U.S. Bank, Ohio appraiser sued for biased home appraisal
A mixed-race couple claims a “whitewashed” valuation in 2023 returned a price 39% higher than the depository-approved result a year earlier.
Waller says Fed’s mortgage holdings should dwindle
Federal Reserve Governor Christopher Waller said he’d like to see the central bank’s holdings of mortgage-backed securities go to zero.
Navigating the future of banking, Fintech and AI
Luis Valdich, managing director of Citi Ventures, and Alex Sion, managing partner of private equity firm Motive Partners, explain how they envision advanced AI changing work in financial services.
U.S. banks may struggle to adopt a key new global payments protocol
Some U.S. banks postponed taking action on ISO 20022, a new global financial messaging standard, while they were busy with preparations for FedNow’s faster-payments launch last year. This may not leave them with enough time to meet a March 2025 deadline.
BNPL products are not credit cards. They require tailored regulations.
The growing buy now/pay later industry requires regulations, but existing regulations for credit card lenders are not fit to the purpose. BNPL needs bespoke guidelines to protect consumers.
NYCB’s woes grow as CEO’s exit and new disclosures spook investors
The turmoil at New York Community Bancorp resumed Thursday with the departure of CEO Thomas Cangemi. The embattled regional bank, which also recorded a $2.4 billion goodwill impairment charge and disclosed other new problems, saw its share price plunge.
TD chief vows to fix AML problem, but is short on details
The Toronto bank has been under investigation by U.S. and Canadian supervisors for alleged shortcomings in anti-money-laundering compliance. CEO Bharat Masrani pledged “comprehensive enhancements” but declined to pinpoint the exact fixes and their costs.
House panel advances bill challenging SEC crypto custody guidance
In a 31 to 20 vote, the House Financial Services Committee voted to advance a resolution disapproving of a Securities and Exchange Commission accounting bulletin that banks say would undercut their ability to custody crypto.
Banks unite to tackle AI risks with cybersecurity guidance
A consortium of banks focused on cybersecurity has published a series of white papers aimed at navigating the challenges and opportunities of AI in the financial sector.
Surveys show lack of consumer trust in banks’ AI
Research from J.D. Power found that bank customers are most concerned about letting AI move money on their behalf or place a barrier between them and their money.