Banks warned about risks in offering buy now/pay later products
The OCC, part of the Treasury Department, said Tuesday the products present credit, compliance and reputation challenges for the banks.
The danger of kneecapping the CFPB’s small-business data rule
The passage of a Congressional Review Act resolution to rescind the Consumer Financial Protection Bureau’s small-business data collection rule may be only symbolic, but the rule is designed to detect and stop discrimination — something everyone should support.
FedNow is a huge improvement in payments, but it could be better still
FedNow will transform payments in the U.S., but its adoption might speed up if the Fed adopts some of the strategies Brazil used to roll out its Pix platform.
How one bank uses generative AI to fight domestic abuse
Commonwealth Bank of Australia has developed an advanced artificial intelligence tool that can spot harassment in transaction messages.
Credit Suisse reinstates independent overseer for Nazi-account probe
Barofsky, a former inspector general of the Troubled Asset Relief Program and frequent Wall Street critic, was removed as ombudsman by Credit Suisse in November 2022.
Assumable mortgages are having a moment. Will it last?
The number of government-backed home loans transferred from one borrower to another is up significantly this year as prospective buyers look for ways to avoid elevated interest rates. Some say this is the beginning of a larger movement, but others say regulatory hurdles will get in the way.
CB Financial joins parade of banks divesting insurance units
The Pennsylvania bank has agreed to sell its Exchange Underwriters subsidiary to World Insurance Associates for $30.5 million, saying that the deal will help pad its capital and liquidity.
Zelle casts Christina Ricci as a P2P scam buster
Early Warning Services, which operates the peer-to-peer network, is among the latest to take a creative approach to educating consumers about the relentless onslaught of fraud schemes.
Rushed anti-money-laundering calls backfire. Can AI help?
Bank customers’ complaints of sudden account closures track a rise in automated anti-money-laundering decisions and possibly outdated AML rules.
WaFd, Luther Burbank extend merger deadline
The two companies announced the deal more than a year ago and had anticipated closing it in the first half of 2023. But advocacy groups have urged regulators to withhold approval, arguing that it will hurt consumers.