In this edition of American Banker's news quiz, catch yourself up on the latest news surrounding Project 2025, Patelco Credit Union's cybersecurity breach, fines against Citigroup and Fifth Third and more.
The military-focused company, which operates an insurer and a $111.7 billion-asset bank, has tangled with regulators during Wayne Peacock's tenure. He will retire in the first half of 2025.
Four companies are fighting CFPB enforcement actions by claiming the agency cannot be funded by the Federal Reserve, which has not been profitable since 2022. The consumer bureau calls the new legal theory "meritless."
Even as quantum computers still can't break encryption, the banking industry has been preparing for more than a year to start switching to post-quantum cryptography.
The job reductions come as the card network focuses on emerging markets, artificial intelligence and other nascent technology over transaction volume.
U.S. Eagle Federal Credit Union said it plans to acquire Southwest Capital Bank in a transaction slated to close next year. It would help the buyer expand its cannabis banking operation.
Federal Reserve Gov. Christopher Waller says the central bank is tracking research on financial stability risks related to payments, as well as blockchain and crypto developments.
