Why OpenAI’s checkout ‘pivot’ isn’t a retreat from AI payments
While it’s moving away from embedding transactions in ChatGPT to funneling purchases through third parties, analysts say the artificial intelligence lab’s shift doesn’t dilute the threat large language models pose to traditional card issuers.
Regions accelerates plan to refresh its branch network
The Alabama-based regional bank plans to open 135 to 150 branches over the next five years, while closing the same number. Regions’ decision to accelerate its timeline by two years comes as large and regional banks try to capture more market share in the Southeast.
Democratic AGs sue HUD over fair housing guidance
A coalition of Democratic attorneys general, led by California and Illinois, have sued the Department of Housing and Urban Development over a guidance that they argue will scale back enforcement to strict federal standards and threaten state funding to enforce fair housing laws.
Bank of America inks lease for entire office tower at NYC’s One Bryant Park
The company has agreed to a 20-year lease for the entire office portion and some retail space at the 51-story property, where it’s already the anchor tenant.
The real work of modernizing banks’ systems is only just beginning
The most compelling innovation in banking today is not about flashy interfaces or speculative applications of technology, it is about strengthening core functions such as lending, payments, risk management and compliance.
‘The check is in the mail’ may not work as an excuse much longer
The Fed explores ditching paper checks; enforcement actions against banks have plunged under Trump; the CFPB gets a stinging rebuke.
Fed inquiry into checks has bankers fearing ‘disaster’
The Federal Reserve’s recently published request for information on options for updating its check clearing apparatus has bankers fearing that it will opt to phase out paper checks entirely — an outcome that has community banks panicked.
Federal court rules against CFPB in funding lawsuit
A federal judge ruled that acting Consumer Financial Protection Bureau director Russell Vought unlawfully refused to request agency funding from the Federal Reserve Board, dealing a procedural blow to a legal argument that the Fed can only fund the CFPB when it turns a profit.
White House order to increase small bank mortgage lending
A White House executive order issued Friday afternoon directing regulators to ease Dodd-Frank compliance burdens comes as a bipartisan housing bill advances on Capitol Hill.
Truist and Plaid announce data sharing partnership
The bank and fintech entered an agreement to expand open banking ahead of the CFPB’s new 1033 rule and announced joint fraud-combatting product improvements.