How tech could help fix the racial wealth gap; Comerica settles fraud suit for $1.2 million
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
The racial wealth gap is getting wider. Can technology fix it? In recent years, the wealth gulf between white and Black families has only grown. But there is hope that advances in fintech, such as wider adoption of artificial intelligence, can help.
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NYCB's new leaders face skeptical shareholders in wake of turmoil: During New York Community Bancorp's annual shareholder meeting, executives reiterated their mission to restore value in the beleaguered Long Island-based company. Questions from shareholders suggested at least some discontent following a capital influx that significantly diluted their position in the company.
Comerica to settle Direct Express fraud class-action lawsuit for $1.2 million: Comerica Bank has agreed to a proposed settlement of fraud claims after denying refunds to Direct Express beneficiaries who alleged money was stolen from their prepaid accounts. In the past month, beneficiaries have been sent postcards announcing the settlement.
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Cash isn't going away, despite declining use: In the U.S., the COVID-19 pandemic and other factors caused a sharp reduction in cash use. But with paper bills still accounting for nearly a fifth of all payments, the option is still far too entrenched to risk extinction.
Sen. Warren: Return FHLBs to housing mission: Sen. Elizabeth Warren, D-Mass., a powerful member of the Senate Banking Committee's progressive wing, said that the Federal Home Loan banks have "failed to deliver on their housing and community development mission."
Hsu says banks and AI companies should share responsibility for model errors: Acting Comptroller of the Currency Michael Hsu Thursday said AI providers and end-users — including banks — should share responsibility for errors that derive from artificial intelligence models.