The Latest
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CFPB terminates BofA consent order 3 years early
The bureau was to monitor Bank of America for five years in connection with a $12 million penalty it paid for allegedly failing to collect demographic data on mortgage applicants.
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Fed joins OCC, FDIC in scrubbing reputational risk from exams
The central bank said it would replace references to the metric “with more specific discussions of financial risk.” Banks can still use the concept in their own risk management policies, the Fed said.
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The image by Lisa Chamberlain is licensed under CC BY-SA 2.0
Ohio’s First Financial to acquire Westfield Bancorp in $325M deal
The transaction, set to close in the fourth quarter, would expand the Cincinnati’s bank’s presence in the opposite corner of the Buckeye State.
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Nissan applies for ILC charter from FDIC
The carmaker joins GM, Ford and Edward Jones in awaiting the OK to form industrial banks. The FDIC's acting chair said ILCs could boost creation of new banks. Opponents say the move sidesteps the Fed.
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Fed, OCC ban 2 bankers apiece
The bankers are former employees of Ally, Santander, Bank of Hawaii and BOKF. The prohibitions come after the regulators say they found instances of embezzlement and misappropriation of funds.
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Trump upholds OCC’s expedited bank merger reviews
The president signed a measure nullifying a 2024 OCC rule that Republican lawmakers aimed to curb through the Congressional Review Act, citing “burdensome standards.”
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Senate official blocks CFPB defunding in Trump’s megabill
Measures to defund the CFPB, and to reduce salaries at the Fed, fall outside the limits of reconciliation, Senate parliamentarian Elizabeth MacDonough ruled Thursday.
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Warren, Waters probe NCUA chair on Trump firings
A letter sent Friday follows up on “troubling information” received from the NCUA IG after the April firings of two board members.
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Retrieved from OCC.
OCC orders ‘troubled’ Carver Bank to switch up strategy
The Black-owned bank must submit, by Sept. 30, a three-year plan including strategic goals, key financial indicators, risk tolerances and realistic strategies to improve its overall condition.
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Denis Tangney Jr. via Getty Images
Black-owned Redemption acquires Utah bank
Holding company CEO Ashley Bell said he envisions Redemption establishing locations outside Utah that would be similar to Capital One cafes. “We will lean into expansion,” Bell said.
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BMO to buy wealth manager Burgundy in $456M deal
Burgundy said BMO emerged as the “best path forward” amid a tougher-than-expected transition to its next generation of leadership.
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JPMorgan Chase to launch deposit token
“It will be the first token of its kind on a public blockchain, enabling fast, secure, 24/7 money movement between trusted parties,” according to a post by Base, Coinbase’s blockchain.
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GENIUS Act puts renewed spotlight on stablecoins, digital assets
The regulatory clarity the measure proposes to bring to the stablecoin space can help ease some of the worries of more conservative entities, such as banks, examining the space, EY’s Paul Brody said.
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Permission granted by PNC
Q&APNC’s mobile branch manager braces for hurricane season
“Our purpose is to make sure that we minimize any disruptions for the communities we serve, as quickly and as physically safely as we can do that,” Chris Hill said.
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Permission granted by Synctera
Synctera’s new risk chief doubles down on compliance planning
Fintech Synctera has tapped a former Fed and OCC examiner as CRCO, as the firm pursues growth with a focus on regulatory compliance.
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Kayla Bartkowski via Getty Images
CFPB again delays small-biz data collection rule’s compliance timeline
The bureau in April said it is “assessing” the rule with an eye toward retooling it. The CFPB later said it wouldn’t enforce the measure. And Senate Republicans have sought to push compliance to 2034.
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Creative via Getty Images
Primis to sell some of its stake in medical fintech
An undisclosed buyer will purchase Panacea Financial for $22 million. A timeline for the deal was not disclosed.
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Scott Olson via Getty Images
Banks reverse course, increase fossil fuel investments in 2024: report
The top four U.S. banks — JPMorgan Chase, Bank of America, Citi and Wells Fargo — represented 21% of the global financing in the latest Banking on Climate Chaos report.
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Caitlin Mullen/Banking Dive
Citizens exec: ‘Crazy’ tariff volatility seems to have abated
Client optimism is returning after an initial dip, but “everybody is doing one more lap around the diligence on M&A deals,” said Don McCree, the lender’s head of commercial banking.
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Mesut Dogan via Getty Images
Fed, OCC, FDIC target check fraud
Federal agencies took aim at payments fraud Monday, proposing more collaboration, including with states, to combat the rising problem, especially with respect to paper checks.
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JPMorgan names firm vet to lead international consumer bank
Mark O’Donovan will replace Sanoke Viswanathan, who earlier this month said he would leave the bank to run financial software firm FactSet.
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TriggerPhoto via Getty Images
Commerce to buy FineMark in $585M deal
The acquirer aims to expand its presence in high-growth markets and leverage its wealth platform with the addition of FineMark’s $7.7 billion in assets under administration in a deal set to close by Jan. 1, 2026.
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Spencer Platt/Getty Images via Getty Images
BNY names CEO Robin Vince as its next chair
With the move, Joe Echevarria will become the bank’s lead independent director. BNY will be the sixth of the eight U.S.-based global SIFIs to consolidate the CEO and board chair roles.
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Kayla Bartkowski via Getty Images
Open banking to survive Trump, fintechs say
Consumers and financial services firms will pursue their mutual interests in sharing personal data, despite a move by the Consumer Financial Protection Bureau to extinguish the trend, industry experts contend.
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Mesut Dogan via Getty Images
Arvest banker gets lifetime Fed ban
Christopher Timos stole more than $42,000 from customers over the course of two years, Arvest found.
