by Ken Chase | Jul 26, 2023 | Banks, News
Late last week, the U.S. Federal Reserve confirmed that its FedNow instant payments system is live. The new system, in development for the last four years, promises to provide Americans with nearly instantaneous fund transfers. The launch of FedNow instant payments In...
by Ken Chase | Jul 22, 2023 | Banks, News
In an interview this week, Consumer Financial Protection Bureau director Rohit Chopra suggested an end to “easy” bank mergers. According to Chopra, regulators plan to engage in stricter scrutiny of those mergers going forward. He cited concerns about financial...
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...
