Another credit union buys a bank as industry groups sharpen criticism
Gesa Credit Union in Washington agreed to acquire a 103-year-old community bank in Centralia, as it eyes opportunities for additional growth in the Pacific Northwest. In the District of Columbia, a bank group is calling for exit fees on banks selling to tax-exempt credit unions.
Press Release: FDIC Board Winds Down the Special Committee
PRESS RELEASE | MAY 30, 2024 FDIC Board Winds Down the Special Committee WASHINGTON — On May 7, 2024, the Federal Deposit Insurance Corporation (FDIC) released the report from the independent third-party review of allegations of sexual harassment and other interpersonal misconduct at the FDIC and management’s response to that harassment and misconduct, and the […]
Ex-CEO of failed bank pleads guilty after losing $47M in crypto scheme
Shan Hanes, who led Heartland Tri-State Bank in Kansas until it failed last year, pleaded guilty to one count of embezzlement by a bank officer. He now faces up to 30 years in prison. He is scheduled to be sentenced on Aug. 8.
How Sift uses AI to replace manual labor in fraud surveillance
A new tool from the San Francisco-based fintech deploys artificial intelligence to automatically adjust merchants’ card transaction fraud filters based on changing risk factors in real time.
What’s on bankers’ wish lists for generative AI?
OpenAI is training a new flagship AI model to replace the one behind the wildly popular ChatGPT. It seems like a good time to ask, if financial users could design their own generative AI model from scratch, what they would want?
Mortgage rates back over 7% on inflation comments
Yields on the benchmark 10-year Treasury also rose in the past week as bond and note auctions got tepid responses from investors.
Supreme Court punts dual banking case back to Second Circuit
The Supreme Court decided to rule narrowly in Cantero v. Bank of America Corp., sending the case back to the Court of Appeals for the Second Circuit with instructions to perform a more nuanced analysis on whether a New York escrow law unfairly discriminates against national banks.
PayPal’s stablecoin gains allies to help position it for payments
Payment firm BVNK is betting that PYUSD’s potential to connect to PayPal’s network of millions of consumers and businesses will make it more than another investment currency.
‘Old’ advice can hit differently the second time around
Effective coaches understand that the same message, delivered at different points in an employee’s career, can resonate in new ways as they gain insight and experience.
Is Walmart ready to take on banks after its divorce from Capital One?
The retail giant has scrapped its credit card partnership with Capital One, its second public spat in recent years with a partner bank. Analysts say it may be a sign that Walmart wants to launch its own credit card on what it hopes will be a financial super-app.