The Latest
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Union: Wells may have secretly recorded meetings
WFWU alleges that the bank was secretly recording in-person bargaining meetings. Wells Fargo denies these claims, saying it “expressly prohibits the recording or transcription of meetings.”
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CFPB proposes trimming its nonbank purview
A rule proposed Tuesday would restrict the bureau’s ability to supervise nonbanks. The agency aims to adopt a binding, standardized definition of “risks to consumers” that would make enforcement consistent, it said.
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Trump moves to oust Fed’s Cook ‘effective immediately’
Lisa Cook's lawyer said they will sue to challenge the president, who cited mortgage fraud allegations in a letter firing the central bank governor.
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Goldman exec named JPMorgan global investment banking chair
M&A veteran Jerry Lee has joined JPMorgan from Goldman Sachs, where he spent nearly two decades.
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Q&A
Debanking debate damages regulator, bank confidence, professor warns
To confront the debanking issue, the dean of the law college at the University of Wyoming suggests reforms that tackle regulatory discretion and secrecy.
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How Bank of America’s Erica raised the stakes for virtual assistants
“A big area of focus for us was: How can we find that balance between the AI support and the human support that Bank of America is known for?” said Jorge Camargo, head of digital platforms.
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4 Jackson Hole takeaways you may have missed
Fed Chair Jerome Powell laid out his dissenters’ opinions, signaled a near-future rate cut – and took a stand against Trumpian pressure. But it may have been lost in continuing bluster.
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U.S. Bank wants a piece of Charlotte, too
The Minneapolis-based super-regional opened its seventh branch this week in North Carolina’s largest city, and wants to double its presence in a market where Truist, BofA and Wells Fargo are heavily entrenched.
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Synovus, Pinnacle plan post-merger C-suite
In perhaps a nod to a lesson learned from the Truist combination, the two regional banks laid out the combined company’s management team.
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JPMorgan to pay $330M to settle 1MDB claims
Swiss authorities, in a connected case, fined the bank $3.7 million after the lender was found guilty of failing to prevent aggravated money laundering.
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Ex-JPMorgan, PNC, TD bankers banned by OCC
The eight former bankers are prohibited from the industry after regulators found instances of misappropriation of funds and customer impersonation.
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OCC lifts Anchorage Digital consent order
The only cryptocurrency firm with a national bank charter has invested tens of millions of dollars in compliance infrastructure to remedy issues noted in a 2022 consent order, CEO Nathan McCauley said.
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Fed’s Waller pushes deeper ties with ‘innovators’
The Federal Reserve has begun “technical research” on financial technology, including tokenization and AI in payments, the central bank governor said Wednesday.
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CFPB seeks comments for new open banking rule
The agency wants to learn about costs, fees and consumer data risks associated with open banking as it seeks to revise a 2024 rule.
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Why Morgan Stanley open-sourced its app development tool
A software validation framework helps the bank accelerate compliance and security reviews. It released the tool last week through FINOS.
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Fifth Third buys cash management software firm DTS Connex
The deal bolsters the bank's commercial payments business, which processed $17 trillion last year.
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Customers CEO talks lessons learned from Fed enforcement action
After investing to strengthen its risk management practices, the Pennsylvania bank now seeks to jump on the favorable atmosphere for digital-asset activities.
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Column
Dive Deposits: Ahead of Jackson Hole, the spotlight is everywhere but on Jerome Powell
Mortgage fraud allegations against another Fed governor, Lisa Cook, returned the focus to the Trump team’s push to re-mold the central bank.
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Washington’s 1st Security names next CEO
Matthew Mullet, who was named president of the bank in July 2024, will succeed Joseph Adams as CEO in September.
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Truist aims to build 100 new branches in a mass-affluent grab
The bank is targeting high-growth markets such as Austin, Miami and Dallas in a push that involves hiring more advisers, refining its AI tools and renovating 300 of its current branches.
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Ex-Regions teller banned from banking after alleged theft
Markel O’Neal Calhoun stole nearly $18,000 from the bank last February, the Federal Reserve alleged.
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Thread Bank digital chief advocates for unified AI strategy
“We don't want 30 different vendors doing 30 different AI things,” said Marty Miracle, the Tennessee lender’s first chief digital officer.
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FDIC would give banks flexibility on digital signage in proposed rule
The proposal focuses display requirements toward screens and webpages most relevant to consumers, simplifying rules for signage on bank websites, mobile apps and ATMs.
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FundCanna launches BNPL tool for cannabis businesses
Funding challenges in the cannabis market have created a massive delinquent receivables problem, according to one economist. ReadyPaid, FundCanna’s new B2B BNPL platform, aims to remedy that.
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Virginia’s TowneBank to buy NC’s Dogwood in $476.2M deal
The move would add 17 branches – many along the I-85 corridor in the Carolinas. TowneBank is set to close a separate acquisition of Old Point Financial on Sept. 1.