Technology

The Securities and Exchange Commission has asked a judge to impose a penalty on Ripple that roughly matches the amount of profit the agency estimates Ripple and its leaders made from sales of XRP, which the SEC says are unregistered securities.

Many assumed the advent of cryptocurrencies heralded a revolution in finance. The truth may be that crypto's overall impact on the financial services industry is more evolutionary than revolutionary.

The financial services firm is using Google Cloud's Vertex AI platform to help customer service agents quickly locate and understand policies when answering queries.

The Ann Arbor, Michigan-based fintech is working with two Michigan credit unions to pilot a service that allows consumers to jointly save for purchases.

In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon wrote that the bank has identified more than 400 use cases for artificial intelligence across marketing, fraud and risk. It has also amassed thousands of AI experts and data scientists and begun exploring deploying generative AI.

The $12.1 billion-asset DCU launched the loan platform in 2022, and has seen volume jump by close to $600 million from when talks began in 2019 to last year.

First Busey closes acquisition of Merchants and Manufacturers Bank; Stax co-founders launch a new credit-scoring tool; UMB's marketing chief takes on consumer banking; and more in the weekly banking news roundup.

The Federal Reserve issued an enforcement action against Mode Eleven Bancorp, the holding company for Summit National Bank, which engages in banking as a service.

A new, free leaderboard created and continuously updated by the Kensho team at S&P Global gives people in the financial industry a sense of which generative AI models work best for specific use cases.

The CFPB should change its proposal and allow fintechs and other financial services companies the same freedom to innovate that entrenched large banks already enjoy.