The Latest

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    Trump’s Capital One accounts closed after AML review, bank says

    The bank has not accused the Trump Organization of money laundering. But Capital One said the transaction patterns it identified are “among the types of activity flagged by federal banking guidance.”

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    Judge rejects DOJ’s attempt to drop Lakeland redlining order

    A federal judge denied the government’s bid to terminate the bank’s consent order ahead of schedule, saying “a promise to reach substantial compliance in the future is not substantial compliance.”

  • A UBS location in New York City is shown, with the letters "UBS" on the building front.
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    Caitlin Mullen/Banking Dive
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    UBS to pay $125M in AML penalties

    The brokerage arm of the Swiss bank didn’t fix flaws identified in 2018, resulting in some 60,000 foreign currency wires valued at about $10 billion going unmonitored, regulators said.

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    Frost CEO warns of ‘race to the bottom’ on Texas loan structure

    While $54 billion-asset Frost Bank seeks to remain competitive on price, the structure element of loans can be tough, because it’s “dangerous to do that poorly,” CEO Phil Green said.

  • The Office of the Comptroller of the Currency logo
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    OCC, FDIC propose another CRA revamp

    The regulators – absent the Federal Reserve – would limit grants banks give to “activist” community groups. Friday’s proposal would also reduce the number of banks that must collect CRA-related data.

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    Spencer Platt / Staff via Getty Images
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    Citi hires away FinCEN chief for compliance role

    Andrea Gacki, the director of the Financial Crimes Enforcement Network since 2023, will become global head of sanctions at the New York City-based lender.

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    Alex Wong / Staff via Getty Images
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    Chime to cut 10% of workforce

    CEO Chris Britt cited AI innovations but also a switch to smaller teams, faster movement, higher productivity and in-office work.

  • The sun sets on a white stone building that features an eagle sculpture atop a series of columns. Scaffolding is seen between each of the four columns.
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    Andrew Harnik / Staff via Getty Images
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    Fed bans ex-Regions, First Interstate bankers

    An Idaho-based teller embezzled $8,000 from First Interstate’s cash recycler, the central bank said. A Florida-based Regions relationship banker allegedly withdrew roughly $203,000 from a customer account without consent.

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    Founder of fintech Increase buys a bank in Washington state

    Increase founder Darragh Buckley said the move was a long time coming, as he started the company six years ago with the goal of marrying a bank and technology company.

  • A glass and stone building is shown in the evening, with lights on inside, and "Associated Bank" name and logo on the outside.
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    Associated Bank chief digital officer joins from BMO

    Brianna Elsass leaves BMO after a decade of digital leadership positions. She most recently led the Canadian bank’s U.S. digital and technology business.

  • A commercial building with large windows; the sign “Capital One Bank” appears in white letters with a red swoosh over a glass entrance.
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    Alamy
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    Capital One gives update on Discover community investment plan

    The bank issued a report last month on progress related to the $265 billion it had committed to invest as part of its bid to buy Discover. Charitable organizations offered little support for the statement.

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    Banc of California sees surprise $251.3M loss

    The Los Angeles lender repositioned securities into shorter-duration, higher-yielding products. It also launched the sale of $827 million in real estate and multifamily loans and retired $385 million in debt.

  • Exterior view of a PNC Bank branch with a revolving glass door. The building facade has large vertical columns. The PNC Bank sign features a blue and orange color scheme above the entrance.
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    Alamy
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    PNC’s wealth unit targets mass-affluent clients with lending option

    The Pittsburgh-based lender is pursuing a national identity, and national banks have put more focus on a securities-based lending-type solution in recent years, an executive said.

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    Fifth Third lures commercial fintech head from HSBC

    Dan Allred previously spent 20-plus years climbing the ranks at Silicon Valley Bank, becoming a senior market manager on its national fintech team.

  • An aerial shot of the Washington State Capitol in Olympia.
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    David Ryder/Getty Images via Getty Images
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    Activist investor prods Washington bank to sell

    Down Range Capital Opportunity Fund is urging the board of $2.3 billion-asset Cashmere Valley Bank to find a buyer, saying its value “can only be unlocked” through a sale.

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    Ex-CFPB official tapped to lead NJ consumer affairs unit

    Christopher Peterson is one of at least two recent state-level consumer advocacy hires, after California named former CFPB chief Rohit Chopra to lead a newly formed consumer agency.

  • Two blue ATMs are housed within a modern facade featuring the PNC logo above and are accessible from the sidewalk.
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    Alamy
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    PNC names CISO, while Truist powers up in wealth

    PNC’s new chief information security officer and Truist’s new wealth head each spent decades with, and climbed the ranks at, their prior employers.

  • 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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    Rent fintech Flex applies for ILC charter

    Jeff Berkson, who until May served as chief risk officer at WebBank, will be the bank’s proposed CEO. The lender will be based in the Salt Lake City area and operate nationally through digital channels.

  • The building features the bank's distinctive green and white signage, with large glass windows and a brick façade with a clear blue sky behind it.
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    Alamy
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    Huntington banks on fee growth amid deposit cost competition

    As the regional lender’s deposit costs edge up, strong fee revenue can offset the bank’s slightly lower than expected net interest income, CFO Zach Wasserman said.

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    Joe Raedle via Getty Images
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    Banco Popular CEO to retire

    Puerto Rico’s largest lender is moving its CFO, Jorge García, into its chief executive role when Javier Ferrer exits the bank Aug. 31.

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    Dan Kitwood via Getty Images
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    BitMEX to shutter after 11 years

    HDR Global Trading Limited, BitMEX’s owner and operator, has decided to close the cryptocurrency exchange following a strategic review of the business and crypto industry.

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    Robert Way via Getty Images
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    OCC rejects Wise’s trust charter application over ‘deficiencies’

    The British fintech said it plans to submit a new application for a U.S. trust charter under a Genius Act framework.

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    Retrieved from OCC.
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    Upstart nabs conditional bank charter

    “We've been challenged extensively throughout the process, and that's exactly what should happen when an institution is seeking the privilege of becoming a national bank,” an Upstart executive said.

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    Kevin Dietsch via Getty Images
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    Democrats grill CFPB nominee over CapOne, staff-cut plan

    Capital One executive Brian Johnson weathered a testy exchange with Sen. Elizabeth Warren over potential conflicts of interest. Johnson said the CFPB has “deficiencies” but is “capable of great good.”

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    Q&A

    Tasks, not customer tiers should drive bank AI use: Deloitte

    Everybody needs “to be heard, comforted, educated in times of high stress,” a Deloitte consultant said. Customers who are lower on the value scale need to receive the same excellent experience “or you're going to lose them.”