In this month’s roundup of top tech news: The impact of Synapse’s bankruptcy on the banking-as-a-service industry, large language models best suited for banks, Discover deploys generative artificial intelligence in its contact center and more.
A 50% growth in losses from check fraud last year is pushing bankers in Illinois to ask regulators for a joint supervisory guidance and tougher enforcement of large banks’ “know your customer” compliance.
After employees at a handful of Wells Fargo branches voted to unionize, CEO Charlie Scharf said the bank is “committed to bargaining in good faith” but also believes employees are “best served by working directly” with managers.
Resolutions calling for more details about how the two banks protect Indigenous people’s rights failed to win majority approval on Tuesday. JPMorgan Chase shareholders are scheduled to vote on a similar proposal next month.
Consolidation has slowed since the pandemic, but UMB’s agreement to buy Heartland Financial — the largest deal in three years — is one of several merger announcements in the past two weeks. Talks among other potential buyers and sellers are said to be picking up.
Touting strong first-quarter sales and revenue growth, CEO Alex Chriss committed to rebuilding the firm’s languishing Xoom cross-border unit and driving more Pay with Venmo options.
In this month’s roundup of top banking news: Navy Federal Credit Union officially launches its overseas banking program, Republic First Bank in Philadelphia falls to capital troubles and investor outrage, deeper looks at talks between Discover and Capital One and more.
A California woman spent more than a decade obtaining reparations for Nazi plundering of her family’s belongings. The money disappeared when identity thieves targeted her, highlighting shortcomings in bank-fraud protections.
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