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94% of banks eyeing investment in modern payment tech, to keep pace with fintech innovation

March 8, 2023

Via: PR Newswire

Aite-Novarica Group research reveals that payments is an important area of growth and innovation within the commercial banking space, and legacy systems cannot support end-user demand for better payment capabilities. Almost half of banks surveyed say fintechs, which typically provide […]


Activity, Corporate Banking, Regulations

Bank of America misled PPP borrowers, lawsuit alleges

March 7, 2023

Via: Banking Dive

A class-action lawsuit filed against Bank of America last month claims the bank misrepresented the amount of pandemic aid small business owners were eligible for, leaving firms saddled with unforgivable debt. Three California-based small businesses — Happy Puppy LA, Brandamize […]


Capital and Risk, Operational

ChatGPT and generative AI — what does banking have to do with it?

March 7, 2023

Via: FinTech Futures

Ready or not, the genie is out of the bottle and there is no going back. From digital art and journalism to gaming and marketing tech, every industry is being disrupted. Open AI’s ChatGPT, in particular, stole the limelight after […]


Capital and Risk, Insurance

Texas Anti-ESG Push Is Coming for Insurers and Pensions in New Bills

March 6, 2023

Via: Insurance Journal

A Texas lawmaker is seeking to broaden the fight against ESG (environmental social governance) policies by imposing further limits on the types of investments state pension managers can make and restricting shareholder proposals that would dictate insurance companies’ business with […]


Capital and Risk, Operational

Executive panel: key banking cybersecurity developments for 2023

March 6, 2023

Via: FinTech Futures

1. Artificial intelligence (AI) and machine learning (ML) As cybercrime continues to become more sophisticated, banks are adopting technologies that can keep up with the threats. AI and ML are among those technologies that are playing an important role in […]


News

Citi to cut hundreds of investment banking, mortgage, tech jobs: reports

March 3, 2023

Via: Banking Dive

Citi is cutting hundreds of positions, including some in investment banking, mortgage underwriting and technology, Bloomberg and Reuters reported Thursday. The cuts represent less than 1% of the bank’s headcount, people familiar with the matter told the wire services, adding […]


Capital and Risk, Macroeconomic

Senate Banking Republicans warn Fed not to go too far in capital review

March 3, 2023

Via: American Banker

Republicans on the Senate Banking Committee are keeping a watchful eye on the Federal Reserve’s ongoing review of bank capital requirements. Sen. Tim Scott, R-S.C., the ranking member on the committee, sent a letter to Fed Chair Jerome Powell on […]


Capital and Risk, Trading

U.S. Bancorp (USB) Dips More Than Broader Markets: What You Should Know

March 2, 2023

Via: Yahoo

U.S. Bancorp (USB) closed at $47.31 in the latest trading session, marking a -0.88% move from the prior day. This change lagged the S&P 500’s daily loss of 0.47%. Meanwhile, the Dow gained 0.02%, and the Nasdaq, a tech-heavy index, […]


Capital and Risk, Credit

As credit unions push for diversity, politics start to push back

March 2, 2023

Via: American Banker

As more credit unions take steps to improve diversity, equity and inclusion, executives and other experts are debating how much progress has been truly made since the death of George Floyd in 2020. The culture war dominating the political news […]


Capital and Risk, Operational

Nationwide taps Board to upgrade financial planning capabilities

March 1, 2023

Via: FinTech Futures

Nationwide will utilise Board’s Intelligent Planning solution to upgrade “vital” financial planning processes and systems across multiple use cases. The switch will enable the building society to deliver “better insights for our teams, and ultimately better outcomes for Nationwide’s members”, […]


News

Treasury to lead group developing central bank digital dollar concepts

March 1, 2023

Via: American Banker

The Treasury announced on Wednesday it will form a working group with the Federal Reserve and other agencies to shape global central bank digital currency standards amid ongoing interest in a digital dollar, said Under Secretary for Domestic Finance Nellie […]


Regulations

Biden’s Industrial Policy Flop

February 28, 2023

Via: CNSNews.com

“I will make no apologies that we are investing to make America strong. Investing in American innovation, in industries that will define the future, and that China’s government is intent on dominating,” said President Joe Biden at his State of […]


Capital and Risk, Insurance

U.S. Bancorp says Feds weighing enforcement action on prepaid debit cards used for unemployment insurance payments

February 28, 2023

Via: Yahoo

U.S. Bancorp (USB) said in a filing Monday that the Consumer Financial Protection Bureau (CFPB) is considering a potential enforcement action against the bank as part of a previously-disclosed probe into its administration of unemployment insurance benefit prepaid debit cards […]


News

U.S. Bank to offer CLO clients tailored portfolio optimization capabilities for more streamlined and effective trade structuring

February 28, 2023

Via: Yahoo

U.S. Bank announced today that it has added portfolio optimization capabilities to its Pivot client platform, giving collateralized loan obligation (CLO) clients comprehensive insights for faster and more effective trading. Using a set of criteria selected by the client, Pivot […]


News

US Slips to Worst-Ever Score in 2023 Index of Economic Freedom

February 27, 2023

Via: CNSNews.com

The Heritage Foundation’s 2023 Index of Economic Freedom, released Monday, offers sobering insights into setbacks to economic freedom across the globe, including, regrettably, here at home. Since its inception in 1995, the index—an annual global study that compares countries’ entrepreneurial […]


Capital and Risk, Insurance

Ukraine to Set Up $500M Insurance Fund for Cargo Ships Entering Ports

February 24, 2023

Via: Insurance Journal

Ukraine will offer compensation for possible damages to civilian vessels entering its ports, Deputy Prime Minister Oleksandr Kubrakov said on Friday, as Kyiv tries to boost exports that are vital for its war-hit economy. Ukraine is a major producer and […]


Regulations

Canada’s securities regulator tightens rules for crypto exchanges

February 23, 2023

Via: FinTech Futures

When registering with the CSA, it says crypto exchanges must have enhanced protections for the custody and segregation of crypto assets for Canadian clients and a prohibition on offering margin, credit or other forms of leverage. Platforms are also prohibited […]


Capital and Risk, Insurance

Madison Square Garden Loses Appeal of Covid-19 Insurance Claim Dismissal

February 23, 2023

Via: Insurance Journal

A New York appeals court last week upheld the dismissal of Madison Square Garden’s Covid-19 business interruption claim against Factory Mutual Insurance Co. The court agreed with a New York County court’s dismissal in January, 2002 after it found that […]


Capital and Risk, Trading

Forex Trading Strategies to Explore in 2023

February 22, 2023

Via: TechBullion

The world of forex can be lucrative if you know what you’re doing, but it certainly isn’t a get-rich-quick scheme. It takes time and dedication to get good, and chances are you will lose more than you make at first. […]


Capital and Risk, Operational

How Bankers Can Take Advantage of AI

February 22, 2023

Via: Bank Director

Among the biggest stories in tech remains the astonishing advancement in artificial intelligence, or AI, over the past several months. While AI has been evolving for a very long time, its latest iterations and implementations have reshaped how people think […]