The Latest
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Trade groups challenge CFPB’s open banking rule on Day 1
Liability over data security emerges as a top concern as the Bank Policy Institute and a Kentucky trade group and bank sue the bureau, arguing overreach.
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Huntington CFO sees acceleration of fintech venture opportunities
Declining interest rates are opening the gateway for a “regrowth” of funding activity, said Zachary Wasserman, CFO of the Columbus, Ohio-based bank.
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SoLo Funds hit with lawsuit over ‘tips,’ ‘donations’ features
The proposed class action filed last week in a California federal court alleges the fintech misleads borrowers with advertising that deceptively claims to offer zero-interest loans and no hidden fees.
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CFPB issues final rule on open banking
Payment apps are included in the data-control rule, in a change from last year’s proposal. Banks and credit unions with less than $850 million in assets are exempt.
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HSBC names first woman CFO amid restructuring
The bank is simplifying its business into four spheres, but the changes will mean inevitable reductions for "duplicated" senior roles, CEO Georges Elhedery warned.
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Santander debuts digital bank in US
With Openbank, already established in Europe, the lender aims to accelerate its U.S. growth strategy by generating more deposits to fund its auto lending.
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Truist to pay $9.1M over lead poisoning payouts
Truist predecessor SunTrust approved disbursements that weren’t in the best interests of beneficiaries of trust accounts linked to a lead poisoning settlement, the Justice Department said.
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JPMorgan hires NOAA climate scientist to lead climate advisory practice
Sarah Kapnick rejoins the bank after a stint as the National Oceanic and Atmospheric Administration’s presidentially appointed top scientist.
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Oklahoma bank fails, in-state peer buys insured deposits
Alleged "fraud" is believed to be behind the First National Bank of Lindsay's failure, the second U.S. bank collapse this year. The FDIC’s Deposit Insurance Fund will take a roughly $43 million hit.
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Atlantic Union Bank to buy Sandy Spring in $1.6B deal
The acquisition would give the Virginia lender’s footprint the “Golden Crescent” it has sought for years, with 53 added branches in the D.C. area and Maryland, roughly doubling its wealth business.
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Synapse-related funds to be disbursed soon, Evolve says
Customers who are owed money will be asked to choose a payment method Nov. 4, with payments beginning “shortly thereafter,” the bank said Saturday.
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Fiserv may grab competitive edge with new bank charter
The payments processor can undercut rivals on price because it won’t be paying bank fees, industry consultants say.
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NYCB to shrink headcount by 1,900
The bank cut roughly 700 employees, or 8% of its workforce, it said Thursday, and anticipates shedding another 1,200 when it sells its mortgage servicing and third-party origination business.
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OCC hits Florida bank over AML concerns
Maitland-based Axiom Bank agreed to revamp its BSA/AML program and look back at its suspicious activity reporting history.
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JPMorgan Chase leads banking sector in AI adoption: report
In a tightening race, Capital One gained ground by adding engineering talent, according to Evident research published Thursday.
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OCC bans ex-Citi, JPMorgan bankers over fraud, data sale allegations
In one instance, a banker convicted of prior fraud took her sister’s identity to regain employment at Citi, the OCC said.
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FDIC’s bank failure fund may be repaid ahead of schedule
The reserve ratio for the Deposit Insurance Fund will reach the statutory minimum level in 2026, ahead of a 2028 deadline, the agency’s staff projected, though that estimate is “subject to uncertainty.”
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Truist CEO: No ‘merger hangover’ with expenses
As the bank approaches five years since the completion of the SunTrust-BB&T merger, Truist CEO Bill Rogers sought to assure analysts Thursday that it’s on offense rather than defense.
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Banks must be wary of AI security risks, regulator says
NYDFS Superintendent Adrienne Harris says financial services firms have to keep their cybersecurity measures up to snuff, lest they fall victim to cyber threats.
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NYCB rebrands as Flagstar Financial
The board has approved an amendment to change New York Community Bank’s name to Flagstar Financial, effective Oct. 25.
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Discover discloses SEC accounting criticism
The agency disagrees with the way the company is allocating card misclassification charges, Discover said in its third-quarter earnings report.
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FDIC greenlights FAA vet to lead ‘professional conduct’ office
The move comes nearly a year after dozens of employees alleged the agency tolerated rampant sexual misconduct and retaliation in a Wall Street Journal exposé.
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State Street CFO to leave for S&P Global
S&P will pay Eric Aboaf a $2.4 million signing bonus when he joins the credit ratings firm in February. He’s also in line for a one-time $5.9 million equity award.
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Crypto firm Copper hires ex-Goldman exec as new CEO
Amar Kuchinad will replace the founder and current CEO, Dmitry Tokarev, in a push to drive the crypto custodian’s global growth strategy with a focus on fortifying its U.S. presence.
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Fairway to pay $9.9M in redlining settlement
The lender allegedly discouraged residents of Black-majority neighborhoods from applying for mortgages. Fairway said the complaint “appears to be intentionally inflammatory in nature.”