Fed, New York fine Chinese bank $32Mfor CSI, AML violations
The Federal Reserve and New York State Department of Financial Services fined the Industrial and Commercial Bank of China for violations related to a lack of internal controls for confidential supervisory information and anti-money laundering compliance failures.
Fannie’s CEO contemplates a future after government conservatorship
“Someone somewhere has not taken a victory lap for the work that has been done to rehabilitate the enterprises.” Priscilla Almodovar said in a Bloomberg interview.
Atomic brings direct deposit switching to Backbase platform
The new service will allow financial institutions to streamline the process for moving accounts and verifying income.
Bankers must remain vigilant about their sources of liquidity
Past crises have created opportunities for criminal organizations to inject their funds into the legitimate banking system. Bankers can’t allow that to happen again.
20 banks and thrifts with the largest first mortgage loan volume
The top five banks and thrifts have a combined first mortgage loan volume of more than $1 trillion.
AI is bringing ‘Minority Report’ payments and loyalty to life
Companies like NCR Voyix, Salesforce and Sainsbury’s are keen to deploy technology that used to be science fiction — such as scanning a shopper’s eyes to access their accounts, or using AI to streamline checkout.
Congress could play bigger regulatory role in a post-Chevron world
By overturning so-called “Chevron deference,” the Supreme Court could compel lawmakers to be less ambiguous in their legislative language, limiting agencies’ interpretative power.
Fight between OCC and upside-down Texas bank boils over
Industry Bancshares’ bond portfolio is massively underwater, and one of its regulators says the company is in “troubled condition.” But Industry says it was already working on fixes prior to the OCC’s intervention, which it calls an “unfortunate example of regulatory overreach.”
Why Key is more optimistic entering 2024
The Cleveland-based regional bank was not well positioned for the sharp rise in interest rates last year. But executives say the year ahead will be different, pointing to strong credit quality and a repricing of Key’s securities portfolio.
Texas Capital sees mortgage woes amid long-term overhaul
The Dallas bank’s full-year results show progress toward its long-term strategy, CEO Rob Holmes said on an earnings call.