The Latest
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Coastal Community Bank self-identifies material weakness
The Everett, Washington-based company restated its financial reports for 2023 and the first three quarters of 2024. The lender recently inked a partnership with neobank Dave.
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Bank customers want clearer communication on cybersecurity: survey
Static, bare-bones website text about information security is “not enough anymore,” an Accenture executive said. A survey by the company found that customers trust banks – but not third-party partners – with their data.
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Citi shrinks execs’ bonuses over tech revamp
Senior leaders were paid just 68% of 2024’s target, the bank said in a proxy filing, citing slower progress on regulatory issues.
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UK’s OakNorth to acquire Michigan community bank
The London-based digital bank will buy Community Unity Bank to get a U.S.-based charter and gain a toehold among lower mid-market businesses.
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Grasshopper lines up new executives amid lending push
The $867.5 million-asset digital bank added a slew of new lending executives this week, as the lender seeks to jump off loan growth that's come in part from its embedded finance business.
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Alabama credit union to acquire in-state community bank
Legacy Community Federal Credit Union’s move to buy Cullman-based First Community Bank is the third proposed acquisition of a bank by a credit union this year.
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Atlanta-area banks to combine in $206M deal
MetroCity’s acquisition of crosstown rival First IC, also focused on serving Korean-American businesses, will create a bank with $4.8 billion in assets, the lenders said.
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OCC terminates 2021 Wells Fargo consent order, leaving bank with 3
Regulators have terminated 11 consent orders against Wells since 2019, including five so far this year. The bank's asset cap, however, remains.
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Trump Organization lawsuit raises questions on Capital One-Discover deal
Capital One needs three U.S. approvals to proceed with its $35.3 billion purchase of Discover. Could a Trump Organization lawsuit against the bank spell trouble?
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Fintech SmartBiz buys Illinois bank
Initially, the fintech considered obtaining its own charter, but decided it made more sense to find a lender open to acquisition that could complement SmartBiz’s strengths, said CEO Evan Singer.
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(2024). [Photo]. Retrieved from Federal Reserve.
Trump nominates Bowman as Fed’s next vice chair for supervision
The longtime central bank governor often served as a vocal counterpoint during Michael Barr's tenure, on issues such as stress tests, bank merger policy and CRA revisions.
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Crypto firm Gemini hires Affirm veteran as CFO
Dan Chen’s appointment could signal momentum in Gemini’s reported plans to conduct an IPO, coming as the crypto exchange closes the books on several regulatory actions.
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Fed OKs Renasant, EverBank acquisitions
The central bank issued two approvals Friday, allowing two Mississippi banks to merge in a $1.2 billion deal, and EverBank to acquire components of Sterling Bank for $261 million. Both deals are set to close April 1.
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Northern Trust exec: Crypto rule changes may ease tokenization
Biden-era anti-crypto regulations didn’t just affect volatile digital assets. They also affected firms offering traditional assets, like bonds, on the blockchain.
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ColumnDive Deposits: If you’re looking for the old CFPB, it moved north
New York’s financial regulator hired a top ex-CFPB enforcement official. Meanwhile, the bureau’s former director, Rohit Chopra, contributed to the state’s announcement of a tougher consumer protection bill.
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JPMorgan: Women unlikely to reach parity with men for 134 years
In C-suites worldwide, women are far from attaining equal status, holding only about 10% of the most powerful roles such as CEO and CFO.
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Mercury to pivot from partner bank Evolve
The decision to sever ties with Evolve follows neobank Dave’s decision to line up Coastal Community Bank as its new partner.
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US banks turn to SEC to dodge climate, social shareholder proposals
The agency has largely denied the requests, ruling that banks must put the requests to disclose its clean energy financing ratios and indigenous rights practices to a vote.
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TD names new US consumer-bank leaders amid branch closures
The 38 branch closures follow “business-as-usual reviews” and come as the bank names two executives to bolster its retail operations.
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Webster eyes $100B threshold, invests in hiring and tech
The Connecticut-based bank aims to hire about 200 people this year, including adding about two dozen technology and cybersecurity employees, Webster’s CIO said.
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CFPB must rehire terminated probationary employees: court
Workers received no advance notice or performance-based assessments ahead of the dismissals, a judge ruled. A judge in a separate case said he would not prevent CFPB leaders from returning the bureau’s reserve funds.
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Citi revamps tech leadership in its wealth division
Dipendra Malhotra, former head of analytics, AI and data at Morgan Stanley's wealth unit, will help drive technology modernization at Citi, CIO Jonathan Lofthouse said.
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Fed drops enforcement action against Lake Shore Savings Bank
The central bank terminated its enforcement action last week, about three months after the Office of the Comptroller of the Currency dropped its consent order against the lender.
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CFPB strikes down DEI efforts
The bureau’s acting director halted “race-based” activities, forbade pronouns in email signatures and equated noncompliance to “gross insubordination.”
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Wells Fargo taps Discover, JPMorgan vet to lead branch, ATM tech unit
Heather Blair served as senior vice president of consumer banking technology at Discover for more than a year. She also spent 17 years at JPMorgan Chase, including as head of technology.
