Navigating payments innovation amid changing regulations
Payments Innovation Association CEO Brian Tate sees new trends in how technology is transforming payments technologies that are secure, safe and fair.
Which large language models are best for banks?
A new, free leaderboard created and continuously updated by the Kensho team at S&P Global gives people in the financial industry a sense of which generative AI models work best for specific use cases.
Buy the People: Why everyone loves to hate the Fed
The Federal Reserve, historically a secretive and isolated institution, has made a concerted effort to explain itself to and be understood by the public since 2008. But try as it might, the central bank is still viewed by many as an enigma, if not an enemy.
The forces driving JPMorgan Chase to build a digital media business
The credit and debit card-issuing giant’s Chase Media Solutions will help fund new loyalty programs to offset downward pressure on card-swipe fees and the potential erosion of card spending volume from the rise of faster payments and open banking, experts say.
Winners of 2023 bank crisis are finding the new spotlight harsh
The first major hurdle arises for lenders that approach $100 billion in assets. That’s when they have to deal with a key regulatory threshold, becoming so-called Category IV banks, which are subject to stiffer capital rules and oversight.
SBA forges ahead with Funding Circle license despite pushback
The decision to approve the fintech’s application to make 7(a) loans came nearly a month after Funding Circle’s U.K.-based CEO hinted it is considering a sale of its U.S. operations, alarming some members of Congress.
Fraud will be harder to stop without changes to open banking rule
The CFPB should change its proposal and allow fintechs and other financial services companies the same freedom to innovate that entrenched large banks already enjoy.
CFPB’s Rohit Chopra warns of ‘creep of consolidation’ in bank M&A
The federal agency’s director said Wednesday that regulators were working to refocus bank merger evaluations on community impact.
KeyBank diffuses community tensions with new agreement
A year ago, the National Community Reinvestment Coalition accused KeyBank of redlining. On Wednesday, the NCRC and Key announced a $25 million “agreement” that NCRC CEO Jesse Van Tol says could open the door to a new community benefits plan.
Citi asks judge to toss NY AG’s ‘imaginative’ wire-fraud lawsuit
Letitia James, the New York state attorney general, sued Citigroup and argued it should be liable for fraud cases involving consumer wire transfers. But Citi said the AG’s view would bring about a “sea change in banking law.”