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Financial institutions news from around the web: July 17 – 21, 2023

Written on Jul 21, 2023

How fraudsters redefine mobile banking account takeovers 
As fraudsters use stolen credentials to commit e-commerce fraud, here’s what banks and customers must keep in mind to stay safe. 

The challenges and impact ChatGPT can have on credit unions 
ChatGPT creates a plethora of potential opportunities for financial institutions. However, there are also significant obstacles in the way of ChatGPT being used among credit unions in the distant future. 

Agencies finalize policy statement on commercial real estate loan accommodations and workouts 
Federal financial institution regulatory agencies have jointly issued a final policy statement on commercial real estate loan accommodations and workouts. The updates reinforce and build on existing supervisory guidance calling for financial institutions to work prudently and constructively with creditworthy borrowers during times of financial stress. 

Americans are still better off, with more in the bank than before the pandemic 
Despite a year when inflation pushed prices to new heights, Americans are still better off now than before the pandemic, with nearly 10 to 15% more in their bank accounts than in 2019, new checking and savings account data shows. 

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