Republicans on FDIC board want full board to direct workplace investigation
Republican board members are seeking an active role in an independent review of the FDIC workplace as mounting questions over allegations of harassment and abuse stall the agency’s regular business.
How credit unions are adapting to climate change
Whether it’s bracing for a hurricane or helping members reduce their environmental impact, many credit unions are making the planet’s health a focal point of community engagement.
Bank, credit union advocates seek regulatory clarity in wake of AI order
Experts across the financial services space hold that the White House’s new mandates won’t bring wholly new rules to the industry, but will hopefully explain what the path forward for governing agencies will look like.
Fed’s Barr flags rising hedge fund leverage in Treasuries
The Federal Reserve’s vice chair for supervision noted that so-called basis trades by hedge funds are highly leveraged and use minimal haircuts. He added that much of this activity is concentrated among just a few funds.
Statement: Joint Statement by Vice Chairman Travis Hill and Director Jonathan McKernan on Independent Review of FDIC Workplace Culture
STATEMENT | NOVEMBER 16, 2023 JOINT STATEMENT BY VICE CHAIRMAN TRAVIS HILL AND DIRECTOR JONATHAN MCKERNAN ON INDEPENDENT REVIEW OF FDIC WORKPLACE CULTURE This has been a difficult week for the FDIC. Restoring faith in the work environment at the FDIC will be challenging. One essential step will be a comprehensive review of the recently […]
How scammers’ use of AI is affecting fintech investment
Fraudsters are likely to increase their use of generative artificial intelligence to attack banks and other payment companies. Investors are using their own influence to fight back.
Jack Ma-backed Ant’s profit fell 65% due to 7 billion yuan fine
Ant Group’s quarterly profit fell by 65%, dented by a one-time fine that signaled the end of China’s yearslong crackdown on the tech industry.
The CFPB must turn off its fire hose of new regulations
The agency’s insistence on churning out new requirements — even as courts question its constitutionality — is harming the very consumers it purports to help.
Fintechs push Mexico interest rates to 15% in battle for savers
Just a week after Brazil’s Nu Holdings announced a yield of 15% on its high-yield savings accounts in Mexico, Argentina’s Ualá is raising its own by three percentage points to 15%. The speed of the decision highlights the frantic battle for customer acquisition.
Community Banker of the Year: OFG Bancorp’s José Rafael Fernández
OFG Bancorp’s CEO José Rafael Fernández has weathered tough times during Puerto Rico’s economic downturn. Now he is hopeful that his bank can seize on the better times ahead.