ATHENS, Ga.—Vertice AI has released a new report suggesting younger consumers are increasingly managing their financial lives through multiple apps and digital tools rather than relying on a single primary financial institution, a trend the company said could further pressure community financial institutions competing against fintechs and neobanks.
Fresh Today
WASHINGTON—The Federal Deposit Insurance Corp. and Federal Reserve have released feedback letters tied to the latest “living will” resolution plans submitted by the nation’s largest banks, though Jonathan Gould abstained from the FDIC vote approving the feedback, arguing the broader resolution planning framework remains fundamentally flawed.
WASHINGTON—Wall Street banks are privately pressing the Federal Reserve to formalize a softer supervisory framework now being advanced under the Trump administration, arguing the changes should be locked in so they cannot easily be reversed by future Democratic regulators, Reuters reported.
WASHINGTON—Sens. Elizabeth Warren (D-MA) and Chris Van Hollen (D-MD) are urging the Federal Reserve and OCC to reject Enova International’s bid to acquire Grasshopper Bank, warning the deal would allow what they called a “predatory lender” to operate nationwide under a national bank charter.
WASHINGTON—The FDIC has proposed new rules that would require stablecoin issuers under its supervision to comply with anti-money laundering, Bank Secrecy Act and economic sanctions requirements, marking another major step in implementing the GENIUS Act framework for payment stablecoins.
WASHINGTON--A new Final Regulation Summary of the CFPB’s small business lending data collection rule is available from America’s Credit Unions’ Compliance team.
LAS VEGAS—A federal judge in Nevada has ordered payment processor Cliq Inc. and two of its executives to pay $6.5 million in sanctions after finding they violated a 2015 Federal Trade Commission settlement that required the company to monitor and avoid processing payments for fraudulent or high-risk merchants, Law360 said.
WASHINGTON—Artificial intelligence is now outperforming humans in some key areas of financial crime compliance, according to American Banker, which reported comments from Revolut U.S. CEO Cetin Duransoy during Semafor’s Banking on the Future Forum in Washington.
SAN FRANCISCO—A California federal judge has granted final approval to a $110-million shareholder derivative settlement involving Wells Fargo, resolving claims that the bank’s directors and executives failed to properly oversee discriminatory mortgage lending practices and allegedly conducted “fake” job interviews with diverse candidates to satisfy internal hiring policies, Bloomberg Law reported.
LAS VEGAS—As consumers continue searching for higher returns on savings amid persistent inflation and elevated household costs, Create Credit Union here is aggressively competing for deposits with a checking account offering a 8.30% APY on balances up to $10,000.