The Latest
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5 takeaways from the FDIC’s Travis Hill on liquidity, Basel
Banks must be willing to use the liquidity facilities available to them, and regulators must come together on a Basel endgame re-proposal, the FDIC’s vice chair said Wednesday.
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NYCB offloads mortgage servicing to Mr. Cooper for $1.4B
The move reflects the lender’s efforts to become a “relationship-focused regional bank,” CEO Joseph Otting said Thursday as the bank reported earnings. He suggested more divestitures could follow.
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Revolut gets UK banking license
Unreliable revenue figures and a complicated share structure likely contributed to the fintech’s three-year wait. But Revolut’s numbers came in robust and on time this year.
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Capital One racks up Walmart, Discover charges
The card company set aside more than $800 million for credit losses post-Walmart breakup, a day after a class-action lawsuit sought to block Capital One's deal for Discover.
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Fed cites digital bank Jiko over capital planning woes
The central bank is requiring the startup, which bought a bank in 2020, to submit a liquidity risk management plan with steps to diversify its funding sources and enhanced stress test scenarios.
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Revolut faces more fraud claims than other UK banks: report
A spokesperson said the fintech investigates each fraud claim independently of other cases, and that it takes such claims “incredibly seriously.”
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FTC demands pricing input from JPMorgan, Mastercard
The Federal Trade Commission demanded information from the megabank, card network and other companies to better understand how consumer data is being used in pricing.
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Column
Dive Deposits: Menendez, Vance’s changing fortunes spotlight Senate banking panel
Despite the New Jersey Democrat’s resignation and the Ohio Republican’s possible ascent to vice president, the Senate panel can expect business as usual — albeit with heightened urgency.
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Goldman vet tapped to lead Julius Baer
Stefan Bollinger, Goldman’s co-head of private wealth management for Europe, the Middle East and Africa, will take the helm of the Swiss bank by Feb. 1, 2025.
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Column
Dive Deposits: Comerica’s loss may be BNY’s gain
The Treasury Department will not renew its Direct Express debit card contract with Comerica, the Dallas bank disclosed Friday. Rather, that partnership is going to BNY, sources told American Banker.
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BlockFi prepares to make customers whole
The crypto firm’s bankruptcy plan was approved in September. It announced Monday the sale of its FTX claims, part of its plan to pay customers back, at a “substantial premium to the[ir] face value.”
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What bankers might expect if Kamala Harris wins the White House
The Democratic front-runner went solo to get California a meatier mortgage settlement — and demanded names in Wells Fargo’s fake-accounts case. But she took flak for not prosecuting OneWest.
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Truist execs pledge expense discipline
While the bank is “fully committed” to keeping expenses flat this year compared to last, Truist is spending to bolster its payments and middle market lending teams, CEO Bill Rogers said Monday.
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Fed fines Green Dot $44M
The consent order has been expected since February, when Green Dot revealed that reasonable associated losses could total $50 million.
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JPMorgan Chase invests in B2B payments startup Slope
The bank’s payments unit and Y Combinator were among investors providing $65 million in financing for the business-to-business upstart this month.
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Capital One-Discover deal critics, supporters sound off
Executives with the two companies and a number of community groups spoke in favor of the $35.3 billion merger Friday, while a raft of critics urged regulators to block the deal.
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JPMorgan, UBS and others see effects of IT outage
Trading was delayed at JPMorgan and Nomura, media outlets reported. UBS saw problems related to legacy systems inherited from Credit Suisse. Charles Schwab warned users not to place duplicate trades.
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Citi COO intended to deceive OCC, ex-employee says
In an amended lawsuit, former Citi data executive Kathleen Martin claims Anand Selva suggested twice that she fudge data to the bank’s primary regulator. She declined and lost her job two weeks later, she says.
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Retrieved from OCC.
OCC bans 7 bankers in misappropriation, PPP cases
The bankers include former employees of JPMorgan, BofA, Wells Fargo and Varo. In one case, an ex-U.S. Bank employee received $29,375 in PPP funds and misrepresented payroll and business expenses.
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Hsu signals OCC to review preemption rules
In a speech Wednesday, the acting Comptroller of the Currency also pointed to the need for heightened regulation of bigger banks and the rising complexity of bank-nonbank ties.
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Green Dot execs misled shareholders about declining business, lawsuit says
A former Green Dot employee alleged Monday that company leaders misrepresented how an important line of business was performing while also knowing about issues that would lead to an expensive Fed consent order.
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6 ways the CFPB wants to keep its eyes on fintech middlemen
Clearer guidance around “rent-a-bank,” open banking and buy now, pay later will ensure more consumers benefit, Director Rohit Chopra said in remarks last week.
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HSBC names CFO Elhedery as its next CEO
The Lebanon-born banker was seen as an early front-runner to succeed Noel Quinn. Elhedery took a sabbatical in 2022, reportedly learning Mandarin, and was named CFO when he returned.
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Discover to sell student loan portfolio to Carlyle, KKR in $10.8B deal
The student loan sale is the latest loose end Discover seeks to tie up since Capital One announced its intent to purchase the card company.
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Webster Bank taps ex-First Republic CFO as new finance chief
Neal Holland served as CFO of First Republic for roughly seven months before JPMorgan acquired it. He also was MUFG Union’s CFO just ahead of its purchase by U.S. Bank.