The Latest
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Pathward to pay refunds, penalty tied to NY AG investigation
The bank, a frequent partner to fintechs, froze customer accounts and transferred money to debt collectors, violating state law, the NY AG’s office said.
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Sponsored by Shield ComplianceNavigating the complexities of cannabis rescheduling
Rescheduling may bring new complexity to cannabis banking, along with new opportunities.
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Permission granted by Mercury
Neobank Mercury adds personal banking
The fintech, which has faced regulatory scrutiny, expanded into consumer banking with Mercury Personal, offering a banking option for founders and investors.
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Codat seeks to topple check fraud with virtual card adoption
JPMorgan Chase is an early user of Codat’s Supplier Enablement product, which launched this week.
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TD names head of US consumer banking
Matt Boss will continue to oversee all consumer product teams, including credit cards and residential lending, which he’s done since 2020.
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Wells Fargo CEO Scharf details asset cap limitations
When the cap is removed, the CEO anticipates Wells can further invest in its consumer or wealth businesses, build out its product offerings and be more aggressive on lending and deposits.
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Senators probe Bank of America on Apollo co-founder’s payments to Epstein
The Senate Finance Committee’s chairman asked the bank about the extent of due diligence it conducted before processing $158 million in fees Leon Black paid to Jeffrey Epstein using his BofA accounts, The New York Times reported.
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Zhanna Hapanovich
Wintrust to buy Michigan’s Macatawa Bank in $510M deal
The transaction, set to close in the second half of this year, would push the Illinois bank holding company's branch total to near 200 and its assets to the brink of $60 billion.
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JPMorgan’s Dimon follows through on million-share sale
The CEO offloaded 178,222 shares of the bank, JPMorgan disclosed Monday, after selling 821,778 in February. The move underscores the ticking timeline toward Dimon's eventual handoff of power.
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Warren, Grassley want details on CFTC, Bankman-Fried meetings
FTX founder Sam Bankman-Fried and his team met with CFTC Chair Rostin Behnam 10 times in the 14 months preceding FTX's bankruptcy. Lawmakers are now asking questions.
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NYCB hires new CFO, general counsel
The beleaguered Long Island-based lender brought aboard four executives Friday whose careers had crossed paths with that of newly minted CEO Joseph Otting.
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Customers Bancorp boots CFO for ‘cause’
Carla Leibold was terminated Wednesday over a violation of company policy, a characterization she reportedly disputes. Philip Watkins was promoted to take her place, the company said.
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Mario Tama / Staff via Getty Images
Q&ABofA evolves AI-powered assistant toward deeper digital integration
Six years into the Erica era, customers are taking advantage of the tool's insights as often as they're asking questions of it, said Nikki Katz, the bank's head of digital.
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Capital One shareholders urged to approve scope 3 target-setting proposal
The New York State Common Retirement Fund said the targets are necessary to fully assess the bank’s climate risk exposure and mitigation strategies.
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JPMorgan’s Dimon wants more cloud to fuel AI, analytics
The nation's biggest bank aims to have 75% of its data and 70% of its applications in the cloud this year, the CEO said in his letter to shareholders.
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BNY Mellon hires Geico alum as its next people chief
Shannon Hobbs takes the reins from Alejandro Perez, who has served as interim chief people officer since Jolen Anderson moved on from the role in February.
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Citi’s reorg job toll climbs to 7,000: Fraser
The bank boosted its expectation for annual savings to $1.5 billion. Meanwhile, Citi, Wells Fargo and JPMorgan Chase reported marked increases in FDIC special assessment costs.
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Morgan Stanley AML probe draws SEC, OCC, Treasury focus: report
The regulators join the Federal Reserve in investigating how the bank verifies identities of wealth clients, The Wall Street Journal reported.
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Provident, Lakeland deal gets final regulatory approval
Upon completion, the new Provident will be the 83rd largest insured depository firm in the U.S.; and the 7th largest in New Jersey, where it will represent approximately 4.1% of total deposits in the state.
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Bankman-Fried files to appeal conviction, sentence
In an email interview following his sentencing, the FTX founder told ABC News he’s “haunted, every day, by what was lost. I never intended to hurt anyone or take anyone’s money.”
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Goldman treasurer Berlinski to leave bank for hedge fund
The bank named Carey Halio, its chief strategy officer and head of investor relations, as its next treasurer, effective June 1. That adds a woman to Goldman’s C-suite.
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Gruenberg: FDIC knows how it would wind down a G-SIB
Until the FDIC and regulators are tasked with a G-SIB wind-down, and until they do so successfully, questions will arise “as to whether it can be done,” the agency chief said.
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UBS could face stricter capital requirements
The Swiss government outlined a 209-page report Wednesday proposing stricter capital requirements for UBS, which has a balance sheet of $1.7 trillion and floated the idea of additional powers for Finma.
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Courtesy of KeyBank
KeyBank scouts for fintech partners
The bank, which has yet to strike a fintech partnership this year, generally enters into one to two each year, said Ken Gavrity, president of Key Commercial Bank.
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Peapack-Gladstone, Dime hire away 16 teams from NYCB
The bankers are set to accelerate Peapack's push into New York and give Dime a presence in Westchester County for the first time.
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Citi snags BlackRock vet as CMO
Some big banks, such as Bank of America and Wells Fargo, have retired the chief marketing role in recent years. Others, like Truist, have combined it with other functions.
