7 Day Roundup: Fintech Sector

Rep. French Hill, R-Ark., is a longtime member of the House Financial Services Committee. He's seen as a policy-matter expert on banking issues, and currently serves as the panel's vice chairman. Hill is up against Rep. Andy Barr of Kentucky, Frank Lucas of Oklahoma and Bill Huizenga of Michigan for the top spot.

Wintrust Financial in the Chicago area would gain about $2.7 billion of assets. Macatawa Bank Corp. operates a network of 26 branches in western Michigan. "Together, we will be a formidable, community-minded competitor to the other banks in the area," CEO says. The transaction is expected to close in the second half of 2024.

Goldman Sachs CEO David Solomon sees an "unprecedented" opportunity for corporate investment in artificial intelligence. The Wall Street megabank is working to deploy artificial intelligence as it seeks to make its own operations more efficient. Solomon: "We're talking about a level of scale that is candidly unprecedented" Goldman Sachs profits rose 53% in the fourth quarter of last year.

Democratic Sens. Elizabeth Warren, Mass., and Sheldon Whitehouse, R.I., decry the U.S. Chamber of Commerce's suit against the Consumer Financial Protection Bureau's credit card late fee rule. They say the Chamber's suit is an example of the kinds of frivolous litigation it opposes elsewhere. The Chamber sued the CFPB just days after the final rule was issued attempting to halt the rule.

M&T Bank set a goal four years ago to limit its CRE loan portfolio to 160% of its capital and reserves. The Buffalo, New York-based bank's share price rose nearly 5% Monday to $140.94. Bank now expects CRE book to be "in the mid-to-low 160s" by the end of 2024.

Goldman Sachs is deploying AI in-house and preparing for financing opportunities in AI development in the market. Developing AI technology requires infrastructure, power, and all these things require financing to drive scale.

57 questions FIs should ask about AI: Where do we start our AI journey? 87% of bank decision-makers said there is increasing pressure from boards. 87% said that there is growing pressure from board members.

Citi and the New York attorney general are disputing who is responsible for wire transfer fraud that drained a customers retirement savings. Citigroup filed a motion to dismiss the case, saying banks are not liable for reimbursing customers who got scammed through wire fraud schemes. In Europe, lawmakers have proposed changes that could entitle consumers to refunds in cases of bank spoofing.

Two financial industry icons, Sallie Krawcheck and Betsy Cohen, shared nuggets of wisdom about fintech, innovation and leadership in fireside chat hosted at Arizent's office in downtown Manhattan. Cohen, one of the first female law professors in the U.S. and founder of The Bancorp Bank, shared their morning routines. Cohen: "I like to start with a cup of coffee, but I do not have a problem with your problem"

BNY Mellon hires Shannon Hobbs as its next chief people officer. Hobbs joins the firm from Geico, where shes held a similar role for two years. She will report to CEO Robin Vince and will be a member of BNY Mellons executive committee.