Banks, Mastercard and Visa Settle Antitrust CaseAlmost 20 years ago, United States merchants filed a lawsuit against Mastercard and Visa. This week, the parties have agreed to a settlement that included the banks that provided the cards.
Big banks scramble to adapt to the AI revolution: Paul J. DaviesBig banks are scrambling to work out what to do with generative artificial intelligence: how to use it to make some of their people smarter or free up others to do only higher-value tasks, and how to ingest and process data more rapidly, speed up decision making and cut costs. Every bank fears their competitors getting good at AI before they do.
Russia faces challenges exporting oil as banks in China, UAE and Türkiye boost sanctions compliance requirements – ReutersRussian oil companies have been facing delays in payment for oil and fuel for several months as banks in China, Türkiye and the United Arab Emirates (UAE) have become more cautious due to secondary sanctions imposed by the United States.
Credit union acquisition of community banks rising, but still “small proportion of overall consolidation”Conservative taxpayer organizations and banking trade groups say they have new ammunition in their argument that the credit union tax exemption is outdated. They are arguing that credit unions are leveraging their tax exemption to gobble up community banks.
Are your credit card benefits getting curtailed? Here's why banks are making changesSeveral credit card providers, such as HDFC Bank and SBI Card, have also recently revised their credit card rewards.
Why telcos are the new banks in Africa’s mobile revolutionA 2022 report estimated that just over half of Africa's population remained unbanked. The same report found that banks across the continent are investing in digital transformation projects, with the development of mobile money services the top priority among banks surveyed.
Kenya has tightened its laws to stop money laundering: why banks are the focusKenya’s banking industry has in recent years been in the crosshairs of national, regional and international watchdogs, given the country’s role as a financial hub in eastern Africa. In 2023 Kenya enacted laws to curb money laundering and combat terrorism financing.
Some banks moving too slow to address AI-powered cyberthreats, Treasury saysSome financial institutions are not moving fast enough to adopt adequate risk management frameworks that would help address AI-driven cybersecurity threats, according to a report out Wednesday from the Treasury Department.
India cenbank eases recently tightened rules for lenders' investments in AIFsIndia's central bank on Wednesday eased its recently tightened rules that mandated lenders set aside higher provisions if they have bought into alternative investment funds (AIFs) that, in turn, have invested in the lender's borrowers.
Why S&P Cut Outlook for Five US Regional Banks With Heavy Commercial Real Estate ExposureFive smaller U.S. banks with exposure to commercial real estate have been dealt downgraded credit-rating outlooks by S&P Global Ratings.