NYCB’s new leaders face skeptical shareholders in wake of turmoil
During New York Community Bancorp’s annual shareholder meeting, executives reiterated their mission to restore value in the beleaguered Long Island-based company. Questions from shareholders suggested at least some discontent following a capital influx that significantly diluted their position in the company.
Hiring chief data, AI officers as AI moves at ‘such a fast clip’
Speakers from the Consumer Financial Protection Bureau, JPMorgan Chase and more outlined the ways they are hunting for much-needed technology talent, from pooled efforts to recruiting outside of the country.
Sen. Warren: Return FHLBs to housing mission
Sen. Elizabeth Warren, D-Mass., a powerful member of the Senate Banking Committee’s progressive wing, said that the Federal Home Loan banks have “failed to deliver on their housing and community development mission.”
Comerica to settle Direct Express fraud class-action lawsuit for $1.2 million
Comerica Bank has agreed to a proposed settlement of fraud claims after denying refunds to Direct Express beneficiaries who alleged money was stolen from their prepaid accounts. In the past month, beneficiaries have been sent postcards announcing the settlement.
Banks can’t measure climate risk? I live it every day
U.S. regulators need to do more to require banks to recognize the risks posed by climate change, and the damage that continuing to support fossil fuel extraction projects does to the environment.
Cash isn’t going away, despite declining use
In the U.S., the COVID-19 pandemic and other factors caused a sharp reduction in cash use. But with paper bills still accounting for nearly a fifth of all payments, the option is still far too entrenched to risk extinction.
The racial wealth gap is getting wider. Can technology fix it?
In recent years, the wealth gulf between white and Black families has only grown. But there is hope that advances in fintech, such as wider adoption of artificial intelligence, can help.
Hsu says banks and AI companies should share responsibility for model errors
Acting Comptroller of the Currency Michael Hsu Thursday said AI providers and end-users — including banks — should share responsibility for errors that derive from artificial intelligence models.
Minnesota bankers appeal dismissal of suit over FDIC’s fee guidance
A Minnesota trade group and its co-plaintiff, Lake Central Bank, signaled that they plan to appeal a district court’s dismissal of their lawsuit against the FDIC. The case involves the agency’s guidance on nonsufficient funds fees.
Positive news on inflation pushes mortgage rates down
The 30-year fixed-rate mortgage average dropped back below the 7% level as investors reacted positively to news the economy is slowing, Freddie Mac said.