A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
The Federal Reserve has proposed that the two payments services run seven days a week, meaning they'd no longer close on weekends or holidays. The public has 60 days to comment.
Toronto-Dominion disclosed last year that it was under investigation by the department. Canada's second-largest lender also faces probes by three U.S. regulators over its handling of suspicious customer transactions.
A group of HSBC Holdings Plc investors wants the bank to set a funding target for renewable energy amid concerns its current green pledges are too vague.
In essence, it's a largely automated way to create so-called thematic indexes, which identify investments based on emerging trends, rather than on traditional industry sectors or company fundamentals.
On both sides of the Atlantic, regulators have failed to live up to their promises about how they would approach bank failures. Until they do, the industry operates in legal limbo.
Former Silicon Valley Bank exec Floyd Kessler joins Comerica as executive vice president and chief business control officer; Melissa Holding succeeds Michael Robinson as head of wealth management at Huntington; Goldman Sachs' Alexander Mayer is set to take on a senior position at JPMorgan Chase; and more in this week's banking news roundup.
In this week's edition of the American Banker news quiz, test your knowledge on Colorado banking legislation, the failure of Republic First Bancorp, acquisitions and more.
Banks maintain lists of consulting firms that they trust to help troubled commercial borrowers to fix their businesses. These specialists say they're getting more calls, especially in areas such as multifamily and CRE, from business owners who need help.
Nearly 15 years ago, Les Lieberman and other organizers of Porticoes Capital used a shelf charter to buy a spate of failed banks. Now they're hoping to replay the strategy.