How consumer banking leaders are embracing AI
Execs from Bank of America, Wells Fargo, BBVA, Ally Bank and others outlined their AI strategies, progress to date and lessons learned at BankAI this week. ... Read full article
Execs from Bank of America, Wells Fargo, BBVA, Ally Bank and others outlined their AI strategies, progress to date and lessons learned at BankAI this week. ... Read full article
Regulators usually avoid the public fights that define other realms of the polarized Washington landscape, but the recent tiff over the arbitration rule is an exception. ... Read full article
Profits at the custody bank rose 16%, but it announced a new streamlining program that is expected to generate yearly savings of $250 million by 2020. ... Read full article
Recent regulatory reform activity is a step in the right direction, but the changes envisioned in both a Treasury Department report and a suite of House bills are a mixed bag. ... Read full article
Strong gains in net interest income offset a decline in fee income, but a recent settlement with the federal government over alleged misconduct at its Wilmington Trust unit weighed on the Buffalo company's overall results. ... Read full article
Net interest margin widened 12 basis points, too. Those lending results offset a decline in fee income at the Minneapolis company, which saw earnings rise 4%. ... Read full article
Quarterly earnings at big five banks could have been worse; Chase to buy WePay, which helps online marketplaces and crowdfunding websites process payments. ... Read full article
Cybersecurity and breach notification procedures have caught the most public attention following the massive hack at Equifax, but lawmakers are also interested in the accuracy of credit reports. ... Read full article
Sir Tim Berners-Lee, creator of the World Wide Web, exhorted developers to think about unintended consequences, saying he felt guilty over the digital divide and the proliferation of fake news. ... Read full article
Frederick Waddell will retire as CEO of the Chicago custody bank at the end of 2017 but will remain chairman. ... Read full article
President Trump said Tuesday that he has winnowed the number of candidates for the next Fed chair, including potentially reappointing Janet Yellen. ... Read full article
JPMorgan Chase has made several investments in financial technology startups, but its plan to buy WePay will give its 4 million small-business clients a much more direct way to adopt digital payments. ... Read full article
Burgess, chairman of FirstCapital Bank of Texas, succeeds Dorothy Savarese, of Cape Cod Five Cents Savings Bank in Massachusetts, as chairman of the American Bankers Association. ... Read full article
Under a joint order, lenders still have to document the value of properties in storm-affected regions, but they will not have to depend on appraisers. ... Read full article
The president of the St. Louis Fed said that regulators should go back to the pre-Dodd Frank framework for small banks, while warning about changes to the system as fintechs expand their presence. ... Read full article
TD Bank has pledged $3 million to provide credit counseling to small-business owners. The hope is that those owners will use commercial loans to replace personal credit cards and home equity as their primary forms of business funding. ... Read full article
Martin Chavez reminded analysts Tuesday that while the Wall Street firm may be new consumer lending, the executives leading the unit are all veterans of the sector. ... Read full article
The Dallas company reported strong profits in the third quarter as higher yields on loans and improved cost control more than offset slight declines in loan balances and earning assets. ... Read full article
Third-quarter profits at the Georgia bank rose 52% thanks to doubled-digit growth in consumer lending and the sale of credit card assets it had obtained from the retailer Cabela's. ... Read full article
Supreme Court will hear challenge to card company’s anti-steering rules; Anthony Alexis has been in the role for most of the agency’s six years of existence. ... Read full article