The Latest
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Fed sharpens focus on banks’ private credit exposure
The central bank has begun collecting data from banks to get a better idea of how their funding is being used in private credit, Michelle Bowman, the Fed’s vice chair for supervision, told lawmakers Thursday.
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JPMorgan Chase taps AI to process checks
The bank is “automating the most labor-intensive tasks of the process, freeing our team to focus on more complex, higher-value decision making,” an executive said.
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Chime’s ‘#1’ claim raises J.D. Power’s ire
The research and ranking company sued Chime, alleging the neobank improperly used the phrase “#1 ranking based on J.D. Power survey” in advertising materials.
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OceanFirst taps familiar playbook to keep customers, staff
The New Jersey bank is prioritizing career assurance for customer-facing employees and community giving to keep the customers it inherited from Flushing Financial, OceanFirst’s CEO said.
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Fintech revenues hit record $504B in 2025: study
Revenue in the sector is growing four times as fast as in banks, according to a recent report by Boston Consulting Group and FT Partners.
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Courtesy of Fifth Third
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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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.”
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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.
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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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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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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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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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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.
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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.
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Spencer Platt / Staff via Getty Images
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.
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Anna Moneymaker / Staff via Getty Images
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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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
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
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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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.
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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.
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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.”
