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Specialized large language models should be harnessed to help financial institutions identify and halt fraudulent activity. The best model would involve regulator-approved pooling of anonymized customer data.
March 25
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In a simulation exercise hosted by the Global Resilience Federation on Tuesday, banks and credit unions tested their ability to withstand an industrywide wiperware attack.
March 20
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The American Bankers Association and U.S. Postal Inspection Service have launched a public awareness campaign on ways to protect checks sent in the mail.
March 20
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Companies lose an estimated 5% of their revenue each year due to fraud, according to a report from the Association of Certified Fraud Examiners.
March 20
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American Bankers Association CEO Rob Nichols argued Tuesday that the trade group had no choice but to sue federal agencies that "overstepped" their authority. Former Trump-appointed regulators expressed support for the industry's increased willingness to take its overseers to court.
March 19
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Industry veterans are wary of prospective borrowers who can't pay for agents, and of compensation guidelines clashing with government mortgage lending programs.
March 19
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Judicial review of bad rulemaking is a right that all regulated industries enjoy. But some industries avail themselves more than others, and the ones that rely on it the most tend to get worse policies. Banks should take notice.
March 19
American Banker -
A Texas judge ordered the U.S. Chamber of Commerce to explain why it sued the Consumer Financial Protection Bureau in Texas to halt the bureau's $8 credit card late fee rule after the bureau filed a motion accusing the trade group of "forum shopping."
March 19
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A Texas judge has recused himself from a case that pits the largest credit card issuers against the Consumer Financial Protection Bureau and a rule that would eliminate $10 billion in late fees.
March 15
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The Consumer Financial Protection Bureau claims trade groups have no jurisdiction to file a lawsuit in Texas to stop the bureau's $8 credit card late fee rule, saying the plaintiffs engaged in "forum-shopping" to seek the most favorable outcome.
March 14
