Plaid’s Brian Dammeir talks future of open banking

Open banking has long been an industry-led venture. The trendline won’t change even if the timeline does, Plaid’s head of payments and financial management said.

Fed hands Tennessee bank a cease-and-desist order

The central bank identified weaknesses in Frankewing Bancshares’ operations, including its inability to provide financial and managerial support to the bank.

TD close to offloading $9B mortgage portfolio

The sale, set to close at the end of the month, reflects the Canadian lender’s efforts to simplify its portfolio as part of a strategic review, CEO Raymond Chun said Tuesday.

Revolut US CFO aims for growth, maturity, with more ‘boots on the ground’

Getting the balance between agility and compliance right is crucial for the fintech as it looks to continue its expansion into key markets like the U.S., Revolut CFO Max Lapin said.

Fintechs egg on ‘willingness to challenge norms,’ Bolt president says

Justin Grooms expects fintechs to keep pushing the payments industry forward with more competition for legacy players.

Fed’s Bowman: Let’s rethink negative comment review for bank applications

Commonwealth Business Bank applied to open a branch in New Jersey last September, but one adverse comment routed the application to the central bank’s board for review and vote, the potential supervision czar said.

JPMorgan rebrands DEI, leaves net-zero group

The bank said it will swap in “opportunity” for “equity” in its DEI policy and that it left Net-Zero Asset Managers over the group’s operational pause.

Patriot National raises $50M, CEO exits

CEO David Lowery will depart the Connecticut-based bank next month. That leaves Steven Sugarman, hired as the bank’s president in January, as its highest-ranking executive.  

Kraken to buy futures platform NinjaTrader for $1.5B

The tie-up marks the largest deal to date between the traditional finance and crypto sectors.

Massachusetts bank deemed in ‘troubled condition’ by OCC

The $209.9 million-asset 42 North Private Bank did not fully comply with a 2017 consent order alleging unsafe and unsound practices, the OCC said.

OCC to stop examining for reputational risk

“The OCC has not and does not make business decisions for banks,” Acting Comptroller Rodney Hood said, adding that future exams will focus on more transparent risk areas.

FDIC OIG report underscores attrition, brain drain concerns at regulator

Skill loss is a key risk as examiners leave the FDIC, “especially those with advanced IT skillsets who examine risks at the most complex banks,” the watchdog’s report said.

Western Alliance breach exposes 22K customers’ data

The October incident, involving a vulnerability in third-party software, went undetected for three months. The Phoenix, Arizona-based lender then took 46 days to disclose it.

SEC to drop Ripple case

“I'm heartened that we have paved the way for other industry players to see the value in not backing down ... We are now closing a chapter in crypto history,” CEO Brad Garlinghouse said.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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.

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.