Banking

Banks and financial institutions face a barrage of lawsuits from consumers alleging they failed to investigate inaccurate information on a credit report. Industry blames the uptick in litigation on social media sites and the proliferation of credit repair companies.

The head of data and digital at Ally Bank came up with protective measures governing the use of generative AI and organized "AI Days" for employees to learn about Ally's progress.

The high court will determine how much deference judges should give to regulators in interpreting laws passed by Congress. The upcoming ruling has especially big implications for the Consumer Financial Protection Bureau, which has drawn the banking industry's ire.

Some banks with large commercial real estate concentrations are seeing their stock values take a roller-coaster ride as investors discount their assurances about the wobbly asset class.

The partnership between personal finance platform Esusu and the National Rental Home Council has several of the trade group's members delivering payment data. They say that has helped result in over 85,000 originations across lending segments.

But despite increasing anxiety over rising costs, an overall majority of consumers also express optimism about their own improving financial prospects in the upcoming year, according to Transunion.

Fifteen million Americans who owe a combined $49 billion in medical debt would benefit from a proposal by the Consumer Financial Protection Bureau to scrub medical debts from credit reports and ban their use in underwriting decisions.

Pacific Investment Management Co. expects more regional bank failures in the U.S. because of a "very high" concentration of troubled commercial real estate loans on their books. 

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.

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.