Investment

A Figure spokesperson said the decision to withdraw the banking charter application was to enable the company to focus on other areas of growth.

In July's roundup of American Banker's favorite stories: A Zelle outage at JPMorgan Chase could cause headaches for other banks, talking points for understanding FedNow, the Elkhart, Kansas-based Heartland Tri-State Bank is shuttered by the Federal Deposit Insurance Corp. and more.

Cloud giants are making major investments in generative AI and large language models. Their financial services clients are mostly in test-and-learn mode.

The new rule sets a nationwide standard for disclosing all "material" breaches within four days — much sooner than many state-level disclosure rules.

Artificial intelligence and machine learning are already revolutionizing some elements of the business, but a human ability to "read between the lines" will always be needed.

The bank's chief technology officer is testing several ideas for using advanced AI to improve processes and customer experience.

The Government Accountability Office called for Congress to pass blockchain regulation legislation to shore up the federal regulatory apparatus.

As banks and merchants gear up for instant settlement, the merchant acquirer is using artificial intelligence to sharpen the accuracy of its fraud detection.

Bank loyalty platform provider Wildfire Systems unveils a tool that could enable banks to earn revenue from merchants when customers click on personalized offers embedded in content via generative AI.

One security researcher said the total number of consumers who had data stolen in MoveIt breaches exceeds 20 million, and more are expected to be reported.