The Latest
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Fintech trade group sues to block Colorado interest-rate cap
A law set to take effect July 1 would bar state-chartered banks from offering Coloradans installment loans and BNPL products. But it may clear the market for federally chartered banks, plaintiffs say.
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SEC can continue its case against Coinbase
The agency “sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws,” U.S. District Judge Katherine Polk Failla ruled.
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Citi wraps up reorg’s ‘major actions’
The bank is informing employees this week of its largest round of reassignments and departures so far — changes CEO Jane Fraser said aim to put Citi "on the front foot."
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Walmart can break off Capital One card partnership early, judge says
It won’t be easy for Walmart to find a new partner to replace Capital One, though, said Brian Riley, co-head of payments at Javelin Strategy & Research.
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UBS sells $8B in assets to Apollo, renegotiating Credit Suisse deal
The bank will recognize a gain of about $300 million this quarter by spinning off a securitized products business and ending an investment management arrangement Credit Suisse struck in 2022.
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Ex-OCC chief, Binance.US CEO to lead mortgage broker Meridian
Brian Brooks, who has held four other jobs since his 2020-21 OCC stint, said he would focus on building up Meridian's compliance arm, a process that could take 12 to 18 months.
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A New Jersey ‘super-community bank’ is just one approval away
The proposed combination of Provident and Lakeland has received approvals from the FDIC and the New Jersey Department of Banking and Insurance. That leaves only a green light from the Federal Reserve.
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Capital One pledges to give Discover’s network a boost
Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.
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Wells Fargo overcharged military members, lawsuit claims
Military families discovered the overcharges in 2022, when the bank sent misleading correspondence and payments to some customers, the proposed class action alleges.
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SEC asks judge to green-light $2B penalty for Ripple
The crypto firm hasn’t accepted responsibility for the portion of XRP sales a judge ruled illegal in July, the SEC said. In a social post, Ripple’s CEO said the company would “expose the SEC for what they are” in a filing next month.
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Citi agrees to disclose green financing ratios, following JPMorgan
The New York City comptroller has withdrawn shareholder proposals with the two banks. The measure still faces votes at Bank of America, Goldman Sachs, Morgan Stanley and Royal Bank of Canada.
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DOJ calls Apple card fees ‘significant expense’ for banks
The tech giant’s fees for credit card transactions “cut into funding for features and benefits that banks might otherwise offer smartphone users,” the Justice Department said in suing the company this month.
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‘Lax lending practices’ led to Iowa bank’s downfall: FDIC OIG
The report called out inaction on the part of the community bank’s management to address issues flagged by regulators in recent years.
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M&T Bank hires Big Tobacco vet in chief communications role
Sarah Knakmuhs, previously a vice president of government affairs at Phillip Morris parent Altria, will lead a team of 20 people while bolstering the bank’s internal and external communications.
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Fed, FDIC, OCC delay effective date for parts of CRA
One change eliminates a loophole that would have forced some banks to re-draw their assessment areas before April 1, only to return to a current threshold in 2026.
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JPMorgan seeks embedded payments niches
The biggest U.S. bank aims to offer embedded payments software solutions in more industries for its corporate clients.
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Banks balance cloud, cyber priorities with AI eagerness
More than two-thirds of financial firms have made meaningful progress on core modernization, according to Broadridge data.
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Robinhood co-founder steps down
Baiju Bhatt, who co-founded the fintech 11 years ago and was most recently chief creative officer, is moving on to “focus on his next enterprise.”
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Fintech Wise swipes Delivery Hero alum for finance chief
Emmanuel Thomassin will leave for the London-based money transfer provider after a decade in Delivery Hero’s top financial seat.
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Yellen open to cannabis banking legislation
Cannabis’ federal illegality presents a hurdle for banks, which remain concerned about violating anti-money laundering laws.
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Column
Dive Deposits: ESG isn’t just BlackRock’s fight
If it seems like banks are backing off of their sustainability efforts, comments from Barclays, TD and UBS may give added perspective.
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Advocates urge transparency in Capital One-Discover review
More than 30 organizations demanded the deal not be subject to expedited federal review and that public hearings be held in the largest lending markets for both Capital One and Discover.
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Harborstone Credit Union to buy SaviBank
The acquisition will end Savi's effort to create Orca Bank, a Washington state-chartered de novo that received FDIC approval last August.
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Regulators defend Basel III pursuit, global financial stability
Top-ranking officials at the Fed, the FDIC and the OCC testified before the House Financial Services Committee on Thursday, emphasizing the importance of coordination between international and national financial authorities.
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FDIC proposes more scrutiny of bank mergers
Deals to create banks with $100 billion or more in assets would see greater focus on anti-money laundering and financial stability. Smaller mergers would weigh the impact to local communities.