The Latest

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  FDIC board to get quarterly briefings on lingering merger applications

  The resolution, applying to deals at least 270 days old, is meant to speed processing, or, as the CFPB's Rohit Chopra put it, curb an "endless game of footsie."

  Regulations & Policy

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  First Interstate Bank CEO to step down

  In Kevin Riley's nine years as CEO, the Billings, Montana-based lender expanded to a 14-state footprint and $30 billion in assets, the bank said.

  Commercial

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  BNY hires BP exec as its next CIO

  Leigh-Ann Russell joins the bank Sept. 15. That means Bridget Engle will leave BNY later this year “after supporting a successful transition of her responsibilities,” a spokesperson for the bank said.

  Technology

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  Santander warns US employees bank account info stolen in third-party database hack

  The bank in May confirmed a major breach involving customer data in multiple countries.

  Technology

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  Goldman, Credit Suisse vet joins HSBC

  Danielle Johnson took the helm as global head of HSBC's institutional client group June 3, the bank announced Thursday.

  Commercial

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  Warren to Fed’s Powell: ‘Do your job,’ not ‘Dimon’s bidding’

  The senator wrote to seek clarity on reports that the Fed chair had advocated cutting the proposed capital requirements increase in half.

  Regulations & Policy

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  Citi leans on services business amid turnaround

  At an investor event Tuesday, bank executives said the services business, which helps about 19,000 clients around the world manage and move money, is at the heart of Citi’s strategy.

  Commercial

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  Louisiana banks scrap merger plans

  MC Bancshares and Heritage Nola called off the deal, announced last July, over “uncertainties in the regulatory environment,” one CEO said.

  Commercial

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  Bank execs weigh in on private credit threat

  Direct lenders aren’t yet infringing where Regions Bank is active, “but it’s coming, I suspect,” CEO John Turner said. A JPMorgan executive said the market is big enough that both sides can succeed.

  Commercial

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  JPMorgan, Greek fintech get a roadmap to bridge their dispute

  A London judge detailed how Viva Wallet should be valued. Previous estimates — and the fine print in a deal that gave JPMorgan a minority stake in the fintech — have sparked lawsuits on both sides.

  Fintech

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  SEC crypto chief quits

  David Hirsch worked at the Securities and Exchange Commission for nine years, and ran its crypto asset and cyber unit for two.

  Regulations & Policy

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  UBS to set aside $900M to compensate Greensill investors

  The Swiss bank inherited the issue when it acquired Credit Suisse. The amount accounts for 90% of what clients are owed from the 2021 collapse of the supply chain financing firm.

  Commercial

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  Gemini to settle with NY AG for $50M

  The $50 million in digital assets will go directly to investors of its defunct Gemini Earn program, who will be made whole, according to the settlement.

  Retail

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  Unit Finance cuts 15% of staff

  The embedded finance fintech “has always maintained a large balance sheet, and the changes we are making today will further solidify our strength,” founders Itai Damti and Doron Somech said.

  Fintech

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  Paxos cuts 65 employees, narrows focus to tokenization

  With the layoffs, which encompass 20% of the crypto firm's headcount, Paxos will phase out its settlement services in commodities and securities, a source told Bloomberg.

  Technology

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  Wells Fargo fires employees over faked productivity

  Employees were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” according to FINRA disclosures.

  Regulations & Policy

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  Fed hits Synapse partner Evolve with enforcement action

  An exam last year revealed Evolve Bank & Trust didn’t have an effective risk management framework in place for its fintech partnerships, the Fed said.

  Regulations & Policy

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  Provident Bank to close 22 branches in New Jersey

  Provident, whose merger with in-state peer Lakeland Bancorp closed last month, has decided to shutter branches due to overlapping proximity, the lender announced recently. 

  Commercial

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  Column

  Dive Deposits: In HSBC’s eyes, Revolut can have Canary Wharf

  The fintech signed a deal to occupy a high-rise alongside G-SIBs. But Revolut's coup — grabbing 40% more office space to match its 40% headcount bump — comes as the U.K.'s biggest bank is leaving the area.

  Fintech

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  Biden nominates CFTC commissioner to replace Gruenberg at FDIC

  Christy Goldsmith Romero, who has twice received unanimous Senate confirmation, has been a commissioner with the Commodity Futures Trading Commission since March 2022.

  Regulations & Policy

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  Citi’s Sieg charts strategy to grow wealth business

  Amid Citi’s massive reorganization, there have been “very few” regretted departures, the bank’s head of wealth said Wednesday. He also suggested more key leadership hires are yet to come.

  Retail

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  Chopra raises alarm on ‘financial surveillance’ at Senate hearing

  “Plans to monetize sensitive financial transaction data are a reminder that the United States is slowly lurching toward more financial surveillance and even financial censorship,” CFPB Director Rohit Chopra said Wednesday.

  Regulations & Policy

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  Brex moves to single-CEO model

  Pedro Franceschi will become sole chief executive, while co-founder Henrique Dubugras will move to board chair as the company aims for a 2025 IPO.

  Fintech

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  Terraform Labs, Do Kwon to settle with SEC for $4.47B

  Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.

  Regulations & Policy

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  Wells, PNC CFOs see office spaces leading CRE stress

  “Older office buildings that are not renovated in certain areas of different cities are the places that you’re seeing the most stress,” Wells Fargo CFO Mike Santomassimo said Tuesday.

  Commercial

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