Hsu says banks and AI companies should share responsibility for model errors
American Banker
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1M ago
Acting Comptroller of the Currency Michael Hsu Thursday said AI providers and end-users — including banks — should share responsibility for errors that derive from artificial intelligence models ..read more
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Minnesota bankers appeal dismissal of suit over FDIC's fee guidance
American Banker
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1M ago
A Minnesota trade group and its co-plaintiff, Lake Central Bank, signaled that they plan to appeal a district court's dismissal of their lawsuit against the FDIC. The case involves the agency's guidance on nonsufficient funds fees ..read more
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Cash isn't going away, despite declining use
American Banker
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1M ago
In the U.S., the COVID-19 pandemic and other factors caused a sharp reduction in cash use. But with paper bills still accounting for nearly a fifth of all payments, the option is still far too entrenched to risk extinction ..read more
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The racial wealth gap is getting wider. Can technology fix it?
American Banker
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1M ago
In recent years, the wealth gulf between white and Black families has only grown. But there is hope that advances in fintech, such as wider adoption of artificial intelligence, can help ..read more
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BankThink Banks can't measure climate risk? I live it every day
American Banker
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1M ago
U.S. regulators need to do more to require banks to recognize the risks posed by climate change, and the damage that continuing to support fossil fuel extraction projects does to the environment ..read more
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Comerica to settle Direct Express fraud class-action lawsuit for $1.2 million
American Banker
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1M ago
Comerica Bank has agreed to a proposed settlement of fraud claims after denying refunds to Direct Express beneficiaries who alleged money was stolen from their prepaid accounts. In the past month, beneficiaries have been sent postcards announcing the settlement ..read more
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Sen. Warren: Return FHLBs to housing mission
American Banker
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1M ago
Sen. Elizabeth Warren, D-Mass., a powerful member of the Senate Banking Committee's progressive wing, said that the Federal Home Loan banks have "failed to deliver on their housing and community development mission ..read more
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NYCB's new leaders face skeptical shareholders in wake of turmoil
American Banker
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1M ago
During New York Community Bancorp's annual shareholder meeting, executives reiterated their mission to restore value in the beleaguered Long Island-based company. Questions from shareholders suggested at least some discontent following a capital influx that significantly diluted their position in the company ..read more
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How to apply for Most Influential Women in Payments: Next
American Banker
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1M ago
Recognize high-achieving women in the pipeline and celebrate diversity across the industry. Nominate a female executive who is age 40 or under for Most Influential Women in Payments: Next ..read more
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Klarna vents at CFPB over BNPL rules, Discover bullish on Italy
American Banker
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1M ago
The Swedish financial institution argues over potential regulations that treat buy now/pay later lending like credit cards in the U.S.; Discover seeks the next hot market for real-time payments; and more ..read more
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