SBA rejects plan to sell some pandemic-era loans
While the $800 billion in PPP loans has largely self-liquidated through the forgiveness process, SBA continues to service the longer-duration EIDL portfolio and will likely be doing so for years to come after opting to hold on to the loans.
RBC rolls out AI-based tools to financial advisors
Royal Bank of Canada’s U.S. wealth management arm has partnered with TIFIN AG to provide RBC’s team of advisors with a suite of artificial intelligence tools for deepening client relationships and spotting potential missed opportunities.
Press Release: FDIC Publishes 2024 Risk Review
PRESS RELEASE | MAY 22, 2024 FDIC Publishes 2024 Risk Review Report highlights risks in banking system including Commercial Real Estate and Consumer Loans WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today published its 2024 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and the banking industry. The FDIC’s Risk Review is […]
Santander expands instant payments, Australia advances digital ID
Santander joins Iberpay as the first supporters of the European Payment Council’s instant account-to-account network, Australian lawmakers approved bills to create a federated digital identity system, and more.
Sharing information is the best defense against AI-enabled fraud
It is increasingly clear that joining a risk consortium is the best defense banks have against fraudsters who are increasingly powered by artificial intelligence.
CFPB to classify BNPL loans as credit cards under consumer laws
The Consumer Financial Protection Bureau issued a new interpretive rule designating buy now/pay later lenders as credit card providers, subjecting those services to consumer protections like the right to dispute charges and receive refunds.
JPMorgan Chase shareholders reject splitting Jamie Dimon’s duties
Shareholders at America’s largest bank voted against requiring an independent board chair, though the proposal drew more support than similar measures did recently at other megabanks. The vote came just one day after Dimon signaled that his departure as CEO may be on the horizon.
California community bank to pay hefty premium for in-state rival
Irvine-based CBC Bancorp’s $121 million deal for Bay Community Bancorp in Oakland stands out at a time when high rates have put a damper on both the number of deals taking place and the multiples sellers are paying.
SoLo Funds vows to fight CFPB lawsuit
The company changed several of the practices the agency complained about several years ago, such as threatening to report nonpaying borrowers to credit bureaus, co-founder Rodney Williams says.
GOP tees up crypto vote with hopes of Democratic support
The bill spells out how the Securities and Exchange Commission can and can’t address crypto custody at banks and is getting a wave of bipartisan traction on Capitol Hill. But some academics and consumer advocates are concerned that the legislation could allow banks to bypass regulations.