Navient says losses in CFPB case could be as high as $250 million
The student loan servicer said that it’s open to settling a high-stakes lawsuit filed by the Consumer Financial Protection Bureau during the Obama administration. It recorded a $45 million charge and said that the range of reasonably possible losses is between $0 and $250 million.
Bread hit by card-spending slowdown, rising delinquencies
Intensifying economic pressures caused Bread Financial’s customers to cut their credit-card spending by 13% during the third quarter as the rate of delinquent accounts rose.
UK financial watchdog eyes using AI to monitor bank transactions
The Financial Conduct Authority has assembled a team of over 500 technologists as it weighs whether to adopt generative artificial intelligence to help examiners collect and synthesize data on billions of card transactions as part of its monitoring of the U.K.’s top banks.
Court puts CFPB small-business data collection rule on hold nationwide
A federal court extended an injunction that halts the Consumer Financial Protection Bureau’s rule until the Supreme Court rules on the bureau’s constitutionality.
IBM’s CEO Arvind Krishna outlines pivot to generative AI
In the company’s third-quarter earnings call, Krishna emphasized new and existing AI models banks and others could use to help developers, customer service people and workers in general become more efficient.
Charlie Javice asks court to force JPMorgan to pay $830,000 in legal costs
Javice, accused of defrauding JPMorgan Chase in its $175 million acquisition of her college-loan-planning site, says the bank was not sticking to a court order requiring it to pay for her legal defense.
Banks can support racial equity and still disagree with the CFPB
The head of the Consumer Bankers Association takes issue with a recent BankThink article questioning bank CEOs’ commitment to promises made in response to the Black Lives Matter movement.
Mastercard CEO slams proposals to alter swipe fees
As the government weighs changes to interchange, Michael Miebach voiced his displeasure during the company’s earnings call.
Fed terminates enforcement action against Citigroup for FX scandal
The eight-year-old penalty stemmed from traders at the bank colluding with counterparts at other large banks to manipulate dollar and euro prices.
Goldman’s JPMorgan copycat ETF launches in ‘early days’ of boom
Goldman joins a roster that includes BlackRock Inc. and Morgan Stanley in launching lookalike funds to JPMorgan’s successful active ETFs.