The Latest
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California credit union to buy in-state bank
The $56.4 million acquisition of Community Valley Bank will give Frontwave Credit Union $315.8 million in added assets, five locations and entry to Imperial County.
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NY would bar banks from charging fees on overdrafts of less than $20
A proposal targets “authorize positive, settle negative” charges and duplicative nonsufficient funds fees, but it would only apply to state-chartered banks.
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Column
Dive Deposits: FDIC’s Hill wastes little time in re-prioritizing
The agency’s acting chief laid out his aim for transparency in fintech partnerships, a faster bank merger approval process and a 180-degree turn on “problematic” Biden-era proposals.
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Patriot Bank, OCC ink deal over ‘troubled’ condition
The Connecticut lender is taking remedial steps after the OCC found “unsafe or unsound practices” and violations related to strategic and capital planning and AML risk management.
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Barclays to shutter its Rise fintech accelerator, hub
Rise has been “the gathering hub” for the fintech ecosystem for the past decade, and its loss creates a significant gap, one venture capitalist said.
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Ally to sell credit card business to CardWorks
Plans for the sale were hinted at earlier this year, a month after the CEO said the business wasn’t within Ally’s core focus.
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SEC unveils crypto task force led by Hester Peirce
“This undertaking will take time, patience, and much hard work,” Peirce said, adding the agency plans to encourage a regulatory environment that “protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”
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BlackRock, Tennessee reach settlement on ESG suit
The agreement dismisses the state’s 2023 lawsuit and does not find that the investment firm violated any laws. “We’re pleased to resolve this matter,” a BlackRock spokesperson said.
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Capital One outage spans days, hits thousands
Third-party vendor FIS blamed a local power loss and hardware failure for the issue, which Bank of Oklahoma said affected more than two dozen financial institutions.
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Chicago’s Pulaski Savings Bank is 2025’s first to fail in US
Illinois-based Millennium Bank acquired Pulaski’s deposits and most of its assets. The FDIC said the collapse will cost $28.5 million to the Deposit Insurance Fund, citing suspected fraud.
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Wells Fargo, Merrill Lynch, LPL settle SEC charges
Two Wells Fargo-affiliated investment advisers and Merrill Lynch agreed to pay $60 million, while LPL Financial agreed to pay $18 million.
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Fed, FDIC exit climate-focused organization NGFS
The central bank said the work of the Network of Central Banks and Supervisors for Greening the Financial System has “broadened in scope” and no longer falls within its “statutory mandate.”
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FDIC sues 17 ex-SVB executives in alleged ‘gross negligence’
The complaint filed Thursday includes the former CEO and CFO of the failed California-based bank, four other ex-executives and 11 former directors.
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TD slashes pay for 41 execs, expedites Chun’s start date
Compensation cuts reflect “the seriousness of the U.S. [anti-money laundering] failures, the associated costs to the Bank, and the limitations imposed on the U.S. retail business,” the bank said Friday.
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Goldman gives Solomon an $80M bonus and a 26% raise
The boost, to $39 million for 2024, makes the CEO the best-paid among the top six U.S. banks. Goldman is also tying four executives’ pay, to a degree, to the banks’ efforts connected with private credit.
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WaFd sheds 8% of staff with mortgage exit
“Our aim is to always offer products and services to our customers where WaFd Bank can add value, and we have concluded that we no longer do so in the mortgage sector,” CEO Brent Beardall said Thursday.
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Wells Fargo ex-exec appeals $1.5M fine, OCC enforcement order
Paul McLinko served as the bank’s executive audit director during its 2016 fake-accounts scandal. He called the penalty “arbitrary, capricious, an abuse of discretion, and otherwise not in accordance with law.”
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Q&A
U.S. Bank scouts for agentic AI as age of ‘do it for me’ awaits
The super-regional’s chief innovation officer said there’s a fine line between being proactive and helpful, versus being proactive and creepy. “We don’t want to cross the creepy line,” he said.
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KeyBank hires next CRO from Truist
Mo Ramani replaces Darrin Benhart, who will move into a newly created role as Key’s chief regulatory officer, a spokesperson for the bank said.
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Silvergate ex-CFO seeks dismissal of SEC charges
Antonio Martino filed for dismissal Tuesday, seven months after the SEC fined Silvergate and banned two of its executives from C-suite positions for five years.
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BMO to pay $40.6M over ‘misleading’ mortgage-backed bonds
The bank’s employees spoke about changing the bonds' "cosmetics" to boost sales, the SEC alleged. They included a sliver of higher-interest mortgages into otherwise low-risk offerings, the agency said.
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Citi deploys AI coding tools to 30K developers in modernization push
The bank poured nearly $12 billion into technology in 2024, executives said Wednesday.
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Amex pays $230M to resolve DOJ allegations
The credit card giant misrepresented features of some credit cards targeting small businesses and entered false information on card applications, the Justice Department alleged.
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Block agrees to pay $255M to regulators for Cash App deficiencies
The Consumer Financial Protection Bureau said the payments provider “employed weak security protocols for Cash App and put its users at risk.”
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7 takeaways from Q4 earnings at JPMorgan, Goldman and more
JPMorgan CEO Jamie Dimon addressed his retirement timeline, Goldman chief David Solomon talked Apple, and bankers overall appeared to exude “animal spirits.”