The Latest
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LGBTQ+ fintech Daylight to close its doors
CEO Rob Curtis said in a blog post on Monday that customer money is in safe hands and can be accessed for transfer until June 30, the last day of banking operations.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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PacWest to sell $2.6B in real estate loans
Real estate investment firm Kennedy-Wilson has agreed to buy a portfolio of 74 loans at a discounted price as PacWest tries to bolster its liquidity amid regional bank turmoil.
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JPMorgan added roughly 600,000 checking accounts through April
JPMorgan executives addressed the bank's acquisition of First Republic, and more, at an investor day it hosted Monday.
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Fintech Wise CFO set to resign, CEO to go on leave
Matt Briers will step down next year to fully recuperate from the cycling accident he was in last year, while the hunt for the new CFO will start immediately, the company said.
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Frank founder pleads not guilty in JPMorgan fraud case
Charlie Javice has been in talks with prosecutors to settle charges of wire fraud, bank fraud, securities fraud and conspiracy, according to a court filing seen by Bloomberg.
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Legislators spar over stablecoin proposals
Lawmakers agree stablecoin legislation is needed to ensure the U.S. establishes itself as a leader in the space.
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Morgan Stanley CEO Gorman to step down within a year, he says
The bank’s board has “identified three very strong senior internal candidates” to succeed him, Gorman said. Morgan Stanley's market capitalization has tripled under Gorman.
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Warren blasts First Republic’s ‘troubling’ sale to JPMorgan
The senator criticized the OCC’s role in approving the deal, saying it failed to factor in an assessment methodology that estimates the impact a lender would have on the economy if it were to fail.
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Crypto company offers 6 months of free custody for female-founded firms
Clear regulations will bring more women into the space, Aegis Custody CEO Serra Wei said.
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SoLo Funds settles cease-and-desist orders over ‘tips’
The fintech reached agreements with regulators in Connecticut, California and D.C., but did not admit wrongdoing.
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Truist launches its first gamified finance app
The app is the first product of Truist Foundry, the startup within the bank that focuses on creating digital solutions for clients.
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Deutsche Bank to pay $75M to Epstein victims
Epstein victims have sued both Deutsche Bank and JPMorgan, alleging they benefited from their relationships with the financier despite knowing of his crimes.
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Column
Fed IG hearing, bank failure reports prompt calls for more independent probes
"It looks like, to anyone in the public, that you gave your boss a free pass and that's just not going to cut it here,” Sen. Elizabeth Warren, D-MA, told the central bank's inspector general.
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Bank of America launches fintech accelerator program
Participants in Breakthrough Lab — which is offered at no cost — are not expected or required to exchange equity with Bank of America, the bank said.
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Ex-First Republic chief blames contagion for bank’s failure
“Instead of dealing with temporary decreased earnings due to interest rate pressures, First Republic was contaminated overnight,” former CEO Michael Roffler told House lawmakers Wednesday.
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BlackRock bumps its in-office requirement to 4 days a week
“When fast-moving, high-client-interest events are happening, having our teams physically together to find solutions, seize opportunities and learn from each other makes a difference,” two executives wrote Tuesday.