US banks could face funding challenges as stablecoin issuance increases, potentially leading to higher funding costs and reduced lending, according to experts. The GENIUS Act has fueled predictions of significant outflows from bank deposits to stablecoins, but some experts doubt such a scenario, citing the current lack of compelling use cases for stablecoins and the prohibition on interest payments.

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JPMorgan Chase said it has introduced an extensive anti-fraud program and called for "a unified front" among banks, tech firms and law enforcement agencies to prevent fraud and scams. The initiative will allow customers to identify a trusted contact who may receive notifications about certain transactions, with the goal of guarding against financial abuse or fraud. JPMorgan also said a partnership with AARP will provide branch employees with training on preventing the financial exploitation of older and vulnerable adults.

Bank of America's new 401(k) Pay offering allows users to check their 401(k) balances; determine where withdrawals are deposited; and access information about taxes, cost-of-living adjustments and other key expenses. The service, accessible via Bank of America's website and mobile app, is available at no additional charge for the bank's plan-sponsor and plan-participant clients.

Bank of America is tying direct revenue growth and cost reductions to its AI deployments, with tech chief Hari Gopalkrishnan saying the bank sees "revenue opportunities everywhere" across its eight business lines. He highlighted that the Erica virtual assistant has processed 3 billion interactions, doing the equivalent work of 11,000 staff, while AI tools are boosting banker productivity and cutting call-center handling time. Gopalkrishnan said AI is reducing fraud losses and removing "toil" from operations as BofA ramps up its $13 billion annual tech program.

Cybersecurity has shifted from being a government or IT concern to an issue that affects everyone -- individuals and organizations -- particularly as AI makes cybercrime more accessible and widespread, said Sarah Gosler, Wells Fargo's head of cyber human defense. Effective defense requires not just technical solutions, but also broad awareness and training programs that engage all employees, empowering them to recognize and respond to threats both at work and at home, Gosler said.

Katie Oresar recently joined BMO as the US head of treasury and payment solutions sales after more than 20 years at JPMorgan Payments. In her new role, Oresar leads a national sales team responsible for BMO's full suite of payment and cash management products for commercial clients. Oresar discusses clients' key objectives; AI uses in treasury management; and her priorities, which include developing "a really collaborative, purpose-driven team that works hand in hand with our banking partners and feels empowered to act."

Federal Reserve Vice Chair Philip Jefferson noted downside risks to the labor market while emphasizing the need to "proceed slowly" as the central bank adjusts interest-rate policy. Separately, Federal Reserve Governor Christopher Waller cited concerns about the job market and indicated support for another rate cut.