CHARLOTTE, N.C.— Bank of America CEO Brian Moynihan said the biggest obstacle to successfully deploying artificial intelligence at scale is ensuring the underlying data is accurate, telling American Banker that "the data has to be perfect" for AI systems to deliver reliable results.
CHICAGO—Klarna is seeking to force into arbitration a proposed class action alleging its buy now, pay later service targets financially vulnerable consumers while failing to screen out unaffordable lending, according to Law360.
WASHINGTON—The Senate Armed Services Committee's version of the FY2027 National Defense Authorization Act contains none of the institutional priorities sought by defense credit unions, but the legislation could still deliver meaningful financial benefits to military families through a proposed 3.6% pay raise, expanded healthcare access, housing assistance and spouse-employment support, according to an analysis provided by Defense Credit Union Council Chief Advocacy Officer Jason Stverak.
WASHINGTON— Congressional leaders in the House and Senate have reached a final agreement on a bicameral housing deregulation package after months of negotiations, according to a report from Punchbowl News.
JACKSON, Miss.—The fallout from the NCUA's $95-million fraud lawsuit against former Jackson Area Federal Credit Union CEO Leigh Bridges widened Monday after the Mississippi Department of Insurance confirmed that Chad Bridges, Leigh Bridges' husband and a senior department official, has been placed on administrative leave while the case proceeds.
WASHINGTON—U.S. Commerce Secretary Howard Lutnick ordered Anthropic to halt global access to its newest Fable 5 and Mythos 5 artificial intelligence models because the Trump Administration feared the technology could be used by military or intelligence organizations in China, Russia and other countries of concern, according to Reuters.
BROOKFIELD, Wis.—Payments and financial technology giant Fiserv announced a leadership change Monday as CEO Mike Lyons departed to become president and chief executive officer of Truist Financial, prompting Fiserv to immediately appoint Takis Georgakopoulos as its new CEO and a member of its board of directors, PYMNTS reported.
CHARLOTTE, N.C.—A former managing director at PNC Bank has sued the bank in federal court, alleging she was paid less than male colleagues, retaliated against for reporting gender discrimination and ultimately terminated just before hundreds of thousands of dollars in restricted stock units were set to vest, Law360 reported.
NEWARK, N.J.—A former TD Bank retail banker was sentenced to 24 months in federal prison after admitting he accepted bribes and helped launder more than $5.5 million in drug proceeds through a scheme that moved money from the United States to Colombia, federal prosecutors said last week.
SOUTHFIELD, Mich.—A Michigan federal judge has granted preliminary approval to a $17.5-million settlement that would resolve litigation stemming from a 2025 data breach at 700Credit, a provider of credit-reporting, identity-verification and fraud-prevention services used by auto dealers and lenders, according to court filings and Bloomberg Law.
