Financial institutions news from around the web: November 21 – 25, 2022

Ex-Morgan Stanley CEO: 'I think risk management has been taken to another level' 
The possibility of a global recession has triggered comparisons to the 2008 financial crisis, caused in part by the downfall of banking giant Lehman Brothers. But financial institutions have gotten better at managing risk since then, says former Morgan Stanley CEO John Mack. 

Fintechs and banks – innovating together 
Today, "fintech" is the modern way of referring to the relationship between banking and technology. But the relationship has not been so simple historically. Where the focus was once on financial institutions (FIs) serving their customers using technology, now, technology has become its own monolithic function with the desire to "carry its own" when it comes to banking. 

Credit unions, banks share mortgage pains 
The Mortgage Bankers Association reports widening losses for bank and independent mortgage originators. 

Banking giants and New York Fed start 12-week digital dollar pilot 
Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Nov. 15.