RSSChopra: AI poses safety concerns in banking
Artificial intelligence poses risks to the financial system, according to Consumer Financial Protection Bureau Director Rohit Chopra.
Author Archives: Sam Wilmes
U.S. Bank fined $37.5 million for account fraud
The Consumer Financial Protection Bureau fined U.S. Bank $37.5 million for knowingly allowing employees to illegally access customer credit reports and for opening checking, savings and credit accounts without permission for more than a decade.
CFPB: Overdraft revenue rebounded at small banks early this year
After seeing a 20 to 25 percent loss in overdraft/NSF fees in 2021, small banks largely rebounded early this year. Midsize and large banks have yet to recoup those numbers.
Bank of America fined $225 million
Federal regulators fined Bank of America $225 million for mishandling the distribution of pandemic unemployment dollars and other public benefits.
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