The Latest

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    Atlantic Union hit with $6.2M CFPB penalty

    At least $5 million in illegal overdraft fees will be refunded to affected customers. A $1.2 million penalty will be paid into the CFPB’s victims relief fund. The bank denies any wrongdoing.

  • Graphic with embedded payments and a balance of $14,381.83.
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    Permission granted by Modern Treasury
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    Sponsored by Modern Treasury

    The rise of fintech and embedded payments

    Expectations are rising for banks to deliver better tools to address customer's financial needs.

  • Headshot of Wells Fargo CEO and President Charlie Scharf
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    Courtesy of Wells Fargo multimedia resources
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    3 takeaways from bank executives’ conference appearances

    Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.

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    Cross River bolsters Best Egg relationship with $150M credit facility

    The funds will support Best Egg's Flexible Rent product, which allows renters to break up their rent into smaller chunks aligned with their cashflow.

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    Walter Bibikow
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    CFPB’s MoneyLion suit paused for Supreme Court funding ruling

    MoneyLion, which is being sued by the CFPB over claims it violated the Military Lending Act, was granted its request for a pause ahead of the Supreme Court’s ruling on the CFPB’s funding structure.

  • Rep. Patrick McHenry, R-N.C.
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    David McNew via Getty Images
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    House Financial Services Chair McHenry won’t seek reelection

    “This is not a decision I come to lightly, but I believe there is a season for everything and — for me — this season has come to an end,” Rep. Patrick McHenry, R-NC, said in a statement Tuesday.

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    Scott Olson via Getty Images
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    Amex CEO weighs in on Apple card reports

    The card issuer’s premium designation isn’t compatible with all potential card issuing partners, Amex CEO Steve Squeri said Tuesday.

  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images
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    Column

    Wells Fargo union-linked lawsuit, settlement get lost in the shuffle

    An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.

  • The Seattle skyline, featuring the Space Needle and skyscrapers.
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    George Dodd via Getty Images
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    WaFd, Luther Burbank extend merger deadline to February

    Both banks say they're "fully committed" to the deal, but it's the second delay for the transaction, originally expected to close by June 2023. It also faces opposition from a coalition of 54 nonprofits.

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    Avosb via Getty Images
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    Swiss private bank Pictet to pay $122.9M in US tax evasion case

    “As it has admitted today, Banque Pictet knowingly conspired to conceal from the IRS the income generated by accounts which held more than $5.6 billion,” U.S. Attorney Damian Williams said in a statement Monday.

  • As investors move cash out of banks in favor of other vehicles, the risks of money market funds bear reviewing.
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    Getty Images via Getty Images
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    Breaking down capital requirements

    For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo’s ex-CEO Sloan sues bank for $34M

    The San Francisco-based lender is “depriving Mr. Sloan of tens of millions of dollars” in canceled stock awards and unpaid bonuses, and causing “emotional distress,” lawyers wrote.

  • A U.S. flag is shown in the foreground waving outside with the dome of the U.S. Capitol shown in the background.
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    Samuel Corum via Getty Images
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    House votes to repeal CFPB small-business data collection rule

    The Republican-led chamber voted 221-202 to repeal the CFPB small-business data collection rule. President Joe Biden is expected to veto it, according to sources.

  • The Bank of America logo is displayed on the side of a Bank of America branch office January 20, 2010 in San Francisco, California.
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    Justin Sullivan / Staff via Getty Images
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    UK fintech Banked builds a US presence

    The company expects its pay-by-bank services for bank clients will eventually lure retailers.

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    Drew Angerer / Staff via Getty Images
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    TD to cut more than 3,000 jobs

    The 3% reduction will encompass “all business lines” and will be achieved “through attrition and by redeploying talent to open positions wherever possible,” bank representatives said.

  • A person uses a red Bank of America ATM.
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    David McNew via Getty Images
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    Bank of America fined $24M by FINRA over alleged spoofing

    Between October 2014 and February 2021, a former supervisor and a former junior trader at the bank executed more than 700 instances of spoofing in the U.S. Treasury secondary markets, FINRA alleged.

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    Daniel Berehulak via Getty Images
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    Column

    3 motivations behind a ‘bloodless coup’ scenario at UBS

    In championing a Morgan Stanley-style public succession battle, Colm Kelleher could be giving the Swiss bank’s next CEO a chance he never got, or he could see a lot of himself in Sergio Ermotti.

  • A green leaf on top of a white Apple logo outside a glass building at night.
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    Sascha Steinbach via Getty Images
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    Who wants Apple’s credit card? Analysts weigh in.

    Synchrony, American Express and Capital One have all been floated by analysts as potential successors to Goldman Sachs for Apple’s credit card.

  • A person walks into BNY Mellon's headquarters in New York City.
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    Mario Tama / Staff via Getty Images
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    BNY Mellon to boost minimum hourly wage to $22.50 in March

    The bank is also expanding the mental health resources it offers employees, to allow for up to 12 no-cost therapy sessions annually, up from five, BNY Mellon said Friday.

  • Ally Financial, NYSE facade
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    Courtesy of Ally Financial
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    Ally’s consumer-banking chief to leave July 1

    Diane Morais had been seen as a potential successor to outgoing CEO Jeffrey Brown. She has been with the company since 2008.

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    Leon Neal via Getty Images
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    Metro Bank to cut 800 jobs

    The reduction accounts for 20% of employees at the U.K. lender, which is also questioning its seven-days-a-week branch hours.

  • Martin Gruenberg addresses the Senate Banking Committee.
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    Win McNamee via Getty Images
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    Senator renews call for Gruenberg’s ouster as FDIC OIG offers fresh inquiry

    “This time, there needs to be more than just a survey of the workforce,” Sen. Joni Ernst, R-IA, said in a letter Wednesday to the FDIC chair. “There needs to be real ramifications.”

  • Greenwood Financial founders
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    Permission granted by Greenwood Financial
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    Greenwood adds retail investing, eyes profitable 2024

    The Atlanta-based neobank on Thursday launched Greenwood Invest, an app that allows customers to invest in stocks and exchange-traded funds.

  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    First Fed Bank hit with FDIC consent order over fintech joint venture

    The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.

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    Eric Thayer via Getty Images
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    Apple seeks to end Goldman Sachs credit-card partnership: reports

    The proposed winddown would entail the entire consumer partnership, including the savings account that was rolled out this year, sources told The Wall Street Journal.

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    Bank of America to pay $12M over lax mortgage data reporting

    Hundreds of the bank’s loan officers failed to collect demographic data from applicants but reported to the Consumer Financial Protection Bureau that the applicants had chosen not to respond, the agency said.