The Latest

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    Courtesy of Fifth Third
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    Fifth Third to shutter 81 branches, mostly in Michigan

    The majority of these locations – 59 – were originally Comerica locations, and 75 out of 81 are in the Wolverine State.

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    Sponsored by Aon

    The risk you already own: Financing digital asset exposure with a captive

    Much of your digital asset risk is already on the balance sheet, fragmented across functions and driving avoidable earnings volatility.

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    Noam Galai/Getty Images for Bilt via Getty Images
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    CFPB directs Bilt to reimburse customers affected by card transition

    After tech issues plagued the fintech’s transition to a new bank partner this year, the CFPB said it’s worked to ensure affected consumers “are appropriately remedied.”

  • David Solomon, CEO of Goldman Sachs, gestures and looks to his right while speaking.
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    Win McNamee / Staff via Getty Images
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    Goldman’s Solomon sees ‘more greed than fear’ in AI market

    “There’s plenty of liquidity in the system if the world continues to remain as optimistic,” the CEO said Tuesday, adding that profits from AI ventures could be funneled into future advancements in the sector.

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    FNBO to buy another Kansas City bank

    Nine months after closing its acquisition of Country Club Bank, the Nebraska lender will purchase Blue Ridge Bancshares, adding another eight locations to FNBO’s footprint.

  • A sign shows the FDIC acronym in the foreground on the left, and glass doors and an FDIC rug in the background to the right.
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    FDIC faults Indiana bank over financial performance

    Farmers and Mechanics Federal Savings Bank, which has posted a loss for the last two years, must identify when it expects to become profitable, regulators said.

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    Carl Court via Getty Images
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    Fintech Wise probed over AML concerns

    A Belgian prosecutor is looking into “indications of non-compliance,” particularly from “a lack of proper identification of clients and their activities.”

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    Permission granted by Revolut
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    Fintech’s summer-break C-suite churn has begun

    Revolut’s co-founder and chief technology officer is leaving his role at the company. The move comes roughly a week after Adyen’s finance chief said he was leaving. Meanwhile, Nubank named a Visa alum as its next CFO.

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    Boarding1Now via Getty Images
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    New Jersey’s BCB appoints new CEO

    New chief executive Thomas O'Brien said he intends to “undertake an aggressive program” to address areas of improvement at the bank.

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    Getty Images
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    FDIC bans, fines ex-bank CEO involved in Supreme Court case

    Harry C. Calcutt III allegedly negotiated and approved a series of unsafe and unsound transactions and then concealed them from regulators, the FDIC alleged.

  • Federal Reserve Chairman Jerome Powell answers questions from reporters
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    Chip Somodevilla via Getty Images
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    5 takeaways from Jerome Powell’s award speech

    The former Federal Reserve chair emphasized the importance of central bank independence in receiving the John F. Kennedy Profiles in Courage Award for his resistance to pressure from President Donald Trump.

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    Scotiabank to buy Dallas-centered commercial bank

    Buying MapleMark Bank allows the Canadian lender to offer FDIC insurance to clients and furthers its North American growth goals, an executive said.

  • A green sign depicts a bright green background and white letters "TD"
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    Spencer Platt / Staff via Getty Images
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    Ex-TD employee pleads guilty in bank fraud

    A former employee at a TD branch in New York facilitated about $3.4 million in fraud by stealing from customers and bribing an employee at another bank, the Justice Department said.

  • A close-up of Russell Vought, Director of the Office of Management and Budget, shows him looking up.
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    Anna Moneymaker / Staff via Getty Images
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    CFPB orders return to a new, smaller DC headquarters

    Employees based outside the Washington area will be expected to report by Aug. 31, according to a memo. However, the headquarters has space for just 550 of the bureau’s 1,100 workers.

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    halbergman via Getty Images
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    Bank consolidation may stunt innovation: research

    Consolidation may alter banks’ risk tolerances, making them more inclined to extend loans to bigger, established companies than smaller, riskier borrowers, said Oudom Hean, a professor at North Dakota State University.

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    GreenSky to pay $10M to state AGs

    The home-improvement lender, once owned by Goldman Sachs, operated a “predatory loan scheme,” according to Texas Attorney General Ken Paxton.

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    Chip Somodevilla / Staff via Getty Images
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    Wells Fargo CEO: AI’s effect on employment is ‘complicated’

    The bank's biggest AI-related challenge is determining how the technology can transform its business model and how the lender should respond, Charlie Scharf said Wednesday.

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    Win McNamee via Getty Images
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    CFTC asks judge to vacate $5M Gemini penalty

    A onetime CFTC chair nominee alleged Gemini’s founders grilled him on the case, then lobbied the White House to stall his nomination.

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    Andrew Harnik via Getty Images
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    CFPB faces lawsuit over fair housing rule change

    The agency’s final rule amending how the Equal Credit Opportunity Act is applied “effectively guts” fair lending protections, according to four plaintiffs.

  • The Office of the Comptroller of the Currency logo
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    Getty Images
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    OCC cites AML deficiencies at NY bank that partners with fintechs

    New York City-based Community Federal Savings Bank, a partner to Wise and Crypto.com, faces an enforcement action over what the regulator deemed an inadequate suspicious activity alert system.

  • JPMorgan Chase CEO Jamie Dimon sits in a blue velvet chair on a stage with a dark background behind him.
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    Alexander Tamargo / Stringer via Getty Images
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    JPMorgan CEO: AI may create things ‘we’re going to lose at’

    Jamie Dimon also indicated Wednesday the top U.S. bank is “on the lookout” for acquisitions and sees “a chance to put $10 [billion] or $20 billion to work buying something.”

  • A person smiles for a portrait while wearing a blue vest with an "H" symbol on the chest in an office with blue walls.
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    Permission granted by LendingClub
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    LendingClub CEO expects ‘skinned knees’ amid fintech charter rush

    Fintechs that want to become banks should brace for “a learning curve” as they ramp up governance, risk and compliance infrastructure, said LendingClub CEO Scott Sanborn.

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    Courtesy of American Hotel & Lodging Association
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    California judge rules in favor of OppFi, against regulator

    A judge ruled that OppFi sufficiently demonstrated that its banking partner was the true lender of OppLoans, and that their relationship wasn’t a “rent-a-bank ruse.”

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    Leon Neal via Getty Images
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    Coinbase rolls out refreshed direct-deposit feature

    The crypto exchange raised its ceiling on deposit limits, but the Clarity Act’s restrictions on passive stablecoin earnings may present a challenge.

  • The skyline of Columbus, Ohio, seen behind a river.
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    The image by jpmueller99 is licensed under CC BY 2.0
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    Ohio’s Northwest Bank taps Wells Fargo alum as CIO

    Chad Ballard brings 25 years of IT experience to the $17 billion-asset Ohio-based bank.

  • A bank branch is shown with the "Regions" name on the exterior of the building.
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    Permission granted by Regions
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    Regions to pay DOJ $4.9M over PPP loan allegations

    Although it disagreed with the claims, the bank said it settled with the Justice Department this month “with the goal of closing this chapter and moving on.”