The Latest
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Fed terminates 2 Wells Fargo consent orders
Both orders were issued in 2011 and address mortgage business issues. Wells has resolved nine consent orders since 2019, and five remain, the bank said.
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OCMBC appoints new president after exec is charged with murder, DUI
Serene Vernon has been placed on leave following a vehicle accident that left a man dead Friday. John Hamel has replaced her as president.
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Retrieved from OCC.
OCC dings Ohio, Illinois banks on CRA ratings
The regulator issued “needs to improve” ratings to First Federal Savings & Loan Association of Lorain, Ohio, and United Trust Bank in Palos Heights, Illinois.
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Chopra leaves CFPB in widely expected move
President Donald Trump designated Treasury Secretary Scott Bessent as the bureau’s acting chief, according to a statement posted to the agency’s website.
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Santander names next US CEO
Christiana Riley’s appointment is part of a greater restructuring, a source told Reuters. Her appointment was announced by Executive Chair Ana Botin on LinkedIn.
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Citizens chief experience officer to retire
Beth Johnson, who’s held key leadership roles at the bank for 11 years, will step down in March. The bank is hiring for a new senior executive role overseeing an expanded corporate strategy function.
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Goldman gets Putin’s approval to sell Russia business
Armenian investment firm Balchug Capital has been approved to buy the unit for an undisclosed sum, nearly three years after Goldman pledged to exit Russia.
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Wells Fargo raised Charlie Scharf’s pay to $31.2M in 2024
The bank’s board credited the CEO for returning $25 billion to shareholders last year and keeping a focus on risk and control infrastructure, which it called the company’s “number-one priority.”
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What’s coming for the banking industry in 2025
Banking Dive takes a look at several trend areas — from M&A to regulation — to give its best guess on developments to come this year. But as observers in the ESG sector will tell it, change has been rapid and thorough.
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Deep Dive
Banking sector girds for M&A uptick in 2025
Bank M&A rebounded in 2024, with six deals over $1 billion announced. The Fed approved the two largest before the Trump administration took office. But where to go from here?
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Trump-era CFPB has full plate following Chopra’s flurry of activity
As Republicans mull unwinding Biden-era CFPB policies, Chopra’s strategy seems to have been “to make that as hard as possible by making the list as long as possible,” said a panelist during a Thursday webinar.
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Woman alleges Flagstar rolled her money into a ‘zombie CD’
After a 14-month CD matured, the bank put the Florida customer’s funds into a new CD paying 0.02% interest through 2044, a lawsuit claims.
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Why climate alliance memberships are no longer ‘en vogue’ for Wall Street
Financial institutions have increasingly departed groups like the Net-Zero Banking Alliance and Climate Action 100+, but experts say banks are still committed to sustainability.
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Flagstar to close roughly 60 retail branches this year
The bank also aims to shutter 20 private-client retail locations as part of its efforts to cut $600 million in costs in 2025, CFO Lee Smith said Thursday.
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Cruz reignites effort to defund CFPB
Sen. Ted Cruz, R-TX, introduced a bill (again) to that effect Wednesday, calling the agency “unelected” and “unaccountable” and its regulations “burdensome and harmful.”
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Wells Fargo investment bank co-CEO to retire
Jon Weiss, who led the unit with Fernando Rivas, will step down and Rivas will become the sole CEO of the lender’s corporate and investment bank, the company said.
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Column
Dive Deposits: Trump picks the most public moments to knock luminaries
The president bashed Jerome Powell on inflation less than two hours after the Fed chair announced interest rates would stay put. As Bank of America CEO Brian Moynihan may attest, Trump’s timing is not coincidental.
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How JPMorgan Chase’s infrastructure chief keeps the AI engine humming
The bank is sourcing some resources five to 10 years out, said Darrin Alves, CIO of infrastructure platforms.
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USAA sues Regions over mobile deposit tech
The complaint furthers USAA’s long history of court battles with banks such as Wells Fargo and PNC over patent disputes. Truist and Discover more recently signed licensing agreements to resolve rifts.
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Frost Bank exec: AI to usher in simpler mobile banking era
As bank apps stuffed with features have become complicated, AI will enable apps to become smarter and more customized for customers, said Jimmy Stead, the lender’s consumer banking and technology chief.
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Trump media firm aims to launch fintech brand this year
The company wants to develop “American First” investment vehicles with funding of up to $250 million to be custodied by Charles Schwab, it said Wednesday.
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HSBC sunsets year-old app Zing
The money transfer app, launched with initial plans to compete in the U.K. with fintechs like Wise and Remitly, will be closed “following a strategic review,” the bank said.
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Fintechs may gain at banks’ expense in Trump era
The Trump administration may usher in policies that buttress the aspirations of new entrant payments players and increase competition for banks.
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U.S. Bank’s Kedia to become CEO in April
The super-regional lender’s president, Gunjan Kedia, will become the second woman leading a top-10 American bank when she replaces Andy Cecere on April 15.
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Citi’s private-bank chief is leaving
Ida Liu, an 18-year veteran of the bank, did not detail her future plans. Citi eliminated her post and will instead have four regional private-banking chiefs.