What Biden's AI executive order means for bank regulation

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AI, black boxes and bias: The impact of the White House's executive order. The president directed government agencies to frame new rules on protecting privacy and security, preventing intellectual property theft, reducing bias and more in banks' use of AI models.

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More cardholders with solid credit are struggling to stay current: As the holiday shopping season approaches, late payments on credit cards have surpassed their pre-pandemic levels, according to a new VantageScore report. The consumers showing signs of deterioration include not only subprime borrowers, but also those with prime credit scores.

Why bank mergers keep falling through: Amid intense regulatory scrutiny, market volatility and economic uncertainty, 10 bank M&A deals have been scrubbed so far this year after 13 were scuttled last year. Deal activity has risen slightly lately, but the new normal is hard to gauge.

Banking group says Durbin is trying to 'silence and intimidate' critics: The The Electronic Payments Coalition said that Sens. Dick Durbin and Roger Marshall are retaliating against the airline industry, which has been critical of their credit-card swipe-fee legislation.

Republic First got a hand up from investors. Is it out of the woods? A $35 million capital bump from a once-hostile investor group may have helped the Philadelphia bank avoid collapse. Still, it reported $30 million of quarterly operating losses and heavy securities risk in a recently filed call report.

Master account ruling raises questions about other Fed challenges: In a lawsuit between a Puerto Rican bank and the Federal Reserve Bank of New York , a federal judge ruled that reserve banks are not obligated to give master accounts to banks they deem risky. The decision could have implications for other master account challenges.

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