FSOC raises alarm on financial stability risks from AI
Members of the Financial Stability Oversight Council Thursday warned of increasing financial risks posed by artificial intelligence annual report, noting AI’s potential to amplify cyber threats, induce herd behavior and even compromise bank safety and soundness.
Press Release: FDIC Signature Bridge Bank Receivership Sells 20 Percent Equity Interest in Entity Holding $16.8 Billion of Commercial Real Estate Loans
PRESS RELEASE | DECEMBER 14, 2023 FDIC Signature Bridge Bank Receivership Sells 20 Percent Equity Interest in Entity Holding $16.8 Billion of Commercial Real Estate Loans WASHINGTON –The Federal Deposit Insurance Corporation (FDIC), as receiver of Signature Bridge Bank, N.A. (FDIC-Receiver), today completed one of several transactions following the marketing of the $33 billion Commercial Real […]
Big banks get higher satisfaction scores, but lose ground with savers
Retail customers at large banks were a bit more satisfied this year than in 2022, a new J.D. Power study finds. However, more of those same customers are moving cash to — and seeking advice from — wealth management firms and online banks.
Global Payments weighs acquisition of Shift4
Atlanta-based Global Payments has been working with an adviser to study the feasibility of a deal for Shift4 Payments, according to the people.
Senior Democrat calls for reinvigoration of post-Dodd Frank research office
Sen. Jack Reed, D-R.I., also brought up concerns with synthetic risk transfers and so-called shadow banks, which he said are shifting risk from outside the banking system into private credit markets.
Santander Bank settles home appraisal discrimination suit
A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.
Horizon in Indiana takes $33M hit in balance sheet restructuring
The Michigan City company, part of a growing list of banks announcing similar overhauls, aims to sell nearly $400 million of securities and reinvest the proceeds in higher-yielding loans.
Navy Federal’s loan growth far outpaces bank competitors
The world’s largest credit union reported a 5% increase in total loans in the third quarter while lending at the largest banks was almost stagnant. However, the Vienna, Virginia, institution’s charge-offs also jumped significantly.
Ex-Bank of China manager jailed for life over $322 million fraud
Xu Guojun, a former local branch head at Bank of China, was handed a life sentence over one of the Asian nation’s biggest bank frauds.
Mortgage rates likely to keep declining in the near-term
The Fed’s announcement is responsible for a 19 basis point drop in the 10-year yield over a two-day period, pushing the 30-year fixed under 7% for the first time since August, Freddie Mac said.