Capital One leans on its cloud maturity to support AI adoption

“It's difficult to imagine doing AI at scale without a solid foundation of experience using and scaling applications in cloud,” said Aparna Sinha, the bank’s senior vice president and head of AI product.

Former FTX execs Wang, Singh to be sentenced this fall

Both cooperated with the prosecution and testified against their former colleague, Sam Bankman-Fried. This will "very likely" reflect in their sentences, one attorney told Banking Dive.

Fifth Third fined $20M over fake accounts, auto repossessions

The Cincinnati bank must compensate roughly 35,000 harmed consumers. The CFPB settlement resolves a March 2020 lawsuit that asserted the bank created fake accounts and used an aggressive “cross-sell” strategy.

FDIC downgrades Forbright Bank’s CRA score

The demerit stems from a relationship the bank had with a third party that ended more than two years ago, a source familiar with the evaluation said.

Powell: Capital requirements changes should face public comment

The Federal Reserve chair told senators Tuesday it’s his preference to seek public comment on a revised capital requirements proposal, and the Fed is working to get the FDIC and OCC on board.

TD names Citi vet next compliance chief

Erin Morrow replaces Monica Kowal, who left the bank July 2. Two of the three highest-ranking TD execs assigned to fix compliance management framework deficiencies have left in recent days.

Discover to settle card misclassification class actions for $1.2B

The card company has warned it could face further financial toll related to the issue, in which it overcharged merchants for years.

Lawmakers egg on US payments system expansion

A bipartisan group is nudging the Federal Reserve to explain why it can’t speed up a plan to extend the operational availability of the U.S. payments system.

Crypto theft doubles to $1.38B in 2024’s first half

The May theft of more than $300 million in Bitcoin from Japanese crypto exchange DMM Bitcoin is the largest digital currency heist so far this year.

Warren blasts Powell’s ‘cozy relationship’ with bank execs

Since Powell assumed his role in February 2018, the Federal Reserve chair has had private conversations with JPMorgan CEO Jamie Dimon at least 19 times, according to the senator.

Jenius Bank’s ‘special sauce’: Keeping it simple, with a little parent company help

In just a year, the digitally native bank has surpassed $1 billion in deposits and $900 million in personal loans.

Roger’s wide-scale marketing effort takes aim

Less than a year after launch, Citizens Bank of Edmond's military-focused neobank sees its account volume grow by 50% every month, Director Marcus Castilla said.

How banks are thinking about genAI

As more banks turn generative AI ideation into implementation, the technology’s biggest impact may come in translating legacy code, said Accenture’s global banking lead.

Potential BofA blind spot prompts court to revive $10B lawsuit

A U.S. appeals court nullified a ruling by a judge whose wife owned, then divested, Bank of America shares while he presided over an antitrust case in which BofA was a defendant.

Ex-Moelis banker faces 6 charges after video punch

Attorneys on Monday submitted longer clips of the incident for context. The banker faces jail time and has another hearing set for Aug. 23, but he was reportedly met by protesters upon leaving court.

Silvergate pays $63M to settle with SEC, Fed, California regulator

The company and two of its executives settled allegations against them. Silvergate’s former CFO, however, did not, and eyes a civil trial.

Senators prod Synapse partners to return customer funds

“As those that made the current situation possible, you must accept the tremendous responsibility that comes with handling consumers’ money,” lawmakers scolded.

SEC sues Consensys over failure to register as a broker

The crypto firm collected more than $250 million in fees as an unregistered broker, the SEC said. The company sued the SEC in April over the agency’s regulation of the Ethereum blockchain.

Biggest US banks boost dividends, launch stock buybacks

JPMorgan and Morgan Stanley flag repurchase programs worth $30 billion and $20 billion, while Goldman Sachs bemoans an uptick in the bank’s stress capital buffer.

FDIC orders Thread Bank to step up BaaS oversight

The Rogersville, Tennessee-based bank must implement a documented risk assessment of its fintech partners, the agency said. The bank’s board also must approve risk tolerance thresholds.

Supreme Court ends Chevron deference

The decision is likely to influence how banking regulators make their rules, and the amount of legal challenges that follow those rules, attorneys said. 

Citi urges court to dismiss ex-employee’s retaliation lawsuit

Kathleen Martin sued the bank, claiming she was fired for refusing to misreport data to the OCC. Citi claims she was fired for lacking “the requisite leadership and engagement skills” her role demands.

JPMorgan, BofA, others eye $46M interest rate swaps settlement

Ten banks, including Goldman Sachs, Citi, Morgan Stanley and UBS, are seeking to end an eight-year case, brought by several pension funds, alleging market manipulation.

VersaBank’s cross-border acquisition of Minnesota lender gets final nod

Canada’s Office of the Superintendent of Financial Institutions approved the transaction this week, after the Fed and OCC green-lighted the tie-up.

Coinbase sues SEC, FDIC to see probe-related documents

The crypto firm wants to know how the SEC, for one, first began deciding which tokens would and would not be considered securities.