by Ken Chase | Jul 22, 2023 | Banks, News
According to the Federal Reserve’s vice chair for Supervision, AI could result in an increase in lending bias. Michael Barr made those claims in remarks delivered at the National Fair Housing Alliance conference on Tuesday. The nation’s top banking regulator cited...
by Ken Chase | Jul 15, 2023 | Banks, News
The Consumer Financial Protection Bureau (CFPB) announced enforcement action against Bank of America this week. In a press release, the bureau confirmed it has taken action to rein in a variety of customer abuses. The bank will be required to pay its customers more...
by Ken Chase | Jul 12, 2023 | Banks, News
SVB Financial Group has sued the Federal Deposit Insurance Corporation (FDIC) over its regulatory seizure of $1.93 billion. The news was reported by Reuters, which cited a recent bankruptcy court filing by the now-bankrupt bank. Challenging the regulatory seizure...
by Ken Chase | Jul 12, 2023 | Banks, News
In a press release this week, Mastercard touted its AI-powered solution to help banks combat payment scams. According to the company, several banks in the UK are actively using its anti-fraud system. Mastercard claims that its system has demonstrated great success in...
by Ken Chase | Jul 7, 2023 | Banks, News
According to Dallas Federal Reserve President Lorie Logan, recent economic news suggests that interest rate hikes need to continue. Logan made the remarks at a Columbia University event on Thursday. She cited two worrisome factors to justify her call for additional...
