A $192 million settlement announced by the Consumer Financial Protection Bureau and 13 states covers about 41,000 students who obtained private loans to attend the now-defunct for-profit Corinthian Colleges. The settlement awaits approval from the US District Court.
Artificial intelligence helps banks fight cybercrime but also makes them vulnerable to attacks, cybersecurity experts say. "The reason cybercriminals don't knock over banks as much as they use malware or other cybertechniques is because the technology lends itself to providing better outcomes," said Steve Grobman, chief technology officer at McAfee.
People are calling the elderly claiming to be a bank representative who is sending someone to seize a credit or debit card with fraudulent activity, according to the Palm Beach County, Fla., Sheriff's Office. The caller obtains the victim's PIN during the conversation, then applies fraudulent charges to the account.
KeyBank is the first major bank to invest in Billtrust, a cloud-based payment-cycle manager in New Jersey. "KeyBank recognizes that investments in [financial technology] are an integral source of innovation that drives better client experiences," said Billtrust CEO Flint Lane.
The Federal Reserve is asking banks to back off from depending on advanced machine learning to assess contagion risk, saying the result could be misleading. "If you apply machine learning to assess model risk, this algorithm is itself a model and you have to prove that it works," said Nikolai Kukharkin of UBS.
Gary Cohn intends to remain director of the National Economic Council, a White House official says. Markets dropped this week because of speculation that Cohn, who is spearheading the White House's tax-reform initiative, planned to resign in light of President Donald Trump's comments on racial violence in Charlottesville, Va.
If you want your emails to be persuasive, make sure you personalize them for the recipient, writes John Stevens. Keep them short and to the point by eliminating unnecessary words and putting the most important parts first.
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