The Latest
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Florida’s BayFirst sheds 51 jobs, shutters SBA loan platform
The bank’s COO called out older, smaller loans as a trouble spot. BayFirst counted $1.5 million in first-half losses and expects to take a third-quarter restructuring charge. It’s also suspending dividend payouts.
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Why Capital One’s software division created its own data security tool
When the bank couldn’t find a commercially available tokenization software tool, it tapped its engineering team to build one.
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CFTC, SEC make quick work on crypto movement
Both regulators announced plans last week to get going on crypto regulation that aligns with a report by the President’s Working Group on Digital Assets. They’ve already made waves this week.
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Simmons names next chief; CEO Makris to retire
Jay Brogdon will succeed George Makris Jr. after he retires at year end. Marty Casteel, a director of the company, will become chair Jan. 1, 2026.
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Column
Dive Deposits: CFPB claps back at GAO
The bureau’s chief legal officer defended Acting Director Russ Vought’s decision to decline funding from the Federal Reserve, saying the move did not constitute an illegal withholding.
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Will JPMorgan take a bigger bite of Apple?
If the bank makes a play for the tech company's credit card portfolio, it may also make a broader bid for more business.
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Fifth Third, expanding to Alabama, aims to ‘show up differently’
The lender’s head of consumer banking touts an open-air atmosphere and “consultative” priority that is far removed from his early-career days as a teller.
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Column
Dive Deposits: The Fed may have out-Fridayed itself
Fed Gov. Adriana Kugler’s resignation may have overshadowed two dissents on the interest rate. But a single opening at the central bank may not carry as much impact as President Trump would hope.
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UBS to pay $300M to settle Credit Suisse mortgage securities case
The Zurich-based lender’s agreement with the U.S. Justice Department will resolve the remaining consumer relief obligations from the 2017 settlement, UBS said Monday.
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Ex-Flagstar CEO accused of illegal conduct
A former compliance executive at the bank sued Alessandro DiNello, saying the ex-CEO knew of a client’s money laundering and discussed sensitive information while a “junior employee sat on his lap.”
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Gruenberg named in FDIC workplace misconduct report
Four other ex-FDIC officials were not identified in the Office of the Inspector General’s findings, which followed a November 2023 WSJ exposé of the allegedly toxic culture.
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Wells Fargo gives CEO Scharf a $30M award, names him chair
The executive joins the CEOs of Goldman Sachs and Capital One in receiving eight-figure equity awards this year. Citi will be the only U.S. SIFI with separate CEO and chair roles.
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Frost CEO: Lending competition heating up
For the Texas bank, loans lost to other lenders because of structure continued to increase in the second quarter. “I think this represents the level of competition developing in the market,” CEO Phil Green said.
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Barclays exits climate alliance, following HSBC
“With the departure of most of the global banks, the [Net Zero Banking Alliance] no longer has the membership to support our transition,” Barclays said.
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Citi targets commercial clients going through global growing pains
The lender is angling to consolidate banking business for mid-sized corporate clients who’ve racked up a litany of banking partners around the world, according to the global head of Citi’s commercial bank.
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Trump-appointed group calls for clear crypto regulation, tax changes
The long-awaited, 166-page report detailed regulatory and legislative suggestions in the interest of “the new American Golden Age.”
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Q&A
TD exec keeps sight of customer trust amid AI rush
Consumers are more comfortable with AI but still want human connection when it comes to certain services, making it crucial for banks to meet customers where they are, said TD Bank’s head of analytics, intelligence and AI.
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JPMorgan teams up with Coinbase
The U.S.’s biggest bank will partner with the crypto exchange to link Chase bank accounts and Coinbase crypto wallets.
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Former SoFi GC named OCC chief counsel
Adam Cohen will join the OCC from the law firm Skadden. He’s previously held roles at both the CFTC and Federal Reserve.
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CFPB to ‘substantially’ revamp open banking rule, it says
A judge stayed a court case challenging the rule after the bureau said it would “reexamine” the matter and find a “well-reasoned approach” that “aligns with the policy preferences of new leadership.”
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Capital One delivers few details on $265B community plan
A year after touting a community investment proposal as part of an effort to acquire Discover, the card issuer has yet to lay out program specifics.
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SMBC, Fin Capital to invest $300M in US fintechs
Sumitomo Mitsui Banking Corporation launched a similar venture in 2023 focused on Asia-based start-ups, and it's thus far made six investments.
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Wise shareholders vote to move primary listing to US
One of the fintech’s co-founders criticized the measure, saying an attached initiative to extend “golden share” voting rights to longtime investors should have been separate.
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BofA taps next tech chief
Aditya Bhasin, the lender’s chief technology and information officer since 2021, is leaving the bank and will be replaced by Hari Gopalkrishnan, who’s been at BofA since 2011.
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Activist investor pressures Comerica to sell
HoldCo alleged that a larger bank could buy Comerica without major capital issues, putting forth PNC, Fifth Third and Huntington as options that “make sense.”