Treasury report examines gaps in banks’ AI risk management
The report seeks to help banks “disrupt rapidly evolving AI-driven fraud,” according to Treasury’s Nellie Liang. The report found banks report difficulties accounting for AI risks.
New Bank of America platform connects small businesses with CDFIs
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
SEC suit against Coinbase can go forward, judge rules
A federal judge in New York ruled that the Securities and Exchange Commission can proceed with its lawsuit against the cryptocurrency-trading platform Coinbase, claiming the company failed to register as a securities business.
Bankers are mining consent orders for clues to managing BaaS
A panel at CBA Live explored the contract provisions banks need to consider before embarking on new banking-as-a-service relationships and what catches their eyes in consent orders from banking regulators.
Canadian bank still waiting on regulators to OK cross-border merger
VersaBank in London, Ontario, agreed nearly two years ago to buy a small Minnesota bank. The buyer’s CEO says he remains hopeful approval will come soon.
Amazon teams with Stripe in retail, M-Pesa adds support for Ethiopia
Amazon is working with Stripe to expand its Just Walk Out retail stores in Australia and Canada; Safaricom is working with Onafriq to support remittances sent via M-Pesa to Ethiopia; and more.
Basel endgame will greatly disadvantage international banks in the U.S.
U.S. financial markets are stronger and more resilient because of the contributions of international banks. But many aspects of the U.S. Basel III endgame proposal threaten to tilt the playing field against them.
What bankers need to know about the government funding compromise
The bipartisan funding bill cuts financial services funding, but includes boons for the Small Business Administration and omits controversial legislation like Durbin 2.0.
Visa develops fraud-detection tools for third-party channels
A new crop of AI-powered products from Visa tackles scams beyond the company’s network to include account-to-account payments and digital wallets.
20 U.S. banks with the largest CRE loan volume
The top five banks had a combined commercial real estate loan volume of more than $500 billion at the end of the fourth quarter of 2023.