Citi will pay $26M to settle CFPB claims of bias against Armenian Americans
Citigroup didn’t admit any wrongdoing in its settlement of allegations by regulators that employees denied credit cards to people in Southern California suspected of being of Armenian origin.
JPMorgan Chase nears historic $4 trillion of assets. Is that good?
The bank has seen its balance sheet swell in recent years and this quarter could become the first U.S. bank to reach the $4 trillion mark. Analysts credit it as a well-run institution, but the megabank’s growth is sure to play into ongoing debates over big-bank capital rules and “too big to fail.”
Fintechs weigh in on the White House’s executive order on AI
Developers of lending and other banking tools powered by artificial intelligence say their firms are well positioned to weather regulatory changes, but remain mindful of how government agencies might respond.
Upstart earnings: ‘Everything’s going wrong,’ analyst says
The company missed revenue projections, and it’s trying to tap other funding strategies amid a “difficult lending environment.”
NCUA grants third charter of 2023 while Maryland group aims to be next
The National Credit Union Administration approved the Young Community Federal Credit Union to begin operations in Kentucky soon. An organization in Maryland is shooting for a 2024 opening.
HSBC, Ripple to launch digital assets custody for tokenized securities
HSBC plans to offer institutional clients a custody service for digital assets such as tokenized securities, the bank’s latest move in the new area of finance.
Klarna’s eventful week: What it means for other payments fintechs
The Swedish buy now/pay later lender posted the firm’s first quarterly profit in about four years, but an ongoing labor dispute raised questions about the company’s future operations.
NatWest adds generative AI, American Express expands pay-by-bank
NatWest is updating its chatbot, Cora, to make engagement more conversational, and Amex is working with the Canadian fintech Nuvei to promote bank-transfer payments to U.K. merchants.
Evans Bancorp garners $40 million with sale of insurance unit
Proceeds from the sale provide the bank with “flexibility to evaluate and pursue various strategic initiatives to redeploy capital in support of our core banking business,” Evans CEO David Nasca said.
New Basel capital plan deal violates the Administrative Procedure Act
Bank regulators’ advance pledge to set capital levels at or above those required by the agreement is evidence that the results of the notice and comment period have been predetermined.