The Latest

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  Fed, FDIC, OCC update guidance on third-party risk management

  Regulators described the new guidance as “principles-based,” which can be adjusted to the unique circumstances of each third-party relationship.

  Regulations & Policy

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  Sponsored by EY

  How banks can fix broken FinTech partnership models

  Banks that embrace a structured framework to guide strategy development and execution can improve their odds of partnership success.

  Technology

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  Morgan Stanley, JPMorgan consider cutting ties with hedge fund

  The move comes after the Financial Times published a report in which 13 women accused financier Crispin Odey of misconduct. The U.K.'s Financial Conduct Authority is investigating.

  Commercial

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  Binance court filings shed light on relationship with failed banks, Gensler

  The now-SEC chief offered to serve as a Binance advisor in 2019, Binance's legal team alleges. The filing also details billions of the exchange’s dollars funneled through Silvergate and Signature.

  Regulations & Policy

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  Banks’ use of chatbots could reduce trust, CFPB warns

  “A poorly deployed chatbot can lead to customer frustration ... and even violations of the law,” the bureau’s director, Rohit Chopra said Tuesday.

  Risk

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  Morgan Stanley M&A chief to jump back to big law

  Rob Kindler, a 17-year veteran of the bank who played crucial roles in the E*Trade and Eaton Vance acquisitions and the sale of a minority stake of Morgan Stanley to MUFG, will join law firm Paul Weiss after Labor Day.

  Commercial

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  Capital One acquires digital concierge service Velocity Black

  The bank’s “entrepreneurial spirit and customer-first, tech-led culture align beautifully” with Velocity Black, the startup’s CEO said.

  Retail

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  FTX’s legal team has its hands full

  The bankrupt crypto exchange is fighting court battles on multiple fronts, and former CEO Sam Bankman-Fried’s attorneys say the U.S. government is overdue to supply evidence in its case against him.

  Commercial

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  New Mexico credit union to buy Western Heritage Bank

  The transaction, for an undisclosed sum, will give $4 billion-asset Nusenda Credit Union six added branches and a presence in Texas, as four of Western Heritage’s locations are in El Paso.

  Credit Unions

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  Brightflow AI acquires CircleUp fintech

  With the deal, Brightflow AI boosts its SMB financial insights tool with CircleUp's Helio insight engine, which tracks 1.6 million consumer brands over 200 data sources.

  Technology

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  Column

  Central bank role would make ex-First Republic exec’s career path make sense

  Once the heir apparent at First Republic, Hafize Gaye Erkan stunned the bank by hopping to a client — then leaving that job three months later. But she didn't have to bow to JPMorgan.

  Commercial

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  Investors urge judge to advance Wells Fargo diverse hiring lawsuit

  Following a New York Times report that alleged employees were conducting sham interviews, shareholders claim the bank assured investors that its diverse hiring policy was working.

  Regulations & Policy

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  SEC sues Coinbase as federal crackdown on crypto continues

  Coinbase was accused Tuesday of operating an unregistered national securities exchange, broker and clearing agency. The SEC also took aim at its staking-as-a-service program, a day after suing crypto firm Binance.

  Regulations & Policy

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  Banks could face 20% capital buffer increase: report

  The largest increases are expected to fall on lenders with big trading operations, and those who rely heavily on fee income, sources told The Wall Street Journal.

  Regulations & Policy

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  SEC charges Binance, CEO Zhao with 13 violations

  The regulator alleged high-value U.S. customers were secretly allowed to trade on Binance platforms after the company said otherwise, and that controls allowed customers’ funds to commingle.

  Regulations & Policy

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  CBDC ecosystem risks fragmentation, trade group says

  A set of common rules and standards, allowing for interoperability between public and private blockchains, would be crucial to building an international system, the Faster Payments Council said.

  Payments

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  Republicans draft crypto legislation

  The discussion draft, which largely addresses how digital assets can be defined as commodities, represents the most significant federal legislative development in the crypto sphere this year.

  Regulations & Policy

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  UBS could close Credit Suisse deal next week

  The Swiss bank may delay its second-quarter results until the end of August to give investors a clearer update on its plans for Credit Suisse’s domestic business, the Financial Times reported.

  Commercial

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  Alabama credit union to buy SunSouth Bank

  After the transaction, All In Credit Union will have $3 billion in assets and 33 locations across the state's southeast and the Florida Panhandle.

  Credit Unions

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  Fed issues consent order to Silvergate to ensure wind-down

  Silvergate must submit a self-liquidation and wind-down plan within 10 days to the central bank and California’s Department of Financial Protection and Innovation.

  Commercial

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  Pennsylvania lender to pay more than $3M in DOJ redlining settlement

  ESSA Bank & Trust’s president signaled the bank’s cooperation but said ESSA “did not receive a single fair lending complaint from any customer or potential customer” during the time in question.

  Regulations & Policy

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  JPMorgan Chase to close 21 First Republic branches

  Roughly 100 employees will be offered six-month transition assignments, Reuters reported. About 60% of First Republic branches are a five-minute walk from a Chase location, according to Bloomberg.

  Retail

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  TD’s Cowen shuts down crypto unit

  Cowen had launched digital asset services in March 2022. An email seen by Bloomberg indicated May 31 was “the last day” for the unit and its 10 employees.

  Commercial

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  Goldman Sachs’ playbook for keeping innovation alive

  The investment bank's technology fellowship program allows engineers to advance into tech leadership roles.

  Technology

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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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