by Ken Chase | Jun 8, 2023 | Banks, News
The Consumer Financial Protection Bureau (CFPB) has released a new issue spotlight focusing on AI chatbots in the banking industry. According to the agency, chatbots may pose significant challenges for consumers and potential legal compliance concerns for banks. Bank...
by Ken Chase | Jun 3, 2023 | Banks, News
The Federal Deposit Insurance Corporation (FDIC) has confirmed a notable decline in U.S. bank deposits in early 2023. According to a new quarterly report, the nation’s bank deposits dropped by roughly $472 billion in the first quarter. According to reports, that is...
by Ken Chase | May 27, 2023 | Banks, News
Two months ago, First Citizens Bancshares acquired Silicon Valley Bank after the latter collapsed. On Wednesday, nearly 500 former employees of SVB were laid off. Those worker layoffs were announced via a company email, which described the job cuts as “difficult but...
by Ken Chase | May 25, 2023 | Banks, News
U.S. Treasury Secretary Janet Yellen highlighted the importance of maintaining a diverse banking sector today. During virtual remarks to the Wall Street Journal’s CEO Council Summit, Yellen cautioned against further consolidation of large banks. She noted that...
by Ken Chase | May 23, 2023 | Banks, News
Federal Reserve Chairman Jerome Powell seemed to signal a potential pause in future Fed rate increases late this week. On Friday, Powell delivered remarks at a Washington conference. In his comments, he pointed to evidence that the current interest rates appear to be...
by Ken Chase | May 23, 2023 | Banks, News
This week, Federal Reserve Vice Chair for Supervision Michael Barr said tighter bank oversight rules could be revealed this summer. Barr noted that the new oversight plan would see regulatory supervisors increase scrutiny of lenders, according to Reuters. Barr’s...
