The Latest
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United Community Banks to deepen Miami-area footprint in $80M deal
The South Carolina-based lender will buy American National Bank in its sixth acquisition since 2018.
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OCC ends Lake Shore’s breach-related consent order
The regulator in March 2023 found the bank in “substantial noncompliance” with an agreement to fix IT and risk governance flaws. Lake Shore’s then-CEO resigned.
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Barclays to pay $19.5M to resolve suit over error in debt sale
Shareholders sued the British bank in 2022, claiming they lost money after the lender sold far more in structured debt products than regulators permitted.
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JPMorgan global investment banking chair to exit next year
Jennifer Nason, who’s been with the bank almost 40 years, will join the board of consulting firm Accenture after leaving JPMorgan in February.
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Metropolitan Commercial Bank ‘aided and abetted’ Voyager fraud: lawsuit
MCB is accused of defrauding customers of crypto exchange Voyager Digital, many of whom have been unable to access their funds since Voyager’s 2022 bankruptcy.
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SEC settles ransomware case against ICBC unit
The agency opted not to impose a fine on the U.S. unit of China's largest bank, which had difficulty updating system books and records after a 2023 cyberattack.
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Note from the Editor-in-Chief
A change in ownership and what it means for our readers.
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GAO report flags Fed, FDIC supervisory ‘weaknesses’
The government office offered recommendations meant to improve both bank regulators. The OCC, meanwhile, “generally adheres” to its procedures for escalating supervisory concerns, the GAO said.
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BlackRock, State Street, Vanguard sued by Texas, red states
The three firms are accused of forming “a cartel to rig the coal market,” but State Street and BlackRock called the lawsuit “baseless” in separate statements.
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JPMorgan drops suit against Tesla
The bank sued the Elon Musk-run company in 2021 for $162.2 million after it claimed the carmaker breached a 2014 contract related to stock warrants.
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Capital One report finds data disconnect between IT, business leaders
Most executives are confident in their organization’s data capabilities. Technical practitioners aren’t so sure.
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Citi separates Mexico retail ops from institutional business
The move sets up the bank to spin off Banamex in an IPO, as planned. The timing of that will depend on regulatory approval, but the bank has long targeted next year.
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Fed approves United-Piedmont merger
The Federal Reserve cleared United Bank to proceed with its proposed $267 million acquisition of Piedmont Bancorp less than seven months after the deal was announced.
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Trump 2.0 expected to open the ‘regulatory gates’ for chartering
“Fintech had really just become kind of a dirty word during the Biden administration, and that’s going to change,” said Michele Alt, an OCC veteran and co-founder of financial services advisory firm Klaros Group.
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Musk calls for end to CFPB
The presumed Trump Cabinet appointee said there “are too many duplicative regulatory agencies,” calling out the consumer watchdog specifically Wednesday.
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Synapse partner banks hit with lawsuit over fund mismanagement
The four banks – Evolve, AMG National Trust, American Bank and Lineage – were sued Friday, after thousands of consumers were left without access to their funds post-Synapse collapse.
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Q&A
FDIC: New tool highlights opportunities for minority banks
Wearing its “preserve and promote” hat, the banking agency launched a tool this month that reveals neighborhoods that may present opportunities for minority-focused banks.
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BPM spurns UniCredit’s takeover bid
The bank blasted what it sees as a weak premium. Its CEO warned a deal would cost BPM 6,000 jobs. And Italian officials expressed concern that a UniCredit tie-up would stall efforts to grow BPM.
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U.S. Bank bets on capital markets boost
The super-regional is expanding its product set and angling for a more prominent position with its clients, the bank’s head of wealth, corporate, commercial and institutional banking said.
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Blueacorn founders indicted on PPP fraud charges
The Justice Department accused Nathan Reis and Stephanie Hockridge of submitting thousands of fraudulent PPP applications through the fintech in the name of “democratizing access to loan relief.”
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Warren, Dems bash Capital One’s ‘history’ in Fed letter
Lawmakers told regulators to look at the bank’s aggressive debt collection, anti-money laundering woes and an inflated community investment pledge, in considering the acquisition application.
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Custodia takes a step back ahead of Trump term
The Wyoming bank, long embattled with the Federal Reserve, aimed to “preserve capital” and its charter before the White House takes a presumably more crypto-positive tone.
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Old National to acquire Minnesota’s Bremer for $1.4B
The deal would expand $54 billion-asset Old National’s presence in the upper Midwest and make it the third-largest bank in the Twin Cities.
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HSBC sustainability chief to step down Dec. 31
The bank cut the sustainability role from its executive committee in an October reshuffle. HSBC on Monday also named an interim risk and compliance chief.
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First Foundation names new CEO
The Dallas-based bank tapped Thomas Shafer, an M&A veteran at TCF and Huntington, as its next chief, replacing Scott Kavanaugh, who retired.