Rich and poor consumers use BNPL for different reasons: Fed data
Financially stressed consumers nearing their credit limit use buy now, pay later loans to finance smaller purchases, while wealthier households want to avoid paying interest or carrying a balance on credit cards for bigger-ticket items, according to the New York Fed.
JPMorgan, State Street leave biggest climate investor group
The departures are occurring during a period of heightened U.S. political backlash against the environmental, social and governance investing strategy. Republican officials across the country have launched investigations into banks and asset managers, introduced anti-ESG laws and pulled funds from firms such as BlackRock, which championed sustainable investing.
U.S. Bank, Suncoast say AI helps take loans from ‘no’ to ‘yes’
For customers who are declined through traditional underwriting models, artificial intelligence models that can take in more data take a wider lens of creditworthiness.
Wells Fargo clears another hurdle as OCC terminates 2016 order
Wells Fargo clears another hurdle as OCC terminates 2016 order
Federal Reserve unveils rigorous 2024 stress test scenario
The Federal Reserve Board’s 2024 stress test scenario posits severe market volatility, widening corporate bond spreads, and significant declines in asset prices. The scenario comes alongside new exploratory analyses probing additional risks for the first time.
Press Release: Special Committee Provides Update on Third-Party Review
PRESS RELEASE | FEBRUARY 15, 2024 SPECIAL COMMITTEE PROVIDES UPDATE ON THIRD-PARTY REVIEW Additional Contact Method Established and Confidentiality Restrictions Waived WASHINGTON – The Special Committee of the Federal Deposit Insurance Corporation (FDIC) Board of Directors established to oversee an independent third-party review of the agency’s workplace culture issued the following statement today: “The Special […]
Charlie Javice fails to get JPMorgan to pay for her suit against firm
A Delaware chancery court judge ruled that JPMorgan’s obligation to cover the costs of Javice’s defense in its fraud suit against her, as well as a separate criminal prosecution, didn’t extend to her claims that the bank wrongly terminated her roughly a year after it bought Frank, her college financial planning startup.
What should banks do next to improve online banking?
Financial institutions need to reconsider the logic and intuitiveness of their website design. They could also introduce free credit scores and capitalize on generative AI, experts say.
Mortgage rates soar on inflation news
For the first time since mid-December, the Freddie Mac survey reports mortgage rates over 6.7%.
FDIC Unveils Animated Timeline of Agency’s History and Mission
FDIC CELEBRATES 90 YEARS | FEBRUARY 15, 2026 FDIC Unveils Animated Timeline of Agency’s History and Mission Today, the Federal Deposit Insurance Corporation unveiled an animated timeline of the 90-year history of the agency and its mission. Since its creation in 1933, the FDIC has protected the money people entrust to our nation’s banks. This […]