The Latest

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  Citizens aggressively reinvests in its existing footprint

  While some competitors chase expansion in the Southeast, the Providence, Rhode Island-based lender is redesigning branches to double down on deeper relationships, said Nuno Dos Santos, head of the bank’s retail network.

  Retail

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  CFPB workers’ union rebuts bureau’s job-cut justification

  Evidence indicates the bureau didn’t conduct a court-required assessment before attempting to cut about 90% of its staff, and the layoffs would have left CFPB data “irreparably lost,” plaintiffs said.

  Regulations & Policy

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  Silvergate Bank parent agrees to $37.5M class-action settlement

  Silvergate Capital Corp. says that moving forward with the settlement will allow the firm to advance its Chapter 11 proceedings.

  Commercial

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  Goldman shareholders back $80M packages for Solomon, Waldron

  The measure, however, received 66% approval — 20 percentage points lower than last year’s nonbinding advisory vote on executive compensation at the bank. 

  Commercial

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  Capital One readies for Discover integration work

  With Discover, “we will be going back into the world of data centers” for “a number of years,” Capital One CEO Richard Fairbank said Tuesday.

  Retail

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  Warren presses Bowman on Evolve supervision lapses

  Elizabeth Warren and three other senators questioned the Fed governor on her role in the lender’s supervision and accused her of ignoring “clear warning signs … leading up to the Evolve-Synapse meltdown.”

  Fintech

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  Coinbase considers applying for federal bank charter

  Regulatory willingness to work with crypto seems to have inspired Coinbase, and reportedly others, to engrain themselves deeper into the traditional financial sector.

  Payments

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  MidFlorida Credit Union buys Tallahassee bank

  Acquiring Prime Meridian Bank would give MidFlorida a physical presence in the state’s panhandle. It's the credit union’s third bank purchase since 2019.

  Credit Unions

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  Trump backs off his push to fire Fed’s Powell

  Less than a week after saying the Federal Reserve chair’s “termination cannot come fast enough,” the president said Tuesday he has “no intention” of ousting the central bank chief.

  Regulations & Policy

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  FedNow draws 1,300 financial firms

  The instant payments service has attracted mostly small and mid-sized financial services firms as it inches up adoption by financial institutions.

  Payments

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  FDIC aims to reduce workforce by 1,250

  An internal memo sent Monday aligns with earlier reports that the Department of Government Efficiency was targeting the FDIC for staff cuts. Cuts at another agency, the CFPB, remain up in the air after a judge blocked them.

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  CFPB defends analysis behind 90% job cuts

  A 200-person workforce would allow the bureau to fulfill statutory obligations “and better aligns with the new leadership’s priorities and management philosophy,” attorneys for the agency said.

  Regulations & Policy

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  Banks gear up to boost cybersecurity, cloud and data spending

  In the race to scale generative AI capabilities, executives plan to increase foundational technology investments, according to Broadridge.

  Technology

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  FDIC scraps some large bank living will requirements

  Instead of requiring a bridge bank strategy, the FDIC wants large banks to describe one or more potential resolution strategies the regulator could execute, it said Friday.

  Regulations & Policy

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  Banks must fight deepfakes with better AI, Barr says

  One in 10 companies have been targeted in deepfake scams. Banks, on the front lines of fraud detection, must rise to the occasion with better AI tools, according to Fed Gov. Michael Barr.

  Technology

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  Column

  Dive Deposits: The OCC’s supervision streamlining may have been lost in the shuffle

  The agency combined an office overseeing large banks with another looking after midsize and community banks. But merger news and big drama at the CFPB seemingly dwarfed the OCC developments.

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  Lazard hires ex-House Financial Services panel chair

  Former Rep. Patrick McHenry, R-NC, will join the bank Wednesday as a senior adviser on public policy, financial services, fintech and artificial intelligence matters. 

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  Citi eyes AI productivity gains as it consolidates data systems

  “I’m not sure any bank finishes its modernization,” CEO Jane Fraser told investors during an earnings call last week.

  Technology

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  Capital One-Discover deal gets nod from Fed, OCC

  Regulators, however, handed Discover several consent orders. Most notably, the FDIC ordered the company to distribute $1.225 billion in restitution to customers overcharged between 2007 and 2023.

  Regulations & Policy

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  Judge again halts CFPB’s 1,500 layoffs

  The bureau sent reduction-in-force notices to roughly 90% of its staff Thursday, with plans to cut off terminated employees’ access to CFPB systems at 6 p.m. Friday. A judge intervened.

  Regulations & Policy

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  Fed proposes stress-test makeover

  The central bank’s proposed changes would reduce year-over-year fluctuations in capital requirements. The regulator also plans to announce further tweaks – around transparency – later this year.

  Regulations & Policy

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  Trump fires NCUA board’s 2 Democrats

  The removal of Todd Harper and Tanya Otsuka may put other regulators at risk, including Fed Chair Jerome Powell, whose termination, the president said Thursday, “cannot come soon enough.”

  Regulations & Policy

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  CFPB shifts focus away from nonbanks, fair lending cases

  An 11-point memo directs the agency’s staff to bring redress directly to affected consumers, “rather than imposing penalties on companies in order to simply fill the Bureau’s penalty fund,” the CFPB’s legal chief wrote.

  Regulations & Policy

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  Former HSBC exec talks career switch to fintech

  HSBC was Episode Six’s second client. The exec who inked the partnership, Brian Muse-McKenney, saw so much promise in the fintech’s offerings that he jumped ship from the C-suite to join it.

  Payments

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  Inside Regions’ effort to upskill its SMB, mass-affluent bankers

  The regional lender is honing the way a group of its bankers manage small-business customer relationships as competition rises in the Southeast.

  Commercial

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