Technology

The card lender took full control of Swisscard from UBS; the Financial Conduct Authority is bringing installment lending regulations in line with other consumer financial products; and more payments news from around the world.

Consumer Financial Protection Bureau Director Rohit Chopra said opposition to the bureau's recently finalized open banking rule should be viewed as banks and other large firms attempting to quash competition and stymie consumer data protection.

McKinsey published a report Wednesday that found banks' technology investments equate to the gross domestic product of Sweden. But this spending is not leading to revenue growth, they and others say. 

BofA had nearly 1,100 artificial intelligence and machine learning patents and pending applications within its portfolio at midyear, and more than half have been granted already.

The Bank Policy Institute is among the parties that filed a lawsuit late Tuesday to challenge the Consumer Financial Protection Bureau's new open banking rule.

Section 1033 promised to increase competition in banking and improve the ability to offer novel payment methods, but experts say the regulation isn't clear enough to have a major impact.

A ban on screen scraping and new disclosures to consumers about data usage are among the new elements of the data protection rule.

The first panel Tuesday at American Banker's Most Powerful Women in Banking Conference focused on banks' use of AI tools.

At the Most Powerful Women in Banking conference this week, New York's top banking regulator said banks need to take full responsibility for the artificial intelligence models they use, even if they bought them from a third party.

JPMorgan Chase and bank trade groups criticized the Consumer Financial Protection Bureau's open banking rule for not providing enough data security.