The Latest
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Permission granted by U.S. Bank
Q&AU.S. Bank scouts for agentic AI as age of ‘do it for me’ awaits
The super-regional’s chief innovation officer said there’s a fine line between being proactive and helpful, versus being proactive and creepy. “We don’t want to cross the creepy line,” he said.
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KeyBank hires next CRO from Truist
Mo Ramani replaces Darrin Benhart, who will move into a newly created role as Key’s chief regulatory officer, a spokesperson for the bank said.
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BMO to pay $40.6M over ‘misleading’ mortgage-backed bonds
The bank’s employees spoke about changing the bonds' "cosmetics" to boost sales, the SEC alleged. They included a sliver of higher-interest mortgages into otherwise low-risk offerings, the agency said.
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Silvergate ex-CFO seeks dismissal of SEC charges
Antonio Martino filed for dismissal Tuesday, seven months after the SEC fined Silvergate and banned two of its executives from C-suite positions for five years.
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Amex pays $230M to resolve DOJ allegations
The credit card giant misrepresented features of some credit cards targeting small businesses and entered false information on card applications, the Justice Department alleged.
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Block agrees to pay $255M to regulators for Cash App deficiencies
The Consumer Financial Protection Bureau said the payments provider “employed weak security protocols for Cash App and put its users at risk.”
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Kevin Dietsch / Staff via Getty Images
7 takeaways from Q4 earnings at JPMorgan, Goldman and more
JPMorgan CEO Jamie Dimon addressed his retirement timeline, Goldman chief David Solomon talked Apple, and bankers overall appeared to exude “animal spirits.”
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Michael M. Santiago / Staff via Getty Images
3 ex-Wells Fargo execs fined $18.5M over fake-accounts scandal
The Office of the Comptroller of the Currency banned the bank’s former community bank group risk officer for life, among other penalties handed down Tuesday.
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Sukanya Sonlila via Getty Images
BaaS outlook brighter after period of growing pains
Regulatory scrutiny of the banking-as-a-service model won’t disappear, but the number of BaaS-related enforcement actions this year is expected to be more of a trickle than a flood.
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Montana’s Glacier Bancorp to buy Idaho lender in $245.4M deal
Acquiring Bank of Idaho will add 15 locations to Glacier's footprint, along with $1.3 billion in assets. The acquisition, set to close in the second quarter, would be Glacier's 26th since 2000.
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FDIC’s Gruenberg cautions against ‘complacency,’ urges strong supervision
The outgoing FDIC chair, speaking Tuesday at the Brookings Institution, shared lessons learned from bank crises “as we head into a period of uncertainty about the future path of financial regulation.”
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Robinhood to pay $45M to settle SEC charges
Robinhood Securities will pay $33.5 million and Robinhood Financial will pay $11.5 million to settle a variety of charges, including recordkeeping and cybersecurity violations.
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Employer.com expands into bookkeeping services with Bench acquisition
The workforce management firm acquired the Vancouver-based bookkeeping fintech after Bench announced it was shutting down. Bench applied for bankruptcy on Jan. 9 in a Canadian court.
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Michael M. Santiago / Staff via Getty Images
JPMorgan elevates Piepszak to COO
Jennifer Piepszak replaces Daniel Pinto, who will retire in 2026. But she indicated she’d rather work in a “senior operating role” than be considered to succeed CEO Jamie Dimon “at this time.”
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CFPB sues Capital One over $2B in unpaid interest to customers
The agency accused Capital One of obscuring a new, higher-paying savings product from some legacy savings account holders. The bank said it is “disappointed” with the bureau’s “eleventh hour lawsuits.”
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Courtesy of Gilbane Building Co.
SouthState to sell 170 branches in $475M lease-back deal
The Florida lender will enter lease agreements with Blue Owl Real Estate Capital for each branch, with initial 15-year terms, according to a filing. The bank said it will not close any affected locations.
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Barclays’ sustainability chief steps down as sector scrutiny heats up
Laura Barlow will leave her leadership role but continue at the bank as a senior adviser, a bank spokesperson said.
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Truist COO Beau Cummins resigns
The move comes after “material changes to his responsibilities” were made after the sale of Truist Insurance Holdings. Truist’s chief wholesale banking officer and CFO will split Cummins' responsibilities.
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Pennsylvania banks to combine in $214M deal
CNB Financial Corp. will buy ESSA Bancorp in a transaction meant to help it expand in eastern Pennsylvania. The deal is expected to close in the third quarter.
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Fed approves UMB’s $2B acquisition of HTLF
The transaction, set to close by Jan. 31, would boost UMB’s assets by roughly 40%, more than double its branch footprint and give it entry to five new states.
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Anna Hrushka/Banking Dive
FDIC’s Hill sets out priorities for agency’s ‘new direction’
The agency’s vice chair anticipates a shift in bank supervision that emphasizes core financial risks over a process-related focus.
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JPMorgan Chase joins the 5-days-a-week RTO wave
“We know that some of you prefer a hybrid schedule and respectfully understand that not everyone will agree with this decision,” the bank wrote in a memo. “We think it is the best way to run the company.”
Updated Jan. 10, 2025 -
Federal Reserve. (2024). [Photo]. Retrieved from Flickr.
Barr’s likely replacement advocates for ‘pragmatic’ approach
In a speech Thursday, Federal Reserve Gov. Michelle Bowman appeared to preview her approach if she’s the incoming president’s pick as vice chair for supervision, calling for more “discipline” with policymaking.
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Anna Hrushka/Banking Dive
FDIC gives BlackRock until Feb. 10 on passivity agreement: report
The asset manager had sought a March timeline. An executive warned against “hastening the finalization of a completely new regulatory framework in a two-week period” in a letter to the regulator.
Updated Jan. 13, 2025 -
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Texas AG drops probe of major US banks after exodus from climate alliance
State Attorney General Ken Paxton said Texas will end its ongoing review of Bank of America, Morgan Stanley and JPMorgan Chase following the banks’ exits from the Net-Zero Banking Alliance.
