The Latest
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Atlantic Union hit with $6.2M CFPB penalty
At least $5 million in illegal overdraft fees will be refunded to affected customers. A $1.2 million penalty will be paid into the CFPB’s victims relief fund. The bank denies any wrongdoing.
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Courtesy of Wells Fargo multimedia resources
3 takeaways from bank executives’ conference appearances
Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.
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Cross River bolsters Best Egg relationship with $150M credit facility
The funds will support Best Egg's Flexible Rent product, which allows renters to break up their rent into smaller chunks aligned with their cashflow.
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Walter Bibikow
CFPB’s MoneyLion suit paused for Supreme Court funding ruling
MoneyLion, which is being sued by the CFPB over claims it violated the Military Lending Act, was granted its request for a pause ahead of the Supreme Court’s ruling on the CFPB’s funding structure.
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House Financial Services Chair McHenry won’t seek reelection
“This is not a decision I come to lightly, but I believe there is a season for everything and — for me — this season has come to an end,” Rep. Patrick McHenry, R-NC, said in a statement Tuesday.
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Amex CEO weighs in on Apple card reports
The card issuer’s premium designation isn’t compatible with all potential card issuing partners, Amex CEO Steve Squeri said Tuesday.
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ColumnWells Fargo union-linked lawsuit, settlement get lost in the shuffle
An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.
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WaFd, Luther Burbank extend merger deadline to February
Both banks say they're "fully committed" to the deal, but it's the second delay for the transaction, originally expected to close by June 2023. It also faces opposition from a coalition of 54 nonprofits.
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Swiss private bank Pictet to pay $122.9M in US tax evasion case
“As it has admitted today, Banque Pictet knowingly conspired to conceal from the IRS the income generated by accounts which held more than $5.6 billion,” U.S. Attorney Damian Williams said in a statement Monday.
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Getty Images via Getty Images
Breaking down capital requirements
For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.
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Wells Fargo’s ex-CEO Sloan sues bank for $34M
The San Francisco-based lender is “depriving Mr. Sloan of tens of millions of dollars” in canceled stock awards and unpaid bonuses, and causing “emotional distress,” lawyers wrote.
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House votes to repeal CFPB small-business data collection rule
The Republican-led chamber voted 221-202 to repeal the CFPB small-business data collection rule. President Joe Biden is expected to veto it, according to sources.
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UK fintech Banked builds a US presence
The company expects its pay-by-bank services for bank clients will eventually lure retailers.
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Drew Angerer / Staff via Getty Images
TD to cut more than 3,000 jobs
The 3% reduction will encompass “all business lines” and will be achieved “through attrition and by redeploying talent to open positions wherever possible,” bank representatives said.
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David McNew via Getty Images
Bank of America fined $24M by FINRA over alleged spoofing
Between October 2014 and February 2021, a former supervisor and a former junior trader at the bank executed more than 700 instances of spoofing in the U.S. Treasury secondary markets, FINRA alleged.
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Column3 motivations behind a ‘bloodless coup’ scenario at UBS
In championing a Morgan Stanley-style public succession battle, Colm Kelleher could be giving the Swiss bank’s next CEO a chance he never got, or he could see a lot of himself in Sergio Ermotti.
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Who wants Apple’s credit card? Analysts weigh in.
Synchrony, American Express and Capital One have all been floated by analysts as potential successors to Goldman Sachs for Apple’s credit card.
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BNY Mellon to boost minimum hourly wage to $22.50 in March
The bank is also expanding the mental health resources it offers employees, to allow for up to 12 no-cost therapy sessions annually, up from five, BNY Mellon said Friday.
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Courtesy of Ally Financial
Ally’s consumer-banking chief to leave July 1
Diane Morais had been seen as a potential successor to outgoing CEO Jeffrey Brown. She has been with the company since 2008.
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Metro Bank to cut 800 jobs
The reduction accounts for 20% of employees at the U.K. lender, which is also questioning its seven-days-a-week branch hours.
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Senator renews call for Gruenberg’s ouster as FDIC OIG offers fresh inquiry
“This time, there needs to be more than just a survey of the workforce,” Sen. Joni Ernst, R-IA, said in a letter Wednesday to the FDIC chair. “There needs to be real ramifications.”
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Greenwood adds retail investing, eyes profitable 2024
The Atlanta-based neobank on Thursday launched Greenwood Invest, an app that allows customers to invest in stocks and exchange-traded funds.
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Anna Hrushka/Banking Dive
First Fed Bank hit with FDIC consent order over fintech joint venture
The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.
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Apple seeks to end Goldman Sachs credit-card partnership: reports
The proposed winddown would entail the entire consumer partnership, including the savings account that was rolled out this year, sources told The Wall Street Journal.
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Bank of America to pay $12M over lax mortgage data reporting
Hundreds of the bank’s loan officers failed to collect demographic data from applicants but reported to the Consumer Financial Protection Bureau that the applicants had chosen not to respond, the agency said.
