OneMain pushes further into auto finance with acquisition
OneMain Financial, which mainly offers consumer installment loans, is paying $115 million to buy a small subprime auto lender from the investment bank Jefferies.
Bank, fintech leaders weigh in on the pros and cons of generative AI
New iterations of tools powered by advanced artificial intelligence will aid banks in generating new value for customers, but the lack of regulatory guidance in this area hinders deeper adoption of the technology, panelists and attendees at The Clearing House’s conference said last week.
Binance and CEO plead guilty, agree to pay billions in fines
In a settlement with the Department of Justice, Treasury and market regulators, crypto exchange Binance agreed to pay more than $4 billion in fines and for CEO Changpeng Zhao to resign in a sprawling settlement of anti-money laundering and sanctions violations.
KeyCorp moves commercial banking head Angela Mago to top HR job
Mago, who was fourth on American Banker’s Most Powerful Women to Watch list this year, succeeds Brian Fishel, who is retiring.
FDIC forms new panel to conduct ‘independent review’ of agency
Shifting from earlier plans, the FDIC has established a special committee to investigate allegations of harassment and a toxic workplace culture at the agency. It will be led by directors Jonathan McKernan and Michael Hsu and may include as many as three nonvoting members from outside the agency.
Peeling apart the trade-offs of capital vs. profitability
Many Democrats’ bank-regulatory philosophy is driven in significant part by the premise that banks are too profitable and should retain more of their profits to offset their systemic risks. But there is a danger in pushing that assumption too far.
How generative AI is entering the conversation in banking
Senior banking leaders are very much aware of and interested in generative AI, but while no one wants to get left behind, there’s also no great urgency to be the first mover.
5 potential catalysts for community bank earnings in 2024
Bankers are hopeful that several factors could strengthen profits next year, including higher loan demand and more stable funding costs as the Fed holds the line on — or even lowers — interest rates.
What fintechs think of the CFPB’s proposed data-sharing rule
Penny Lee, president and CEO of the Financial Technology Association and Steve Boms, executive director of FDATA NA, explain what their members like about the proposed regulation and what they would change.
Press Release: FDIC Board of Directors Establishes Special Committee to Oversee Independent Review of Agency Culture
PRESS RELEASE | NOVEMBER 21, 2023 FDIC Board of Directors Establishes Special Committee to Oversee Independent Review of Agency Culture WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) Board of Directors today announced the establishment of a special committee of the Board to oversee an independent third-party review of the agency’s workplace culture. The Board appointed […]