TD hit with asset cap, $3B in penalties over AML woes

The bank will pay $1.8 billion to the Justice Department, $1.3 billion to FinCEN, and growth will be restricted in the bank’s U.S. retail unit.

After Helene, banks aim to meet needs ‘exactly where they’re at right now’

With Hurricane Milton tearing through Florida just after Helene devastated parts of the Carolinas and Tennessee, banks with a heavy Southeast presence are working to provide employees and customers with financial relief and basic needs like showers.

LendingClub, Pagaya acquire tech assets of defunct Tally

Tally’s assets will be integrated into the existing products of both firms, according to company spokespeople. Tally shuttered in August this year over failure to raise funds.

Credit union deal record extends

Community First Bank is the 18th proposed whole-bank acquisition by a credit union this year, and the sixth with ties to Washington state.

Citi urges judge again to dump NY AG’s fraud suit

Lawyers for the bank argue the state is trying to rewrite the Electronic Fund Transfer Act through “litigation” and that when consumers are deceived into sending money to criminals, it’s “not a Citi issue.”

NY comptroller projects Wall Street bonus boost for 2024

Wall Street salaries, on average, slid again last year as profits tumbled from pandemic highs, but the state comptroller’s office predicts bonuses will grow 7.4% this year, as profits in the first half of 2024 soared.

Grasshopper Bank to buy Auto Club Trust

Grasshopper's deal with ACT, a subsidiary of The Auto Club Group, would increase its assets to $1.4 billion.

Crypto.com sues SEC

The exchange is now one of several sparring with the Securities and Exchange Commission.

Truist customer data exposed in third-party breach

The February breach involved personal information held by debt collector Financial Business and Consumer Solutions and did not impact Truist’s network, the bank said in a letter.

Tech costs, regulatory demands among community bankers’ top worries

A recent survey of community bankers also cited cost of funds as a top risk, amid the higher rate environment. “Right now, our motto is ‘Survive until 2025,’” a Pennsylvania community bank CEO said.

US banks largely lag on implementing net-zero best practices

“What we see today in terms of their implementation and operationalizing of those [net-zero] commitments is far from sufficient,” the director of the Sierra Club’s Fossil-Free Finance Campaign said.

Massachusetts mutual bank organization adds third lender

Rollstone will add 10 locations, more than $900 million in assets, and wealth management and trust services to the River Run umbrella.

FTX bankruptcy plan would give ex-customers an extra 19%

Creditors will receive up to $16.5 billion, nearly two years after their funds were frozen by the crypto firm’s shocking bankruptcy, according to a plan approved by a judge Monday.

Fed faults Wyoming bank IT exec over document sharing

While IT manager at Bank of Jackson Hole, Lindsay Graves shared 50,000 documents — some of which contained confidential supervisory information — with a former employee, the Federal Reserve said.

Hawaii bank postpones acquisition-vote meeting

Territorial Bank sent a letter urging shareholders to vote in favor of the acquisition by Los Angeles-based Hope Bancorp and not get distracted by another investor’s “illusory, non-binding, highly conditional” proposal.

Arizona credit union-bank deal pushes 2024 to new record

Phoenix-based OneAZ Credit Union's proposed acquisition of 1st Bank Yuma marks the 17th whole-bank purchase by a credit union this year, surpassing a 2022 record. 

Broker-dealer LPL fires CEO for breaking firm’s code of conduct

Dan Arnold violated LPL’s “commitment to a respectful workplace,” the company said without further details. He’s ineligible for severance and will forfeit much of his equity awards.

OCC should restrict Citi’s growth, Warren says

The senator cited a four-step framework the OCC's Michael Hsu floated last year, with growth restriction as a follow-up to penalties. Citi’s July penalties merely repeat Step 2, the senator said.

Hurricane Helene aftermath prompts card, cash troubles

After the storm ripped through the southeastern U.S., consumers and merchants have been left grappling with card network outages and cash shortages.

Bank of America users report online access issues

Some customers said they were unable to sign in to their accounts. Others reported seeing incorrect or untimely balances. The issues “have largely been resolved,” the bank said Wednesday night.

BMO hires Morgan Stanley, JPMorgan alum as AI, data chief

Kristin Milchanowski’s appointment as the new chief artificial intelligence and data officer signals the Canadian lender’s heightened commitment to the burgeoning technology.

SEC enforcement director Grewal to depart

The division’s deputy director Sanjay Wadhwa will become acting director, and chief counsel Sam Waldon will serve as acting deputy director.

Fed lifts 2013 Citi enforcement action

The bank, which had been directed to address anti-money laundering and Bank Secrecy Act deficiencies, is still under Fed and OCC orders related to data and internal controls.

Apollo aims to double its assets under management by 2029

The private-equity giant is targeting $1.5 trillion in five years. Further, it wants to push its annual origination volume to $275 billion, making a serious run at market leader JPMorgan.

Barclays fined $4M over swap reporting violations

The CFTC noted the bank's “substantial cooperation” led to a reduced penalty in comparison to others levied on Goldman Sachs, JPMorgan and Bank of America.