CFPB warns banks of video games’ money laundering, fraud risks
A new report sheds light on the lack of player protections against scams and exploitive data collection practices of video game companies.
Dimon likens AI’s transformational potential to the steam engine
In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon wrote that the bank has identified more than 400 use cases for artificial intelligence across marketing, fraud and risk. It has also amassed thousands of AI experts and data scientists and begun exploring deploying generative AI.
Fifth Circuit keeps CFPB $8 late fee case in Texas
The case over the Consumer Financial Protection Bureau’s $8 late fee rule has emerged as a flashpoint in a larger debate over “judge shopping,” whereby plaintiffs seek venues with judges sympathetic to their complaints.
Why Amex is still expanding its pandemic-era restaurant-rescue program
To help historic restaurants facing dramatic losses when COVID struck, American Express rolled out grants to 25 needy restaurateurs. Four years later, the program is reaching twice as many establishments and the card network’s investment has more than doubled.
Use the Capital One-Discover deal to reshape the credit card market
Any approval of the proposed Capital One-Discover merger must come with a pro-competitive 1% interchange fee condition to benefit consumers and small businesses and challenge the dominating duopolist Visa, and a pro-community 5% deposit reinvestment condition.
How commercial real estate challenges are affecting banking
A combination of higher interest rates and increased vacancies — especially in office buildings — are leading to more apprehensions in commercial real estate.
Citi: The megabank that is always rebuilding
The company has long been criticized for its lagging financial performance and its complexity. CEO Jane Fraser is pushing through Citigroup’s most recent transformation plan, but will she succeed where her predecessors have failed?
NYCB asks shareholders to finalize $1 billion lifeline
The Long Island bank is trying to come back from a month-long spiral that sunk its stock price some 80%.
Does the CFPB have mortgage rate discount points in its crosshairs?
In a study posted weeks after it raised concerns about “junk fees,” the Consumer Financial Protection Bureau noted that the amount of borrowers paying discount points doubled from 2021 to 2023, with the increase larger among consumers with lower credit scores.
Digital Federal Credit Union debuts self-service mortgage portal
The $12.1 billion-asset DCU launched the loan platform in 2022, and has seen volume jump by close to $600 million from when talks began in 2019 to last year.