The Latest
-
Big banks could get easier route to ‘well-managed’ status
Michelle Bowman dubbed the Federal Reserve’s proposal “the first step” in aligning supervisory ratings with a sharper focus on material financial risk, but Michael Barr warned the move would undermine supervision and introduce risk.
-
Column
Dive Deposits: The time Russ Vought moonlighted as a 1980s action star
The acting CFPB director accessed his inner Sylvester Stallone, using his position as the White House’s budget chief to grill Federal Reserve Chair Jerome Powell on a hot-button renovation.
-
HSBC leaves climate coalition, following US banks
The U.K.-based bank became the latest to exit the United Nations-backed Net-Zero Banking Alliance, as an exodus of U.S. banks has spread.
-
Jonathan Gould confirmed to lead OCC
Senate Banking Committee Republicans said in a statement they hope Gould “return[s] the OCC to its true purpose of chartering and supervising banks to ensure a safe and sound banking system.”
-
TD names Treasury vet to financial crime risk management post
Andrew Jensen joined the Canadian lender last year as global head of sanctions. Jensen will maintain those duties, too, when he moves into his new role Monday.
-
Pennsylvania banks to merge in $54.9M deal
Wayne Bank, a subsidiary of Norwood Financial Corp., will expand its footprint into central and southeastern Pennsylvania with the acquisition of Presence Bank.
-
Wise to pay $4.2M, boost AML oversight in 6-state settlement
Wise allegedly failed to provide for frequent independent review of its anti-money laundering program. Regulators also found deficiencies in the investigation and reporting of suspicious activity.
-
Citi to open Charlotte office, add 510 jobs
The lender will spend $16.1 million on the office, which is slated to open by early 2026, according to a bank memo.
-
Community banks view embedded finance as key to longevity: report
Despite increased regulatory scrutiny of banking-as-a-service, over half of the surveyed community bank respondents are considering implementing BaaS or embedded banking solutions.
-
Frost CFO: ‘We are that stable bank in Texas’
The San Antonio lender has hung its hat on long-term organic growth. “We get to bring in customers that chose us, not that we bought,” said Dan Geddes, a 28-year Frost veteran. “We get to recruit the bankers that want to be with us.”
-
BNY to custody Ripple USD
BNY custodies two other stablecoins – Circle’s USDC, since 2022, and SocGen’s USD CoinVertible, since June.
-
Monzo fined $28.7M over AML flaws
This is the 10th financial crime control failings-related fine imposed by the FCA in the last four years, and follows a similar action against fellow U.K. neobank Starling last year.
-
Column
Dive Deposits: Summer is the season of regulator roulette
The sidelining of the CFPB’s top fair-lending official, early-out of a leading Fed supervisor, and President Trump’s gripes toward Jerome Powell have turned July into a game of “start-bench-cut.”
-
Court denies open banking briefs
A federal judge said “friend of the court” briefs wouldn't be helpful in litigation over the Consumer Financial Protection Bureau’s open banking rule.
-
Louisiana takes a turn as small-bank M&A epicenter
In the first week of July, two Baton Rouge banks have made $83 million deals to acquire competitors.
-
Citizens spies opportunity with Chase card move
As premium credit card fees climb, “it does create a little more room for us to compete in between,” the regional bank’s head of lending said.
-
Planet Hollywood sues Florida bank in alleged PPP fraud
BankUnited forced Planet Hollywood and its affiliated companies to reapply for a PPP loan, for which they lost the opportunity to have at least $4.5 million forgiven.
-
Warren demands Zelle scam update
In letters to Zelle’s bank owners, Sen. Elizabeth Warren and two other Democrats asked what the financial institutions are doing to protect customers using the digital payments service.
-
Capital One shutters Discover home equity business
A website notification says Discover Home Loans “is no longer accepting applications for new home equity or mortgage refinance loans, although we will continue to process applications that are in progress.”
-
Fed bans Wyoming ex-banker over charity embezzlement
Kendall Hickman, a former employee of Jonah Bank of Wyoming, embezzled more than $33,000 in funds from a nonprofit organization while working as a part-time bookkeeper.
-
Warren slams Fed’s proposed tweaks to stress capital buffer
In a public comment, the senator urged the central bank to withdraw a proposal to allow banks to use an average of the past two years’ stress testing losses in the calculation of their buffer.
-
CFPB drops $95M overdraft case against Navy Federal
The move is yet another example of the current bureau’s retreat from Biden-era consent orders.
-
Top US banks boost dividends
JPMorgan and Morgan Stanley announced share repurchase programs. Wells Fargo and Goldman Sachs, meanwhile, will see current stress capital buffers lowered.
-
Goldman taps new global chairman of investment banking
Raghav Maliah joined the firm in 2000 and currently holds two lead roles in the Asia Pacific region.
-
Making sense of the ‘crazy quilt’ of financial regulators
Federal banking agency job cuts and a deregulatory push have again stoked conversations around consolidation. Merging agency functions could make sense, but here’s why it’s unlikely to happen.