Banking

The U.S. Supreme Court was asked to rehear arguments regarding the applicability of federal preemption standards to state laws requiring banks to pay interest on mortgage escrow accounts. The request highlighted the split among federal judges over their interpretations of the preemption standard. Read on »

Mortgage Bankers Association Chief Economist Mike Fratantoni issued commentary describing key takeaways from the latest employment numbers released by the U.S. Bureau of Labor Statistics on June 5. Read on »

President Donald Trump signed an executive order, titled “Promoting Advanced Artificial Intelligence Innovation and Security,” on June 2. The directive seeks to facilitate access to new artificial intelligence innovations while also safeguarding the U.S. against AI-enabled threats to national security. Read on »

The minutes from the Federal Open Market Committee’s meeting held on April 28–29 shed more light on what turned out to be the most divided decision on the federal funds target rate in more than 30 years. Read on »

The Federal Financial Institutions Examination Council has invited public comments on proposed revisions to the uniform financial institutions rating system, used to rate an institution’s safety and soundness. Read on »

A new industry report from Celent, commissioned by Zest AI, a company founded in 2009 providing services in financial technology with a mission to modernize lending and strengthen the financial system, recently revealed that fraud has moved from an operational cost to a direct contributor to credit losses. Read on »

Managing friction in financial transactions without losing trust requires shifting from a “frictionless” mindset to a “smart friction” approach for stopping fraudsters in their tracks, according to Paul Byrne, head of fraud solutions at SentiLink. Read on »

Federal Reserve Gov. Stephen Miran submitted his resignation on May 14, ending his eight-month stint as a member of the board. His seat will be filled by former chairman Fed Gov. Jerome Powell, who announced his intention to serve out the remainder of his governorship. Read on »

Nearly two years after the Supreme Court raised the bar for preemption arguments with its ruling in Cantero v. Bank of America, the U.S. Second Circuit Court of Appeals contradicted the high court and two others with its ruling on New York’s law requiring interest payments on mortgage escrow accounts. Read on »

The Federal Reserve approved four bank merger and acquisition applications in recent months, including one for a bank based outside the U.S. The deals involve institutions headquartered in New Jersey, Virginia and Peru, to name a few. Read on »