Citi's AI bet, ATM attack, 'mini-CFPBs': Top stories of the week

August 24, 2018 2:01 PM

Citi buys into future of artificial intelligence — literally

Citigroup was so impressed after a two-year test drive of software from the AI vendor Anaconda it decided to invest in the firm.

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An ATM attack the FBI warned of came to pass. Expect more.

The seal of the Federal Bureau of Investigation hangs on a podium during a news conference at the FBI headquarters in Washington.

A heist in India appears to be the very thing U.S. law enforcement had foretold. But banks shouldn't let their guard down, because cybercrooks have raised raids on cash machines to an art form.

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Bank of the West exec bolts for startup, sees chance 'to redefine retail banking'

Thibault Fulconis recently became CFO of the digital banking venture Varo Money, which has applied for a national bank charter.

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JPMorgan hires BofA exec to lead midsize business banking in Calif.

Tony Sciarrino, head of midsize business banking in California for JPMorgan Chase.

In a newly created role, Tony Sciarrino will oversee middle-market bankers in more than a dozen offices across California.

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Can state AGs really serve as 'mini-CFPBs'?

Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), speaks during a Senate Banking Committee hearing in Washington, D.C., U.S., on Tuesday, July 30, 2013. U.S. banksÕ ownership and trading of physical commodities faced further scrutiny today when the heads of the CFTC and Securities and Exchange Commission testified before lawmakers. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Gary Gensler

Andrew Harrer/Bloomberg

Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary.

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Small banks need big data to maintain customer service edge

Community bankers take pride in their personal touch with customers, but they must extend it to mobile platforms. A good start is creating digital hubs that let customers view their full financial picture in one place, a chief technology officer says.

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Banks network to flag human traffickers

Tips from Fincen on spotting human traffickers

Bank of America and several other large U.S. financial services companies, as part an effort organized by the Thomson Reuters Foundation and Western Union, have published resources to help smaller banks spot signs of forced labor and kidnapping.

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Bank lobbyists' hollow campaign against credit unions

The banking industry has been raising alarms about the growth of a few credit unions, but the critiques ignore the vast size differences between the two sectors and the tremendous growth banks have seen since the crisis.

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They're baaack: Big banks are flexing their lobbying muscle

Pedestrians walk past the Charging Bull statue on Wall Street in New York, U.S., on Monday, April 18, 2016. U.S. stocks rose, with the S&P 500 bouncing from a seven-week low, led by a rally in technology shares amid ebbing anxiety over the potential for higher interest rates as early as next month. Photographer: David Williams/Bloomberg

David Williams/Bloomberg

With strategic changes at key trade groups and attention shifting away from regulatory relief for community banks, the interests of large institutions have taken on more prominence.

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Should N.Y.'s strict cybersecurity rule be a model for the country?

Maria Vullo, superintendent of the New York Department of Finance, listens during a Bloomberg Television interview in New York, U.S., on Thursday, Nov. 30, 2017. Vullo discussed the rapid growth of bitcoins and New York's lead in regulating bitcoin and cryptocurrencies. Photographer: Victor J. Blue/Bloomberg

Victor J. Blue/Bloomberg

As the state phases in tougher requirements from its 2017 regulation, federal agencies continue to show an interest in updating their cyber policies.

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