AI in Mortgage, Basel III Rollbacks, Fieldpoint Private Enforcement, and Inflation Surprises

Banking on Disruption Daily

Welcome to Banking on Disruption Daily for Thursday, September 12, 2024. I’m Fred Cadena. Here’s what we’ll be covering today: - Generative AI in the mortgage industry: Consumer Financial Protection Bureau Director Rohit Chopra expresses both optimism and concern, highlighting the potential but also warning about disparities and inflated costs. - Regulatory news: Federal regulators plan to roll back complex capital reform proposals from last year, a move met with both relief and skepticism from large banks, including Bank of America CEO Brian Moynihan. - Enforcement actions: State and federal regulators take action against Fieldpoint Private Bank & Trust for regulatory compliance issues, reflecting the industry's increasing scrutiny. - Inflation developments: Core U.S. inflation unexpectedly rises in August due to higher housing and travel costs, creating uncertainty about the Fed’s future actions, especially amid a significant inflation decrease in the Southern states. - Fraud trends: Fraud rates have plateaued but continue to drain consumers’ finances more than ever before, presenting ongoing challenges for both consumers and financial institutions. - M&T Bank’s outlook: The bank remains positive about its commercial real estate loans as long-term interest rates fall, signaling potential stability in the sector. That’s all for today! Thanks for tuning in to Banking on Disruption Daily. Until tomorrow, this is Fred Cadena wishing you success in your digital pursuits.