Citi fined over $444 billion fat finger error
British financial regulators have fined Citigroup £61.7 million over a $444 billion fat finger error that led to a $1.4bn sell off of equities in European markets.
Klarna reports Q2 losses amid US expansion plans
Swedish buy now pay later (BNPL) platform Klarna prepares for its New York listing, despite reporting a net loss in Q2.
Ireland proposes legislative changes to tackle scam epidemic
Ireland’s Government has committed to the establishment of a shared fraud database between financial institutions, utility companies, and payment companies, against a backdrop where scammers stole almost €100 million in 2023.
Nonbank lenders stalled amid shifting compliance landscape
Shifting priorities within the Consumer Financial Protection Bureau, White House and FTC have changed how regulators approach consumer lending, prompting…
Industrywide originations rise 1% YoY
Auto originations saw a modest increase industrywide in the second quarter despite ongoing affordability challenges. Auto originations totaled 6.4 million…
Kotak Mahindra Bank opens API platform
Kotak Mahindra Bank has opened an API developer platform to spur third party innovation across the bank’s datasets.
JPMorgan launches tokenized money market fund
JPMorgan Asset Management has launched its first tokenized money market fund on the public ethereum blockchain.
Big Wheels: Auto ABS volume rises 38%
Auto asset-backed securitization volume year to date is 38.3% higher than a year ago, driven largely by an increase in…
Thought Machine joins unicorn club
Cloud-native core banking provider Thought Machine has hit unicorn status thanks to a $200 million Series C funding round joined by the investment arms of some of its top bank clients, including JPMorgan Chase, ING and Standard Chartered.
Under the Hood: Creating rewards programs to mitigate delinquencies
With the cost of living on the rise, consumers are increasingly strapped for cash, pitting auto financiers against mortgage providers,…
Pope weighs in on AI ethics debate
The Pontiff is the latest public figure to offer an opinion on the ethics of using artificial intelligence (AI), issuing a set of principles on the use of new technology.
Sunbit expands pay-over-time solutions to F&I departments
Sunbit recently announced that it has expanded its footprint within auto dealerships, now offering its technology to power pay-over-time solutions to F&I departments. The company building financial technology for everyday expenses explained that this expansion will allow F&I departments to … [Read More]
Governments sign up to Council of Europe AI Framework Convention
UK, US and EU among the signatories on the Council of Europe’s Framework Convention on artificial intelligence and human rights, democracy, and the rule of law.
CommerzVentures backs AI reporting platform Sunhat
CommerzVentures has led a €9.2 million Series A funding round for Sunhat, a German AI-native compliance platform that helps enterprises automatically validate and share ESG and vital non-financial data.
3 trade associations & 4 lawmakers question CFPB & NY AG lawsuit against Credit Acceptance
Credit Acceptance said in January that it would “vigorously defend itself” during a robust lawsuit brought by the Consumer Financial Protection Bureau and the New York attorney general. Last week, the finance company gained support for seeking to have a … [Read More]