Financial institutions news from around the web: February 24 – 28, 2024

In case you missed them, here are some recent interesting financial institutions news items from around the web.

Durbin to reintroduce credit card competition bill

The senate minority whip from Illinois plans to reintroduce the Credit Card Competition Act proposal in a bid to increase competition for Visa and Mastercard.

Fed’s Barr warns of weaker regulation, supervision

The Fed board, he said, should resist initiatives that impede effective supervision by discouraging examiners to flag issues early, or ones that add to the process unnecessarily, he said.

Race to tap generative AI exacerbates risks

As more nimble nonbanks employ a “risk-forward” attitude toward generative AI, the Fed’s outgoing vice chair for supervision called for monitoring how the technology’s introduction alters banking.

FDIC-insured institutions reported return on assets of 1.11% and net income of $66.8B in the 4^th quarter

Reports from 4,487 commercial banks and savings institutions insured by the FDIC reported a return on assets ratio of 1.11% and aggregate net income of $66.8 billion in fourth quarter 2024, an increase of $1.5 billion (2.3%) from the prior quarter.