The Latest
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Warren slams Fed’s proposed tweaks to stress capital buffer
In a public comment, the senator urged the central bank to withdraw a proposal to allow banks to use an average of the past two years’ stress testing losses in the calculation of their buffer.
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Permission granted by Navy Federal Credit Union
CFPB drops $95M overdraft case against Navy Federal
The move is yet another example of the current bureau’s retreat from Biden-era consent orders.
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Top US banks boost dividends
JPMorgan and Morgan Stanley announced share repurchase programs. Wells Fargo and Goldman Sachs, meanwhile, will see current stress capital buffers lowered.
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Goldman taps new global chairman of investment banking
Raghav Maliah joined the firm in 2000 and currently holds two lead roles in the Asia Pacific region.
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Making sense of the ‘crazy quilt’ of financial regulators
Federal banking agency job cuts and a deregulatory push have again stoked conversations around consolidation. Merging agency functions could make sense, but here’s why it’s unlikely to happen.
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NCUA closes 2 credit unions in 2 days
The regulator closed Aldersgate Federal Credit Union and Butler Heritage Federal Credit Union; Aldersgate was placed in conservatorship last month, after operating in an “unsafe and unsound manner.”
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StanChart hit with $2.7B lawsuit tied to 1MDB scandal
Liquidators of three 1MDB-related companies claim that Standard Chartered permitted more than 100 intrabank transfers that enabled massive fraud of Malaysia’s sovereign wealth fund.
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Webster Bank taps former Ally CRO
Jason Schugel, whose 15 years at Ally included six as chief risk officer, has been appointed CRO at Webster, effective July 14.
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Permission granted by TD Bank
Ex-TD employee pleads guilty to receiving bribes, forging bank documents
Between 2022 and 2023, Jhonnatan Steven Rodriguez opened approximately 140 bank accounts for customers who had contacted him via text in exchange for small bribes between $200 and $250.
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FDIC: ‘Suspected fraud’ contributed to Texas bank failure
The Santa Anna National Bank in Texas was closed by the OCC Friday. The failure could cost the FDIC’s Deposit Insurance Fund an estimated $23.7 million.
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Largest banks sail through Fed’s stress test
All 22 banks that participated in the Federal Reserve’s stress test passed, although it was less stringent than past years.
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Judge again denies request to slash Ripple’s SEC penalty
The SEC can “change course after an enforcement action is initiated,” the judge wrote last week. “But the parties do not have the authority to agree not to be bound by a court’s final judgment.”
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Courtesy of Courtesy of Circle
Circle applies for national trust charter
The proposal to create the First National Digital Currency Bank “marks a significant milestone to build an internet financial system,” CEO Jeremy Allaire said. Wise applied for a similar charter in June.
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Wealthfront files for IPO
It’s at least the fifth fintech that’s filed to go public this year, but one investor said it’s not a trend – it’s more “a return to normal.”
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Envestnet spins off Yodlee to private-equity firm
The data aggregator is being sold to STG for an undisclosed amount in a deal set to close in the third quarter.
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Senate shrinks proposed CFPB cuts in megabill
One week after the Senate parliamentarian struck down efforts to zero out CFPB funding, lawmakers released a scaled-back proposal.
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Atlantic Union sells roughly $2B in CRE loans to Blackstone
The Virginia-based lender closed the sale of the loan portfolio it acquired from its merger with Sandy Spring Bancorp.
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Banking conferences yet to come in 2025
Gatherings can be idea generators, or crucial chances to network — especially amid an environment where political change can yield previously unexpected possibilities and partnerships.
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Federal Reserve. (2024). [Photo]. Retrieved from Flickr.
Fed proposes 27% cut to tier 1 capital requirements
Changes to the enhanced supplementary leverage ratio would be accompanied by a 5% reduction in total loss absorbing capacity and a 16% drop in long-term debt requirements.
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Courtesy of Fifth Third
Fifth Third names new legal chief, commercial banking head
The Cincinnati-based lender named Christian Gonzalez as CLO and Vikas Khanna, a 10-year veteran of the bank, as its head of commercial banking.
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Ex-Barclays CEO Staley’s lifetime FCA ban to remain
A U.K. tribunal court Thursday dismissed the former executive's attempt to fight the ban, which came amid revelations of Staley's ties to the late convicted sex offender Jeffrey Epstein.
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Glacier Bank to broach Texas in $476.2M Guaranty deal
The acquisition would add 33 locations, including in Dallas and Houston, to the Montana-based lender’s footprint, as well as $3.2 billion in assets.
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Permission granted by Anchorage Digital
Q&AAnchorage CEO: Stablecoins to become ‘core plumbing’ in finance
“What we’re witnessing now is the early formation of a new financial standard — one that’s faster, more transparent, and natively digital,” Nathan McCauley said.
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Blueacorn founder guilty on one count, faces up to 20 years
Stephanie Hockridge “abused the generosity of the American people by stealing money dedicated to the survival of small businesses to fraudulently enrich herself,” one acting U.S. attorney said.
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Capital requirements, a Fed reno and Trump overshadow Powell hearings
Sen. Elizabeth Warren urged caution on a move to reduce banks’ enhanced supplementary leverage ratio. The Fed chief appeared unflappable, however, in the face of the president’s calls to cut interest rates.
