America’s biggest banks are reportedly ready to announce the lowest lending income in two years. J.P. Morgan Chase, Bank of America, Citigroup and Wells Fargo will release their earnings in the weeks ahead, and are expected to list a combined net interest income of a little less than $62 billion, the Financial Times (FT) reported Tuesday (Oct. 8).
The Federal Deposit Insurance Corporation (FDIC) is extending the comment period on its notice of proposed rulemaking (NPR) to strengthen the important prudential protections of the agency’s safety and soundness rule on brokered deposits (12 CFR 337.6) that implements Section 29 of the Federal Deposit Insurance Act.
The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on the use of artificial intelligence in banking and finance for submission by December 15, 2024. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters in Washington, D.C., on June 6, 2025. Authors of selected papers will be notified by April 1, 2025, and will have the option of presenting their papers virtually.
Comcast is warning that hackers stole the personal data of more than 230,000 customers during a ransomware attack on a third-party debt collector, according to a court filing. The bad actors targeted a Pennsylvania-based debt collection agency called Financial Business and Consumer Solutions (FBCS.)
On September 17, the California Department of Financial Protection and Innovation (DFPI) announced enforcement actions against three student loan debt relief companies. The companies were ordered to cease unlawful practices, including charging upfront fees prior to providing services. They were also required to cancel all outstanding contracts with California consumers, issue refunds, and collectively pay $260,000 in penalties.
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