Regulators Shut Down SVB

Regulators Shut Down SVB

Financial regulators responded to Silicon Valley Bank’s (SVB) recent collapse by announcing that they have shut the bank down. The decision was made by the California Department of Financial Protection and Innovation, which announced the news on March 10. Those...
DOJ Announces $9M Redlining Settlement with OH Bank

DOJ Announces $9M Redlining Settlement with OH Bank

The United States Department of Justice recently announced that Ohio-based Park National Bank has agreed to a $9 million settlement over allegations of redlining lending discrimination. According to the DOJ, Park National has cooperated with the department to correct...
RHC to Create Black-Owned Bank Through Acquisition

RHC to Create Black-Owned Bank Through Acquisition

In a press release this week, Redemption Holding Company (RHC), a black investor group, announced that it is acquiring Holladay Bank and Trust, a Utah commercial bank. According to the RHC statement, the purchase will be the first time that an existing commercial bank...
Regulators Urge Banks to Address Crypto Liquidity Risks

Regulators Urge Banks to Address Crypto Liquidity Risks

A group of U.S. regulatory agencies released a joint statement this week, calling on the nation’s banks to be vigilant to potential liquidity risks associated with cryptocurrency. The statement urged financial institutions to focus on implementing tools and systems to...
Major Banks Restricting Use of ChatGPT

Major Banks Restricting Use of ChatGPT

Several major banks have reportedly decided to restrict the use of OpenAI’s ChatGPT chatbot by their employees, according to a report this week from Bloomberg. The banks are apparently concerned about an array of issues related to the technology, including concerns...