The Bank of England warned that AI poses growing risks to financial stability. Even as it relaxes capital requirements, UK regulators described the push for AI in finance as an uncontrolled competition.
The European Central Bank ordered banks to prepare contingency measures for technology failures. Separately, the acquiring firm agreed to purchase the New Hampshire lender and convert it to a stock structure. Regulators noted growing credit concerns at Small Business Bank, which may be closed by authorities. Revolut applied for a U.S. banking charter and permission to issue digital currency as fintech firms encounter difficulty in the American market.