Even cherry-picked office loans are causing problems for banks
Washington Trust shares plunged after the Westerly, Rhode Island, company disclosed it booked an office deal in the third quarter, boosting the size of its portfolio while other lenders are pulling back.
Amazon reports strong results, touts AI initiatives
Large language models were a big part of the discussion during the company’s earnings call on Thursday.
Press Release: FDIC Advisory Committee on Economic Inclusion to Meet Next Week
PRESS RELEASE | OCTOBER 27, 2023 FDIC ADVISORY COMMITTEE ON ECONOMIC INCLUSION TO MEET NEXT WEEKTwo New Members also Announced WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, November 2, 2023, to discuss updates from Committee members about key challenges facing their communities and organizations. […]
Banks using real-time fraud detection for slower payments
JP Morgan Chase and Carver Federal Savings are applying fast-acting security tools more broadly — regardless of how fast the transaction is.
Capital One cautiously optimistic that consumer credit is stabilizing
The credit card company has been seeing late payments and charge-offs jump following the stellar credit trends of the pandemic. But there were signs last quarter that the picture has started to stabilize.
Umpqua brings retail banking to Utah, CUSO teams with gift-card firm
Umpqua Bank introduces retail banking in Utah, Kansas City CUSO partners with New York gift-card firm, Huntington Bank looks within for new chief DEI officer and more in the weekly banking news roundup.
Amid payments innovations, Fed’s Barr says old systems need love too
The Federal Reserve’s vice chair for supervision said FedNow and digital currencies are important areas for research, but not at the expense of legacy systems like cash and debit.
FHFA did not document reviews of desktop appraisals, inspector finds
Even though it is less than two years since it allowed Fannie Mae and Freddie Mac to accept such valuations, it is difficult to evaluate their effectiveness without such examinations.
Citi used generative AI to read 1,089 pages of new capital rules
Citigroup is planning to grant the majority of its over 40,000 coders access to generative artificial intelligence as Wall Street continues to embrace the burgeoning technology.
Savers’ search for higher rates starts to hurt Britain’s banks
Britons are pulling more and more cash from bank accounts that don’t pay enough interest. It’s beginning to hit the U.K.’s biggest lenders where it hurts.