The struggle to explain AI’s money laundering flagging decisions
As financial institutions increasingly rely on artificial intelligence for anti-money laundering and fraud detection, they face challenges in meeting regulators’ demands for complete transparency and documentation.
Deutsche Bank chief says more job cuts coming
As Chief Executive Officer Christian Sewing doubles down to lower expenses and increase profitability, a new round of cuts is expected to exceed the 800 announced in April.
CFPB says consumers paid $130 billion in credit card interest and fees
The Consumer Financial Protection Bureau found that more consumers are being charged late fees, while determining that the average cardholder carried $5,288 in total credit card debt last year.
Is Worldline’s stock plunge a sign of trouble for the U.S.?
A selloff of the French company’s shares sparked similar issues at other publicly traded payments firms in Europe. The question is whether the underlying issues — inflation and fears of recession — are severe enough to drag down American companies as well.
Jamie Dimon criticizes central banks for getting forecasts wrong
Speaking on a panel at the Future Investment Initiative summit in Riyadh, Saudi Arabia, the JPMorgan Chase chief voiced doubts that central banks and governments around the world could manage the economic fallout from rising inflation and slowing global growth.
Fed proposes rule to slash interchange fee cap
The change would lower the maximum fee on a $50 debit transaction from 24.5 cents to 17.7 cents. The central bank points to lower processing costs for card issuers in recent years.
Amid speakership drama, Rep. Barr hints at Fed divisions on Basel
Rep. Andy Barr, R-Ky., a senior Republican on the House Financial Services Committee, said he intends to press Federal Reserve Chair Jerome Powell to refine the Basel III capital proposal before it is finalized.
CBA may use genAI ‘customers’ for tests, Elavon to expand in the U.K.
Commonwealth Bank of Australia is examining how it can use generative artificial intelligence to simulate customers testing products, and U.S. Bancorp’s Elavon unit receives a financial services license from the Bank of England.
Bitcoin has more than doubled this year in unforeseen resurgence
Growing expectations that the U.S. Securities and Exchange Commission will authorize exchange-traded funds that invest directly in the cryptocurrency after a decade of deliberation has fueled a more than 25% rally over the past two weeks.
Federal regulators finalize guidance on climate risks
The guidelines from the Fed, FDIC and OCC resemble proposals issued in recent years by each of the agencies, and they do not prohibit any specific activities. But the broadness of the directives and the singling out of climate risk drew criticism from banks and some policymakers.