The Latest
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Yellen takes aim at deregulation
Banks were a “pillar of strength” for the financial system at the onset of the COVID-19 pandemic, the treasury secretary said, but the failures of Signature and Silicon Valley Bank “demonstrate that our business is unfinished.”
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Wall Street securities bonuses plunged 26% in 2022 after record 2021: DiNapoli
Wall Street securities employee bonuses dropped to $176,700, a sharp decline from $240,400 in 2021, the New York comptroller said in his report.
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Greenlight’s new B2B offering brings kid-focused banking to traditional firms
Over half a dozen firms, including Morgan Stanley, WaFd Bank and Community Financial Credit Union have partnered with the neobank to offer its services to their customers.
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Synchrony mulls creating a digital wallet
Merchant partners still want physical cards because their names and logos are on the plastic, but Synchrony knows consumers are segueing to digital, said Mike Bopp, the company’s chief growth officer.
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JPMorgan CEO Jamie Dimon to be deposed in Epstein case
The under-oath interview is expected in early May, a source told Reuters. Lawyers for the bank argued it should take place after the deposition of JPMorgan's ex-private-banking chief, Jes Staley.
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UBS rehires Ermotti as CEO to guide Credit Suisse tie-up
UBS CEO Ralph Hamers has agreed to step down effective April 5, the bank said. Ermotti will likely be asked to make deep investment-banking cuts — a feat he executed in his previous UBS stint.
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FDIC tells Signet users to close accounts, so it can sell the platform
Roughly $4 billion in crypto loans were not included in Flagstar's Signature acquisition. The regulator is asking depositors to move that money by April 5.
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SavvyMoney helps consumers bolster credit scores, banks bolster loan portfolio
The integrated credit solution has 1,055 banking partners, and that number "grows daily," its CEO said.
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BM Technologies taps Raymond James vet as co-CEO
The fintech appointed Raj Singh, previously an adviser to the company, to strengthen its management team and position itself for the “next phase of growth,” BM Technologies said Monday.
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Barr, Gruenberg face Senate panel over SVB, Signature failures
“It is not the job of [Fed] supervisors to fix the issues identified,” Barr said Tuesday. “It is the job of the bank's senior management and board of directors to fix its problems.”
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Anna Hrushka/Banking Dive
FDIC orders neobank Utoppia to stop making claims of deposit insurance
As of January, the fintech’s website claimed Utoppia was “insured by the FDIC,” according to the regulator. The FDIC also said Utoppia’s CFO made false claims of deposit insurance on LinkedIn.
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First Citizens acquisition could leave SVB parent’s $1.9B in limbo
Now that a buyer has come forward, it’s not clear what will happen with FDIC-blocked money that SVB Financial has on deposit at the failed bank.
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CFTC sues Binance over compliance ‘evasion’
The crypto exchange said it would restrict U.S. customers from certain trading but communicated with users on an app set to automatically delete messages, the CFTC alleged.
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First Citizens Bank to buy SVB’s loans, deposits
About $90 billion in securities and other assets will remain in FDIC receivership, the regulator said.
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Anna Hrushka/Banking Dive
Fed could have rejected Custodia’s application 3 times, it says
The central bank blasted Custodia’s decision to accept only uninsured deposits, as well as its lack of diversification, in a scathing 86-page order Friday.
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Credit Suisse could face disciplinary action: Finma
Additionally, the chairman of Credit Suisse's largest shareholder resigned after his comments may have played into a run that doomed the bank.
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Courtesy of Ally Financial
Ally Financial taps 22-year Goldman vet for CFO seat
Russell Hutchinson, Goldman's chief operating officer for global mergers and acquisitions, will join the Detroit bank July 3. At that point, Ally’s interim CFO will return to his full-time role as corporate treasurer.
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CFPB funding is constitutional, 2nd Circuit court rules
The decision creates a clear conflict between the Second and Fifth Circuits, providing the Supreme Court with further incentive to directly resolve the issue, said an attorney at Dorsey & Whitney.
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ColumnBank crisis puts deposit insurance, Fed IG in focus but leaves cannabis out
Lawmakers are shuffling priorities in the wake of Signature and Silicon Valley Bank failures. In a surprise turn, the overdraft fight even gets a callback.
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Courtesy of Coinbase
Coinbase faces SEC enforcement action over staking services
“Coinbase runs a rigorous asset review process and has rejected more than 90% of assets that have applied to be listed on the platform,” CEO Brian Armstrong tweeted Wednesday.
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Citi names 32-year vet Selva as its COO
The longtime exec, also serving as the bank's head of personal banking and wealth management, will replace Karen Peetz, who is retiring in May.
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JPMorgan to buy investment analytics fintech Aumni
The bank did not disclose the value of the deal, set to close by June. But Aumni was worth $232 million after its latest funding round in 2021, according to Pitchbook.
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First Republic execs to forgo bonuses this year
The executives also forfeited vesting of their performance-based incentives for 2023 in a move meant “to foster closer alignment with the shareholder experience,” the bank said.
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‘Faster has value’: FedNow attracts early adopters
Companies partnering with the Federal Reserve to test the real-time payments system see it as a way to draw customers and get an edge on rivals.
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Mercury moves to close the gap created by SVB collapse
The startup-focused neobank raised its FDIC insurance and launched new features for VCs to meet the growing demand from former Silicon Valley Bank customers, CEO Immad Akhund said.
