The Latest
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Goldman, Citi, BofA CEOs back a free Fed as Trump weighs Powell options
The president reportedly brandished a letter firing the Fed chair, then backed off, saying he likely wouldn’t dismiss him “unless he has to leave for fraud.”
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Bank of America touts AI gains amid industrywide adoption push
The company deployed automated coding tools to its 17,000 software developers, CEO Brian Moynihan said Wednesday.
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‘Resist’ deregulatory spree, Fed’s Barr warns
Loosening regulations “often appears justified at the time and may be implemented by well-meaning policymakers who simply miscalculate the long run effects of their actions,” the Fed governor said.
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FDIC proposes inflation index, changes to ILC rules
One proposal would protect smaller banks from shouldering too heavy a burden if inflation – rather than a change in size, risk profile or complexity – were to push a bank over a threshold.
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Why small banks may shun Zelle
The peer-to-peer payment network charges comparatively higher transaction rates, but also offers the potential for new customers, consultants say.
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Fed drops enforcement action against Texas holding company
The central bank ended its cease-and-desist order against Industry Bancshares eight months after it was issued and the same month Cadence Bank’s acquisition of Industry closed.
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Anthropic rolls out financial AI tools to target large clients
Claude for financial services can “turbocharge” the work analysts or fund managers are already doing by serving as their research analyst assistant, said Jonathan Pelosi, global head of industry for financial services at Anthropic.
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Hive Wealth brings ‘digital family office’ to masses with AI
Yvette Sadler Butler has spent the last three decades building investment tools for big banks. Now, she wants to bring “a digital family office” to the masses.
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Fintechs blast JPMorgan over data fees
The largest U.S. bank says it will begin charging the firms to access customer financial data. PNC’s CEO applauded the effort.
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Wells Fargo workers allege union-busting again
Employees rallied in Charlotte on Tuesday to call attention to allegations that a senior HR exec at the bank is coercing workers to decertify their union.
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JPMorgan’s Dimon: Fed independence ‘absolutely critical’
The CEO of the biggest U.S. bank warned Tuesday that “playing around with the Fed can often have adverse consequences.”
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OCC drops disparate impact liability from supervision, exam metrics
The agency’s rollback is a direct follow-up to President Donald Trump’s April executive order calling to “deprioritize” enforcement of disparate impact.
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SC’s First Community broaches Atlanta area in $41.6M deal
Buying Signature Bank of Georgia would boost First Community’s Small Business Administration lending and create a bank with 23 locations and roughly $2.3 billion in assets, the companies said.
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Huntington to buy Texas bank for $1.9B
The Columbus, Ohio-based regional lender will dive deeper into the Lone Star State with the acquisition of Veritex Community Bank’s holding company.
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Q&A
How Bank of America keeps tabs on what customers want
This year, the Charlotte, North Carolina-based lender has added capabilities related to fraud claims and card arrivals, in response to customer feedback or inquiries, an executive said.
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First Fed Bank CEO resigns, COO tapped as interim chief
Matthew Deines, who served as CEO for six years, announced his exit following a lawsuit filed by a Jefferies hedge fund group alleging the bank’s involvement in a fraudulent scheme.
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Column
Dive Deposits: Fed pushes back on Vought’s skewering of renovation
In an FAQ document, the central bank appears to emphasize it’s responding to senators’ concerns, not the OMB chief’s, and that it has cooperated with a capital planning panel.
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6 takeaways from the Senate’s crypto market structure hearing
Senators largely agreed on the need for regulation, but differed on the potential focus and framing of such a bill.
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Ohio bank to acquire in-state peer in $70.4M deal
Civista Bancshares will buy The Farmers Savings Bank in a transaction set to close in the fourth quarter. Civista has also launched an underwritten public offering of its common shares, aiming to raise $70 million.
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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.
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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.
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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.
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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.”
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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.
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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.