The Latest
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Arvest banker gets lifetime Fed ban
Christopher Timos stole more than $42,000 from customers over the course of two years, Arvest found.
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Sponsored by TravelBankLessons from a middle-market playbook
Startups that once chased rapid growth are now shifting gears, rethinking their models and looking for paths to profitability.
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KeyBank wants to boost commercial team hires by 10% this year
The Cleveland-based regional aims to have 170 to 180 commercial bankers by the end of 2025.
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Courtesy of PNC
Court overturns $218M patent-infringement verdict against PNC
The USAA patents the bank is accused of violating represent “abstract ideas” with no “inventive concept,” a circuit court judge ruled Thursday.
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Anna Moneymaker / Staff via Getty Images
Judge rejects CFPB’s bid to vacate Townstone settlement
If the redlining order against Townstone were to be dismissed, it “would erode public confidence in the finality of judgments,” a judge wrote, calling the CFPB’s reversal “an act of legal hara-kiri that would make a samurai blush.”
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Courtesy of U.S. Bank
U.S. Bank’s Kedia outlines strategy to rev up growth
The Minneapolis-based lender, facing pressure to deliver stronger results, is working to deepen relationships with customers and transform its payments business, the CEO said Wednesday.
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Kevin Dietsch via Getty Images
Private-equity firms offer olive branch in junior banker recruiting
Apollo and General Atlantic won’t interview or extend offers for roles starting in 2027 to bankers who start training next month. The practice has drawn flak from JPMorgan CEO Jamie Dimon.
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JPMorgan seeks to dismiss part of $481M CRE lawsuit
Wells Fargo “seeks to hold JPMorgan liable” for a real estate company’s “criminal conduct, even though JPMorgan was the victim of that crime,” JPMorgan asserts in a motion.
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Judge dismisses case against First Republic execs, auditor
A lawsuit filed in June 2023 claimed that the failed bank’s executives and auditor made misleading statements about the lender’s financial conditions and assets.
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Caitlin Mullen/Banking Dive
Regions plans to make the most of M&A ‘disruption’
“If somebody’s going to do a deal where we are, then we’re going to be all over customers and people and trying to grow our business,” Regions CFO David Turner said Tuesday.
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Anna Moneymaker / Staff via Getty Images
CFPB’s top enforcement official resigns
Cara Petersen, the bureau’s principal deputy enforcement director, bemoaned “thoughtless reductions in staff, inexplicable dismissals of cases, and terminations of negotiated settlements” in an email Tuesday.
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Leon Neal / Staff via Getty Images
How 3 banks are capitalizing on AI
Lloyds, NatWest and Truist are building on in-house productivity gains to scale more ambitious use cases.
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Permission granted by Varo Bank
Varo’s new tech chief views responsible AI as differentiator
Rathi Murthy, who became the San Francisco-based all-digital bank's CTO in March, has hired for two new and complementary roles aimed at business diligence and strategic development.
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Dan Kitwood via Getty Images
Gemini pursues IPO
A number of cryptocurrency firms have filed for initial public offerings in 2025. More may follow given “pent-up demand for crypto-oriented companies,” according to one crypto VC.
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Q&AFTA CEO says open banking central to fintechs’ work
The leader of the Financial Technology Association sees a federal court battle over the Consumer Financial Protection Bureau rule as critical to innovation.
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Michael M. Santiago / Staff via Getty Images
Citi offers hybrid employees 2 weeks of remote work in August
The perk stands in contrast to tightening in-office requirements at JPMorgan Chase, BNY, Royal Bank of Canada and, most recently, Scotiabank.
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Caitlin Mullen/Banking Dive
Truist looks to optimize digital onboarding
With a sharper focus on customer experience, Truist is working to smooth out the onboarding process and increase personalization in its digital banking channels, an executive said.
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Permission granted by Office of the Comptroller of the Currency
OCC rejects call to rescind preemption rule
Acting Comptroller Rodney Hood called preemption a “cornerstone of the dual banking system.”
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Dan Kitwood via Getty Images
CFTC nominee Quintenz seeks to leverage crypto expertise
Brian Quintenz, who served as CFTC commissioner from 2017 to 2021, is Andreessen Horowitz’s head of crypto policy initiatives.
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Federal Reserve. (2024). [Photo]. Retrieved from Flickr.
6 takeaways from Michelle Bowman’s first speech as Fed vice chair
Following her confirmation, Bowman laid out plans to unravel some of the rules put in place since Dodd-Frank to better tailor them to institutions of varying sizes.
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Chip Somodevilla / Staff via Getty Images
Senate Republicans would cut off CFPB funding from Fed
A version of the “One Big, Beautiful Bill” from Friday would also cut pay for the Fed’s non-monetary policy employees and eliminate the Office of Financial Research.
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Michael M. Santiago / Staff via Getty Images
Needham to acquire BankProv for $212M
The acquisition, expected to close in the fourth quarter, is set to expand Needham’s footprint into Massachusetts’ North Shore and New Hampshire, where it already has business customers.
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Moelis names next CEO
Navid Mahmoodzadegan will replace Ken Moelis when the investment bank’s namesake and co-founder steps down to become executive chair Oct. 1.
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Walmart returns to Synchrony for new cards
The shift comes more than a year after the retailer received permission from a federal judge to end its credit card partnership with Capital One because of customer service issues.
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Permission granted by Fifth Third Bank
Fifth Third takes ‘intentionally unsexy’ approach to mobile app improvements
“It is more important to customers that banking works, than that banking is delightful,” said Fifth Third’s chief strategy officer and head of consumer products.
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Joe Raedle / Staff via Getty Images
Capital One to give CEO Fairbank a $30M award
The bank’s CFO, general counsel and two other executives are also set to receive multimillion-dollar bonuses over “ongoing and anticipated” work to integrate newly acquired Discover into the bank.
