The Latest

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    Dive Deposits: Comerica’s loss may be BNY’s gain

    The Treasury Department will not renew its Direct Express debit card contract with Comerica, the Dallas bank disclosed Friday. Rather, that partnership is going to BNY, sources told American Banker.

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    Sponsored by Form3

    Why orchestration is a key driver in payment modernization

    Payment orchestration solutions give banks flexibility and control around what happens for each payment type they handle.

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    Dan Kitwood/Getty Images News via Getty Images
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    BlockFi prepares to make customers whole

    The crypto firm’s bankruptcy plan was approved in September. It announced Monday the sale of its FTX claims, part of its plan to pay customers back, at a “substantial premium to the[ir] face value.”

  • U.S. Vice President Kamala Harris marks the 30th anniversary of the Family and Medical Leave Act during an event in the East Room of the White House on February 02, 2023.
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    Chip Somodevilla via Getty Images
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    What bankers might expect if Kamala Harris wins the White House

    The Democratic front-runner went solo to get California a meatier mortgage settlement — and demanded names in Wells Fargo’s fake-accounts case. But she took flak for not prosecuting OneWest.

  • Truist CEO Bill Rogers, wearing a suit and sitting near a microphone, speaks during a Congressional hearing
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    Alex Wong / Staff via Getty Images
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    Truist execs pledge expense discipline

    While the bank is “fully committed” to keeping expenses flat this year compared to last, Truist is spending to bolster its payments and middle market lending teams, CEO Bill Rogers said Monday.

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    Courtesy of Green Dot
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    Fed fines Green Dot $44M

    The consent order has been expected since February, when Green Dot revealed that reasonable associated losses could total $50 million.

  • J.P. Morgan's Fourth Quarter Income Drops Over 30 Percent
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    Chris Hondros / Staff via Getty Images
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    JPMorgan Chase invests in B2B payments startup Slope

    The bank’s payments unit and Y Combinator were among investors providing $65 million in financing for the business-to-business upstart this month.

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    Joe Raedle / Staff via Getty Images
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    Capital One-Discover deal critics, supporters sound off

    Executives with the two companies and a number of community groups spoke in favor of the $35.3 billion merger Friday, while a raft of critics urged regulators to block the deal.

  • A closeup of JPMorgan Chase's headquarters in New York.
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    Michael M. Santiago via Getty Images
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    JPMorgan, UBS and others see effects of IT outage

    Trading was delayed at JPMorgan and Nomura, media outlets reported. UBS saw problems related to legacy systems inherited from Credit Suisse. Charles Schwab warned users not to place duplicate trades.

  • A general view of the entrance to the Citigroup office in Canary Wharf on November 17, 2008 in London, England.
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    Oli Scarff / Staff via Getty Images
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    Citi COO intended to deceive OCC, ex-employee says

    In an amended lawsuit, former Citi data executive Kathleen Martin claims Anand Selva suggested twice that she fudge data to the bank’s primary regulator. She declined and lost her job two weeks later, she says.

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    Retrieved from OCC.
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    OCC bans 7 bankers in misappropriation, PPP cases

    The bankers include former employees of JPMorgan, BofA, Wells Fargo and Varo. In one case, an ex-U.S. Bank employee received $29,375 in PPP funds and misrepresented payroll and business expenses.

  • Michael Hsu, acting comptroller of the currency, appears before a Congressional committee wearing a suit.
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    Kevin Dietsch / Staff via Getty Images
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    Hsu signals OCC to review preemption rules

    In a speech Wednesday, the acting Comptroller of the Currency also pointed to the need for heightened regulation of bigger banks and the rising complexity of bank-nonbank ties.

  • Green Dot GO2bank
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    Courtesy of Green Dot
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    Green Dot execs misled shareholders about declining business, lawsuit says

    A former Green Dot employee alleged Monday that company leaders misrepresented how an important line of business was performing while also knowing about issues that would lead to an expensive Fed consent order.

  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    Win McNamee via Getty Images
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    6 ways the CFPB wants to keep its eyes on fintech middlemen

    Clearer guidance around “rent-a-bank,” open banking and buy now, pay later will ensure more consumers benefit, Director Rohit Chopra said in remarks last week.

  • HSBC incoming CEO Georges Elhedery
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    Courtesy HSBC

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    HSBC names CFO Elhedery as its next CEO

    The Lebanon-born banker was seen as an early front-runner to succeed Noel Quinn. Elhedery took a sabbatical in 2022, reportedly learning Mandarin, and was named CFO when he returned.

  • A sign that reads "Discover" marks the entrance to the card company's headquarters in Illinois.
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    Scott Olson / Staff via Getty Images
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    Discover to sell student loan portfolio to Carlyle, KKR in $10.8B deal

    The student loan sale is the latest loose end Discover seeks to tie up since Capital One announced its intent to purchase the card company.

  • Webster Bank taps ex-First Republic CFO as new finance chief

    Neal Holland served as CFO of First Republic for roughly seven months before JPMorgan acquired it. He also was MUFG Union’s CFO just ahead of its purchase by U.S. Bank.

  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Banking Dive
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    FedNow zooms past RTP participation in inaugural year

    The Federal Reserve’s nascent instant payments system has collected hundreds of bank participants across the country in its first year of operations, although a few major banks are holdouts.

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    Chip Somodevilla via Getty Images
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    SEC drops enforcement action against Paxos

    The SEC dropping its enforcement action against Paxos a year after issuing the firm a Wells notice may have reignited the crypto regulation debate.

  • Bill Rogers, wearing a blue suit jacket, speaks during a Congressional hearing, with a screen behind him
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    Alex Wong / Staff via Getty Images
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    Truist to cut tech jobs amid restructuring

    The bank will make an undisclosed number of cuts over the next three to four months and help affected employees in finding other opportunities.

  • Morgan Stanley CEO Ted Pick
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    Courtesy of Morgan Stanley
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    Morgan Stanley sees 41% profit jump, but wealth management teeters

    CFO Sharon Yeshaya assured investors “both sides” of the bank are “working.” The lender saw a 51% gain in investment banking fees.

  • Bank of America CEO Brian Moynihan speaks during a Congressional hearing, with people in the background behind him
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    Win McNamee / Staff via Getty Images
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    BofA projects net interest income improvement later this year

    Second-quarter results for the Charlotte, North Carolina-based lender are yet another sign banks are getting bit by higher-for-longer interest rates.

  • People walk around the new headquarters of Creve Coeur, Missouri-based First Bank.
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    Permission granted by O’Malley Hansen Communications
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    Missouri’s First Bank leans on ‘Goldilocks size’

    The family-owned bank, which also serves customers in Illinois and California, is planning to enter the Texas market this year.

  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    First Republic ex-employees’ suit dismissed against FDIC

    A federal district judge said his court “lacks jurisdiction” over the lawsuit, brought by 170 ex-First Republic employees who say the FDIC is blocking them from $150 million in retirement funds.

  • Goldman Sachs CEO David Solomon appears onstage.
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    Paul Morigi via Getty Images
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    Goldman’s profit more than doubles, but enthusiasm is muted

    CEO David Solomon repeated his displeasure around the Fed’s demand that Goldman increase its stress capital buffer. The bank has appealed the test result, according to the Financial Times.

  • BofA CashPro
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    Courtesy of Bank of America
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    BofA tackles digital banking’s transaction pain points

    The latest CashPro platform update is designed to better address transaction-related inquiries — one of the top reasons business customers call and email the bank.