The Latest
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Pot banking firm targets talent, M&A following SPAC deal
Safe Harbor Financial is looking for a second sponsor bank, and has its eye on adding an insurance offering.
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Banks turn to automation to realize efficiency gains
Automation will increasingly support customer experience improvements, product releases and other client-relations objectives, analysts said.
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CFPB sues MoneyLion, alleging Military Lending Act violations
The fintech required customers to join a membership program to access its low-APR installment loan product, but wouldn’t let members cancel their memberships until their loans were paid, the bureau said.
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Barclays takes $361M penalty in debt-product oversale error
The bank failed to establish internal controls related to tracking its securities sales in real time, the SEC said. Bank employees may face disciplinary action or pay cuts in connection with the findings, Barclays said.
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6 largest US banks to join Fed’s first-ever climate scenario exercise
The “exploratory” analysis will launch in early 2023 and be separate from bank stress tests, the Fed said, adding it will not have capital or supervisory implications.
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Lakeland Bank to pay $13M in DOJ redlining settlement
The settlement comes one day after Provident Bank said it would acquire Lakeland in a $1.3 billion all-stock transaction. Provident disclosed Tuesday it was aware of the pending settlement when agreeing to the deal.
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Trade groups sue CFPB over new anti-discrimination policy
The bureau should have requested comment on a proposed rule aimed at combating discrimination in banking before implementing such a change, groups such as the ABA, CBA and U.S. Chamber of Commerce said.
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Digital banks, credit unions should factor into merger reviews: Fed’s Bowman
Potential combinations should hinge on risk analysis, not deposit market share, in an update to 1995 guidelines, the central bank governor said Wednesday.
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SEC, CFTC fine 11 banks $1.8B in record-keeping probe
Bank of America took the heaviest combined penalty, at $225 million, over the use of unapproved platforms for business communications. Citi, Goldman Sachs, Morgan Stanley and four others were fined $200 million.
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CFPB fines Regions $191M on overdraft practices
The bureau demanded Regions pay $141 million in redress to customers and a $50 million penalty over “authorized-positive” fees the bank charged related to the order in which it posted transactions.
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JPMorgan’s UK retail bank hits 1M customers, aims to double staff by 2024
JPMorgan said it plans to introduce new features and enhancements to the current Chase U.K. account, including new savings options and lending products, such as a Chase credit card.
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Celsius CEO, FTX US president resign
Mashinsky’s departure comes amid bankruptcy proceedings his company initiated in July. Harrison’s resignation comes one day after FTX US won the bid to buy Voyager Digital’s assets for $1.4 billion.
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NJ’s Provident, Lakeland to merge in $1.3B deal
The transaction, set to close in the second quarter of 2023, aims to give the Garden State a “super-community bank” at the $25 billion-asset level, filling a gap that opened when Citizens acquired Investors Bancorp.
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PNC buys restaurant point-of-sale firm Linga
The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.
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FTX wins bid to buy Voyager’s assets for $1.42B
The deal comes two months after the crypto brokerage accused FTX’s billionaire owner of trying to subvert its bankruptcy process by offering early liquidity to Voyager customers.
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Varo’s tech unit looks to speed development, find efficiencies
The neobank aims to diversify its offerings in payments and lending, but there are unresolved questions about the company’s path to profitability.
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Deutsche Bank settles for $26.3M over Jeffrey Epstein, Russian oligarch ties
The 2020 suit claimed that bank executives and management routinely overruled compliance staff to continue working with the high-risk and ultra-rich, like Russian oligarchs and people associated with Mexican drug cartels.
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Banc of California acquires Deepstack in payment processing play
The acquisition gives the bank access to predictable fee income and enables it to capture a larger share of revenue per transaction, Banc of California said.
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Bank CEOs defend Zelle in Senate hearing
Sen. Elizabeth Warren, D-MA, called the peer-to-peer payments network “unsafe,” claiming Zelle users were defrauded out of $500 million last year.
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Citi proposes UK retail exit
The move wouldn’t materially affect the bank. Citi has one U.K. retail branch and intends to ask qualifying clients to use the bank’s private banking services.
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NYC official urges BlackRock to clear up ‘alarming’ ESG ambiguity
The city's comptroller asked the asset manager to publish a plan that clarifies its net-zero emissions pledge, including concrete steps and a timeline. BlackRock’s ESG stance has also drawn fire from fossil-fuel advocates.
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Republicans grill bank CEOs on handling of new merchant gun code
GOP lawmakers, during a wide-ranging hearing Wednesday, demanded the CEOs of the nation’s top banks share how they plan to respond to a new category code for gun and ammunition retailers.
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Citi sets LGBTQ+ representation goal among renewed diversity push
The bank also aims for women to fill 43.5% of its roles from assistant vice president to managing director by 2025, along with higher targets for Black and Latinx representation, Citi said this week.
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Kraken CEO Jesse Powell steps aside, as COO takes the reins
The crypto exchange’s top executive raised ire over a culture document that addressed preferred pronouns, diversity-focused hiring and abortion. He told Fortune he had “grown tired of long hours and day-to-day management tasks.”
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PNC gears up for Round 3 in USAA patent dispute
Lawyers for PNC asked a judge for a new trial in a $218 million case days after a jury found the bank should pay USAA another $4.3 million in a related matter.
