The Latest

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  CFPB orders OneMain to pay $20M over add-ons, delinquent refunds

  Some customers were led to believe that signing up for an add-on product was imperative to receive a loan, the CFPB said.

  Regulations & Policy

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  Wells Fargo ex-exec Tolstedt to pay $5M to SEC

  Tolstedt publicly endorsed Wells Fargo’s “cross-sell metric” as a measure of success, including at investor conferences, despite knowing figures were distorted by bankers opening unauthorized accounts, the agency said.

  Retail

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  Goldman Sachs plans third round of job cuts

  The reduction, said to affect fewer than 250 employees, could include partners and managing directors, a source told Reuters. It follows September and January cuts, and comes amid a stubborn dealmaking slump.

  Commercial

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  Fintech lenders drive consumer loan growth: J.D. Power study

  Fintechs are gaining momentum in the lending space as they deliver a quick, frictionless approach to lending, the study found. 

  Fintech

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  Cash management firm Dragonfly dives into ‘composable’ banking

  An update to its Universal Online Banker technology gives customers like Utah-based Zions Bank the ability to offer digital-first business banking services at scale, giving them a leg up in competition against neobanks and fintechs.

  Fintech

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  OCC targets big banks with ‘persistent weaknesses’

  The regulator's new enforcement manual appendix comes in the wake of the recent bank failures and is aimed at larger and more complex financial institutions.

  Regulations & Policy

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  Dimon deposed in Epstein suits

  JPMorgan Chase's CEO said he wasn't involved in keeping the late convicted sex offender as a client for several years.

  Commercial

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  Column

  Asia’s pushing in. Europe’s pulling out. Mizuho and Citi show it’s not that simple

  Japanese banks are doubling down on M&A, as U.S. and European banks forgo retail for wealth.

  Commercial

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  NYC regulator halts city deposits at Capital One, KeyBank

  New York City Comptroller Brad Lander also voted against allowing Wells Fargo, PNC and International Finance Bank to hold public funds after they failed to submit anti-discrimination plans.

  Commercial

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  JPMorgan axing 1,000 First Republic employees

  The nation's largest bank is bringing 85% of First Republic employees over with its purchase of the failed bank, leaving about 1,000 without offers.

  Commercial

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  TD plans to open 150 US branches by 2027, focus on Southeast

  The bank is targeting South Florida, Atlanta and North Carolina — where it would have grown through First Horizon. “In the U.S., we are still a relatively young bank,” CFO Kelvin Tran said. “We have a lot of white spaces there.”

  Retail

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  JPMorgan applies for patent on ChatGPT-like tech for investment advice

  "We've recognized the power and opportunity of these tools and are committed to exploring all the ways they can deliver value for the firm,” JPMorgan Chief Information Officer Lori Beer said.

  Technology

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  Deep Dive

  Payments fraud climbs as banks reach for joint response

  Financial institutions and payments players are seeking to coalesce around new efforts to battle skyrocketing payments fraud.

  Payments

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  First Citizens cuts hundreds of SVB veterans

  First Citizens Bank acquired Silicon Valley Bank following SVB's collapse in March. Wednesday's layoffs reportedly affect “select SVB corporate functions, not client-facing positions.”

  Commercial

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  Apple’s financial moves could offer lesson for fintechs

  The tech giant’s foray into financial services poses a threat and opportunity for fintechs to innovate and grow their digital-first strategy.

  Technology

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  LGBTQ+ fintech Daylight to close its doors

  Customer money can be accessed for transfer until June 30, the company's last day of banking operations, CEO Rob Curtis said in a blog post.

  Risk

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  Starling CEO Anne Boden to step down June 30

  The move comes amid concerns of a potential conflicts of interest, since Boden holds a 4.9% stake in the neobank. Starling's chief operating officer will serve as interim CEO.

  Fintech

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  Citizens makes wealth-management push with private-client card

  The card marks the U.S. debut of Mastercard’s Touch Card feature, a tactile notch to assist visually impaired consumers. It also offers a yearly rebate, 2% cash back, TSA Pre-Check rebates and airport lounge access.

  Payments

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  5 questions on Dave’s in-app moneymaking feature

  Making money from surveys isn’t some Craigslist scam. It’s a fintech feature — and Dave CEO Jason Wilk said it’s made members $1 million since December.

  Technology

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  Citi abandons sale of Mexico retail unit

  The bank will pursue an IPO for its consumer, small-business, and middle-market banking operations, with a launch expected in 2025.

  Commercial

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  First Horizon investor sues TD over scrapped $13.4B deal

  The Arbitrage Fund asserts TD misled investors regarding its anti-money laundering practices and regulator resistance to the tie-up, which the banks terminated this month.

  Risk

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  PacWest offloads real estate lending unit Civic Financial

  Previously originated loans and loan servicing operations were not included in the deal to Roc360, which bought the business for an undisclosed sum.

  Commercial

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  First Citizens sues HSBC over departure of 42 SVB bankers

  The North Carolina bank accused a former SVB executive of helping HSBC, his new employer, incite a mass migration of talent and trade-secret information.

  Commercial

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  Fifth Third acquires embedded payments fintech Rize

  Acquiring Rize bolsters Fifth Third's existing embedded payments business and adds to its treasury management business, the bank said.

  Payments

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  Citizens Bank to pay $9M to settle disputed-charge suit

  The bureau claimed the bank, in 2015, improperly denied customer reports of fraud and unauthorized use and, in some cases, failed to fully reimburse users.

  Payments

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