The Latest
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Courtesy of Discover
Discover’s top lawyer to join Ally
Hope Mehlman will leave Discover on Nov. 29, or once the card company’s acquisition by Capital One is finalized, whichever date is sooner. She's expected to start at Ally on Dec. 2, the bank said.
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Retrieved from Polaris Dawn on September 06, 2024
The fintech CEO who is becoming a frequent flier with SpaceX
On Jared Isaacman’s second trip to space, the billionaire plans to become the first private spacewalker. Shift4 investors will need to follow space news to learn about it.
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"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC ‘selectively quoted’ texts to justify CFO’s firing, lawyer says
In a new filing, the bank's ex-CFO, Nadine Ahn, said she received “differential treatment” as a woman and denied knowledge of “Project Ken” or an online “LoveBook” another executive allegedly ordered.
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Many regionals lack clear strategy for private credit threat: analyst
Private credit firms are no longer just extending loans banks won’t, Deloitte’s Richard Rosenthal said.
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Morgan Stanley int’l chair suffocated, autopsy indicates
Jonathan Bloomer, along with his wife and two others, appear to have died due to a lack of oxygen while trapped aboard British tech entrepreneur Mike Lynch’s sunken yacht, Reuters reported.
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ConnectOne to expand in NY with $284M deal
The New Jersey-based bank aims to create a premier middle-market bank focused on the greater New York metro area following its merger with The First of Long Island Corp.
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Morgan Stanley drops plastic pollution financing goal
A spokesperson for the bank told ESG Dive it would no longer have the standalone goal due to data availability and quality challenges as required climate disclosures near.
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Visa to upgrade pay-by-bank service in UK next year
The card network plans to make the account-to-account service available to consumers for paying bills, like rent, but eventually for other uses too, such as digital streaming.
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Scott Olson / Staff via Getty Images
Ex-Discover exec alleges age, gender bias in lawsuit
Diane Offereins is suing the card network over roughly $7 million in clawed-back equity, claiming she was a “convenient scapegoat” for Discover’s card misclassification issue.
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Valerii Evlakhov via Getty Images
Old National names CFO amid predecessor’s child molestation case
Brendon Falconer, who was put on administrative leave, left the bank Aug. 31 with a $2.6 million payout. John Moran, the now-permanent CFO, has filled the post on an interim basis since April.
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Getty Images/Staff via Getty Images
REV Credit Union to buy West Virginia bank
The South Carolina-based credit union’s proposed acquisition of First Neighborhood Bank is the 15th announced whole-bank purchase by a credit union this year — one off 2022’s record of 16.
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Fed dings banks over flood insurance, crypto
First Interstate Bank must pay $70,000 to the National Flood Insurance Program, and United Texas Bank must revamp its compliance programs.
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OCC’s Hsu wants to label domestic systemically important banks
The regulator spoke at length on the need for horizontal, risk-based supervision — and the equivalent of regular physical exercise.
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Joe Raedle / Staff via Getty Images
TD’s US branch opening plans have slowed ‘dramatically,’ CEO says
As the bank tackles its anti-money laundering issues and sets aside money for expected penalties, TD CEO Bharat Masrani indicated plans to open branches in the U.S. have been reduced.
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Permission granted by SpringFour
Debt recovery software firm acquires SpringFour
Under the acquisition by C&R Software, social impact fintech SpringFour plans to continue innovating and bringing new solutions and products to the collections and debt recovery market.
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halbergman via Getty Images
VersaBank completes purchase of tiny Minnesota bank
The purchase gives the Canadian lender a bank charter and access to federal deposit insurance as it strives to grow its primary point-of-sale lending product.
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Spencer Platt via Getty Images
Viral JPMorgan Chase glitch is ‘fraud, plain and simple,’ bank says
Some customers deposited bad checks and immediately withdrew funds before the checks bounced in a glitch that went viral on TikTok. Now, some users have holds on their accounts.
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The image by Tyler Lahti is licensed under CC BY-SA 4.0
Truist approves $4.5M bonuses for CFO, top consumer banker
The stock awards were given “to support the retention of key leadership critical to taking full advantage of the business opportunities” created by the sale of Truist’s insurance arm, the bank said.
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Goldman to cut hundreds of jobs: reports
The staff reduction, tied to annual performance reviews, could affect between 1,300 and 1,800 employees, or 3% to 4% of the bank’s workforce, The Wall Street Journal reported Friday.
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Republic First acquirer Fulton Bank to cut 111 NJ employees
“With the recent Republic Bank transaction, we brought in more than 300 team members, many with redundant roles to our existing corporate staff,” a bank spokesperson said Friday.
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Michael A. McCoy / Stringer via Getty Images
Warren grills FINRA over enforcement decline
“Financial crimes cannot be prevented if you take the cop off the beat,” Sen. Elizabeth Warren scolded FINRA CEO Robert Cook. A spokesperson for the agency said it will respond to Warren's letter.
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Custodia cuts 25% of its staff amid Fed lawsuit: report
The digital asset-focused bank, chartered in Wyoming, is putting its resources toward an ongoing lawsuit with the Federal Reserve, which denied the lender a master account last year.
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Matt Cardy via Getty Images
HSBC wealth chief, COO exit as new CEO takes reins
Nuno Matos, CEO of wealth and personal banking, had been previously considered to succeed Noel Quinn as CEO. HSBC COO John Hinshaw and HR head Elaine Arden are also leaving the bank.
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Courtesy of U.S. Bank
U.S. Bank works to simplify SMB banking, payments
To stand out from competitors, the Minneapolis-based lender has also expanded its SBA loan program over the last year, said Shruti Patel, chief product officer for business banking.
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Permission granted by TDECU
Texas credit union discovers year-old data breach
TDECU fell victim to last year’s MoveIt data breach, but only found out in July. The credit union said the incident is not expected to impact its acquisition of a Louisiana bank.
