Truist vows to keep its expense growth low in 2024
Despite a surge in quarterly expenses in the fourth quarter and a projected uptick in the first quarter, the North Carolina company is standing by its expense guidance for 2024.
M&T’s profits plunged. Here’s why it says brighter days lie ahead.
Fourth-quarter net income at the Buffalo, New York, bank fell 37% because of higher funding costs and a special deposit insurance assessment. But lower interest rates and a stronger economy are expected to strengthen profits this year and into 2025, its CFO says.
Discover’s income dives as credit quality deteriorates and costs rise
A sharp increase in credit card account write-offs, a slowdown in consumer spending and heavy compliance costs triggered a 62% decline in fourth-quarter earnings.
‘Don’t AI wash’: SEC chief warns against bogus tech claims
Gary Gensler, chair of the Securities and Exchange Commission, said that any company going public had to be “full, fair and truthful” in their disclosures about their artificial intelligence’s true capabilities.
Renewable energy opens as new front in the Basel III war
A group of Democratic lawmakers wrote to federal regulators Thursday asking them to consider potential chilling effects on clean energy financing due to the Basel III endgame proposal.
Mortgage rates drop and further declines may be on the way
The move is somewhat counterintuitive relative to other market signals but Fannie Mae generally forecasts a net positive shift in lending conditions this year.
OCC’s Hsu calls for five-day liquidity requirement for large banks
The acting comptroller of the currency said regulators should give “serious consideration” to enacting a rule requiring banks to have enough assets pledged to the Federal Reserve’s discount window to cover “ultra short term, acute outflows.”
Debunking the myths about the Basel III endgame regulation
Opponents of the proposed capital rule offer many arguments as to why it will be a disaster. The trouble is, they’re all wrong.
Walmart, Victoria’s Secret share their visions for AI-steered shopping
The retail giants are testing the limits of what customers will allow a generative AI system to do before making a payment.
Conservative judges look to weaken federal agency power in ‘Chevron’ cases
At least four conservative judges on the Supreme Court, a formidable group at the oral argument stage, appear ready to overturn ‘Chevron’ deference, which could have massive consequences for bank policy.