apple to expand iPhone payments, Australia works on BNPL rules
An iOS 18 update will enable a Tap to Pay-like system for peer-to-peer payments. Meanwhile, will BNPL rules be different in Australia than in the U.S.?
The CFPB’s proposed rules targeting fintechs are a boon to big banks
The fintech industry has introduced unprecedented new levels of competition in the financial services sector. The Consumer Financial Protection Bureau’s new proposed rules would stifle it.
What are the tech solutions to Zelle fraud and scam resolution?
Machine learning has a firm place in banks’ fraud and scam detection work. But some are also experimenting with using generative AI to research and handle claims.
Three more minority banks get a deposit boost from State Street
The Boston-based custody bank will place deposits at Carver State Bank, Citizens Trust Bank and Ponce Bank as part of its broader effort to help reduce the wealth gap. State Street plans to place a total of $100 million of deposits at minority depository institutions this year.
Citi’s Titi Cole on what’s changed in banking: The Climb
As she prepares to leave to run a nonprofit after three decades in the industry, Cole said the financial services sector is better for women — but still has a long way to go.