Banks don’t talk about the energy AI guzzles. Here’s why they should.
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
FDIC Board debates, then withdraws asset manager control proposals
The FDIC Board debated and ultimately withdrew two separate proposals to address asset managers’ control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn’t support either and called for more research and debate about how asset managers’ control over banks impacts safety and soundness.
Why Texas has its own account with the Federal Reserve
The state’s Comptroller of Public Accounts is one of several notable non-depositories with access to the Fed’s payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don’t?
Mortgage rates rise on weak economic news
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
Mortgage fraud attempts surge by more than one-third
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
First Citizens predicts fewer Fed rate cuts will boost interest income
Shares of the Raleigh, North Carolina bank, which bought Silicon Valley Bank last year, rose 7.8% on Thursday morning.
FDIC Board of Directors Meeting
BOARD MATERIALS | APRIL 25, 2024 FDIC BOARD OF DIRECTORS MEETING Today the Federal Deposit Insurance Corporation’s Board of Directors met in an open session. The agenda includes: Deposit Insurance Fund Restoration Plan Semiannual Update and Notice of Proposed Rulemaking on Bank Change in Control Act. Materials and information relative to the Board action are […]
The Fed’s manipulation of debit card interchange fees must stop
The Federal Reserve’s new proposal to lower the cap on debit card fees will drive up the prices consumers pay for other services, while forcing some banks out of the market entirely.
Insurance deal too rich for Trustmark to pass up, CEO says
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
Synchrony hikes interest rates on credit cards to offset late-fee rule
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau’s new regulation is scheduled to take effect on May 14.