Does AI increase cloud computing risks?
Banks are turning to the same hyperscalers for cloud computing and generative AI. Some wonder what the consequences will be down the road.
Senate deals death blow to Durbin II inclusion in FAA
The next major chance the lawmakers could have on the so-called “swipe fee” legislation will come next year as Congress looks toward a tax package.
House votes to nullify crypto custody guidance; Biden vows veto
The House advanced a resolution that would roll back a Securities and Exchange Commission resolution that banks argue cuts them out of the crypto custodying business, but President Biden said he would veto it if it passes the Senate.
Mortgage rates drop as markets digest Fed meeting news
The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
FTC vs. payment firms (and fees): What the regulator’s watching
The Federal Trade Commission recently blasted two companies for their murky business practices and confusing charges. Industry experts say many digital and recurring payments are inviting more regulatory scrutiny.
Congress, not the Fed, is at fault for slashing interchange fees
The central bank is merely an instrument of Congress when it comes to setting card interchange fees. Only by making lawmakers feel the heat will the industry see meaningful change.
Barclays faces investor pressure to halt fracking finance
A group of 24 institutional investors say a recent pledge by the British bank to restrict financing for companies that focus exclusively on fossil-fuel exploration and extraction doesn’t go far enough.
Customer satisfaction falls at digital banks, J.D. Power says
Depositors are still flocking to online-only banking platforms offered by companies such as Ally, Capital One and Discover. But overall customer satisfaction took a “statistically significant” drop, according to a new J.D. Power report.
Airline rewards credit cards come under attack at CFPB-DOT hearing
Executives of Allegiant, Breeze and Spirit complained to the heads of the Consumer Financial Protection Bureau and Department of Transportation that the relationships between big banks and big airlines are anticompetitive. Consumer advocates also questioned whether large airlines are delivering on promised rewards and if consumers are racking up debt to accrue miles and points.
Fed report: Climate change could raise loan defaults for biggest banks
The Federal Reserve Thursday released a report on its climate stress test pilot assessing the impact of climate change on big bank portfolios and found that loan defaults could increase as a result of climate events and shifts toward a lower carbon economy.