The Latest
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House votes to overturn CFPB overdraft rule
The rule that would cap overdraft fees at $5 now goes to President Donald Trump, who has indicated he will sign a measure to nullify the CFPB cap.
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How Bank of America scaled AI
Innovation sessions, governance oversight and a clear focus on solving practical problems helped shape internal and customer-facing use cases.
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Lawmakers push House bill on reputational risk
Reps. Andy Barr, R-KY, and Ritchie Torres, D-NY, introduced companion legislation of the Senate’s FIRM Act to remove reputational risk as a component in bank supervision.
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Evolve, Lineage Bank face lawsuit over missing funds
The two lenders, former partner banks of fintech Synapse, were hit with a proposed class action Friday over mismanagement of funds allegedly held at the banks.
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Treasury eyes bigger regulatory role, Bessent says
The treasury secretary said he wants regulatory tailoring to ensure smaller community banks matter on a wider scale.
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Courtesy of Fifth Third
Fifth Third hires ex-M&T CFO to lead regional banking
Darren King will “drive strategy, cultivate talent and pursue growth” as Fifth Third pushes southeast, the bank said. He succeeds Kris Garrett, the lender’s retiring wealth and asset manager.
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The smaller the CFPB, ‘the better,’ Senate banking chair says
Sen. Tim Scott, R-SC, estimated a timeline for a vote on the nominee to lead the CFPB and detailed how his working relationship with Sen. Elizabeth Warren differs from that with previous Democratic leadership.
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Retrieved from OCC.
OCC discloses major hack
Attackers gained unauthorized, prolonged access to the banking regulator’s email system and may have seen numerous messages containing highly sensitive data.
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Retrieved from FDIC on January 13, 2025
‘Fallen off a cliff’: 3 ways Travis Hill wants to boost de novos
Lower upfront capital for “noncomplex” community banks, a revamped application process for fintechs and an open mind toward ILCs are some of the suggestions the FDIC’s acting chief floated Tuesday.
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DOJ scales back crypto enforcement
The Justice Department will stop prosecuting “unwitting” regulatory violations and focus its efforts on going after those who victimize crypto investors or use crypto to support illicit activities.
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PNC picks BlackRock vet as next president
Mark Wiedman, most recently the head of BlackRock’s global client business, was named the super-regional’s next president, filling the vacancy left when Michael Lyons departed to lead Fiserv earlier this year.
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Webster Bank risk chief to retire
Daniel Bley will leave his role after the Connecticut-based bank finds his replacement, the lender said last week.
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Ripple to buy prime broker Hidden Road for $1.25B
“We are at an inflection point for the next phase of digital asset adoption … and the market is maturing to address the needs of traditional finance,” CEO Brad Garlinghouse said.
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Do growing fintechs need more federal regulation?
State regulators say they’re updating their rules and are best-suited to oversee licensed money transmitters — and a new U.S. payments charter isn’t needed.
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Dimon frets over tariff uncertainty in annual letter
The CEO of the biggest U.S. bank said he sees President Donald Trump’s tariff policy as “one large additional straw on the camel’s back.”
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Citi, BofA pay packages spur pushback from proxy advisers
Glass Lewis changed its recommendation on Citi after the bank issued an updated disclosure explaining $52.25 million in pay to its head of banking, Vis Raghavan.
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Capital One-Discover deal detractors assail reported DOJ approval
Capital One’s $35.3 billion purchase faces two remaining federal approvals — and plenty of critics who expect consumers will face higher costs.
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Fed’s Barr has high hopes for generative AI
It’s only a matter of time before technological advances turn current generative AI issues into “challenges [rather] than insurmountable problems,” Barr said, and bank-fintech partnerships will accelerate those innovations.
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Credit union trade group chief to retire
Jim Nussle will retire as CEO of America’s Credit Unions, though no exact date was given. Nussle plans to remain until a successor is found.
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Anna Hrushka/Banking Dive
Senator wants FDIC OIG probed over allegations of fund misuse
Whistleblowers said the office’s special agent in charge conducted a fraudulent temporary duty scheme, while two other officials made “wasteful mass purchases,” including defective law enforcement gear.
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Deutsche Bank’s DWS gets $27M greenwashing fine
Statements made by DWS about being an “ESG leader” or ESG being an integral part of its “DNA” did not paint a true picture, the Frankfurt Public Prosecutor said.
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Gould’s OCC nomination advances to full Senate
Sen. Tim Scott, R-SC, said Jonathan Gould will stop “politically motivated debanking,” while Sen. Elizabeth Warren, D-MA, asserted Gould’s track record suggests he’ll do “what’s in the best interest of Wall Street.”
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CFPB to revamp small-business data-collection rule
The bureau backed its court opponent’s bid to stay the compliance date of the rule because it intends to issue a new one, it said.
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Virginia banks to combine in $203M deal
TowneBank said Thursday it will acquire Old Point Financial. Towne completed a merger with Village Bank and Trust Financial Corp. this week.
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Q&ABrex sees procurement push onto its card
Corporate buyers are exploring ways to move more of their spending onto cards for better tracking and insight, a Brex executive vice president says.
