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    JPMorgan, Goldman, BofA pledge to cover employee travel for abortion

    The banks are following Citi, which said in March it would pay for workers to get the procedure out of state. Friday’s move by the Supreme Court to overturn Roe v. Wade has prompted a new wave of policy shifts.

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    Mario Tama via Getty Images

    Judge denies Citi whistle-blower a share of $400M OCC penalty

    A district court agreed with U.S. attorneys’ April assertion that the OCC's workstream addressing the complaint was separate from the one assessing the actions that resulted in the fine.

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    New Fed financial disclosures omit regional chiefs tied to trading scandal

    “The rules in place when President [Robert] Kaplan departed did not require him to file an updated financial disclosure upon his departure,” James Hoard, a Dallas Fed representative, told The New York Times.

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    Brex's move has fellow fintechs ready to pounce

    Brex’s cutting of small-business customers — the handling of which prompted a mea culpa from the co-founder — may provide opportunity for B2B fintechs like Ramp or Divvy. But big banks still dominate the space.

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    Big banks pass muster in Fed's annual stress test

    The 33 largest U.S. banks would be able to maintain adequate capital levels in the event of a severe recession, the Federal Reserve found in its latest annual bank stress test. 

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    Cannabis banking nixed from competition bill

    Bowing to Republican demand, leaders from both parties decided to exclude the Secure and Fair Enforcement Banking Act from the bicameral version of the America COMPETES Act.

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    JPMorgan lays off hundreds in mortgage division amid rising rates

    The move, which follows last week’s rate hike by the Federal Reserve, comes as rising home mortgage rates are quelling demand in the housing market.

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    The image by New America is licensed under CC BY 2.0

    CFPB takes aim at card late fees

    The Consumer Financial Protection Bureau seems to think credit card late fees are out of control. Now, it plans to do something about it.

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    Breach at Flagstar Bank impacts more than 1.5M customers

    The breach, which occurred between Dec. 3 and Dec. 4, is the second to impact the bank in less than two years.

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    Chicago de novo taps Google to build bank on the cloud

    The startup bank submitted its application for deposit insurance with the FDIC in April, and plans to use a proprietary lending algorithm to provide small business owners unbiased access to flexible capital, founder Seke Ballard said.

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    Truist opens Innovation Technology Center in Charlotte headquarters

    The 100,000-square-foot space is a physical manifestation of the bank’s technology, touch and trust concept, said Ken Meyer, Truist’s divisional CIO and experience officer.

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    Ex-Amazon employee convicted over 2019 Capital One breach

    Paige Thompson was found guilty of seven federal crimes in connection with the 2019 Capital One hack.

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    Courtesy of U.S. Bank

    U.S. Bank tests well-being guidelines with outside counsel

    The Minneapolis-based bank’s pilot program with seven law firms encourages delaying non-urgent matters that come up during off-work hours to protect personal time and promote work-life balance.

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    M&T president, COO to step down next year

    Richard Gold will retire as president and COO of the Buffalo, New York-based firm after the first quarter of 2023.

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    State Street boosts its focus on digital transformation

    The bank’s tech spend is expected to stay level this year. It just wants to use less of it to run the bank day to day and put more toward AI, automation and like technologies, its CIO and CFO said this week.

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    Sen. Warren asks OCC to block TD merger over fraud reports

    Warren cited a Capitol Forum report that alleged the Toronto-based lender signed up customers for costly services without their knowledge or consent.  

  • VyStar Credit Union, Heritage Bank call off merger agreement

    After a series of delays, Heritage and VyStar said they decided to end the $195.7 million tie-up after it became clear that all required regulatory approvals would not be obtained in a timely manner.

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    Fed failure in fighting inflation 'not an option,' Powell says

    The Federal Reserve announced a 0.75 percentage point increase in the main interest rate and indicated that policymakers plan more aggressive tightening in coming months.

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    West Virginia may boycott 6 finance firms over fossil-fuel lending stance

    The state’s Treasury is set to place BlackRock, Wells Fargo, JPMorgan Chase, Morgan Stanley, Goldman Sachs and U.S. Bank on a list blocking them from state contracts within 45 days, according to letters seen by Politico.

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    Canada's VersaBank to buy Minnesota bank in bid to gain OCC charter

    The $13.5 million deal, expected to close by October, represents a trend among financial firms to purchase the coveted OCC bank charter rather than embark on the expensive, arduous journey of applying for one.

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    Citi CFO sees support for more Fed moves to stave off inflation

    Citi CFO Mark Mason is one of a number of top bank executives who have recently raised the prospect of a U.S. recession.

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    Column

    At Bank of America, flexibility means unit policy fills the vacuum

    The Charlotte, North Carolina-based lender has typically maintained a nonspecific office-return policy at the company level. Divisions like M&A are pushing for better attendance — but not in writing.

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    Truist, PNC map out push into new markets

    Truist Wealth sets its sights on the Windy City as PNC reorganizes to better manage its expanded footprint in the West after absorbing BBVA’s American arm last year.

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    Mario Tama via Getty Images

    Citi more than doubles Black executive headcount

    “Have we made significant progress, and progress we’re proud of? Yes, absolutely. But to say, ‘We’ve done it, ... that’s not the case at all,” said Erika Irish Brown, the bank’s head of talent and diversity.

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    Citizens joins Frost Bank in pledge to eliminate NSF fees

    The Providence, Rhode Island-based bank is also curbing savings overdraft protection fees this month and expanding its early wage access.

    Updated June 14, 2022