The Latest

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    Planet Hollywood sues Florida bank in alleged PPP fraud

    BankUnited forced Planet Hollywood and its affiliated companies to reapply for a PPP loan, for which they lost the opportunity to have at least $4.5 million forgiven.

  • Sen. Elizabeth Warren, wearing a red jacket, speaks into a microphone during a Congressional hearing.
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    Michael A. McCoy / Stringer via Getty Images
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    Warren demands Zelle scam update

    In letters to Zelle’s bank owners, Sen. Elizabeth Warren and two other Democrats asked what the financial institutions are doing to protect customers using the digital payments service.

  • A close-up of a building with Capital One signage is shown.
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    Win McNamee / Staff via Getty Images
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    Capital One shutters Discover home equity business

    A website notification says Discover Home Loans “is no longer accepting applications for new home equity or mortgage refinance loans, although we will continue to process applications that are in progress.”

  • The Federal Reserve building at sunset.
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    Douglas Rissing via Getty Images
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    Fed bans Wyoming ex-banker over charity embezzlement

    Kendall Hickman, a former employee of Jonah Bank of Wyoming, embezzled more than $33,000 in funds from a nonprofit organization while working as a part-time bookkeeper. 

  • Sen. Elizabeth Warren (D-MA) speaks during a Senate Banking, Housing, and Urban Affairs committee hearing on January 11, 2024 in Washington, DC.
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    Kent Nishimura via Getty Images
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    Warren slams Fed’s proposed tweaks to stress capital buffer

    In a public comment, the senator urged the central bank to withdraw a proposal to allow banks to use an average of the past two years’ stress testing losses in the calculation of their buffer.

  • Navy Federal Credit Union, Douglasville Georgia location
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    Permission granted by Navy Federal Credit Union
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    CFPB drops $95M overdraft case against Navy Federal

    The move is yet another example of the current bureau’s retreat from Biden-era consent orders.  

  • An entrance to a Madison Avenue JPMorgan Chase building is shown, with revolving doors and a person walking in the foreground.
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    Michael M. Santiago / Staff via Getty Images
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    Top US banks boost dividends

    JPMorgan and Morgan Stanley announced share repurchase programs. Wells Fargo and Goldman Sachs, meanwhile, will see current stress capital buffers lowered.

  • The words "Goldman Sachs" are seen on a partial wall with a wood finish.
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    Michael M. Santiago / Staff via Getty Images
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    Goldman taps new global chairman of investment banking

    Raghav Maliah joined the firm in 2000 and currently holds two lead roles in the Asia Pacific region.

  • A sign shows the FDIC acronym in the foreground on the left, and glass doors and an FDIC rug in the background to the right.
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    Creative via Getty Images
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    Making sense of the ‘crazy quilt’ of financial regulators

    Federal banking agency job cuts and a deregulatory push have again stoked conversations around consolidation. Merging agency functions could make sense, but here’s why it’s unlikely to happen.

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    Creative via Getty Images
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    NCUA closes 2 credit unions in 2 days

    The regulator closed Aldersgate Federal Credit Union and Butler Heritage Federal Credit Union; Aldersgate was placed in conservatorship last month, after operating in an “unsafe and unsound manner.”

  • A man smokes outside a Standard Chartered bank location.
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    Matthew Lloyd via Getty Images
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    StanChart hit with $2.7B lawsuit tied to 1MDB scandal

    Liquidators of three 1MDB-related companies claim that Standard Chartered permitted more than 100 intrabank transfers that enabled massive fraud of Malaysia’s sovereign wealth fund.

  • The front of a two-story brick bank building with the company name and logo.
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    "Webster Bank, Hamden, CT" by John Phelan is licensed under CC BY-SA 3.0
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    Webster Bank taps former Ally CRO

    Jason Schugel, whose 15 years at Ally included six as chief risk officer, has been appointed CRO at Webster, effective July 14.

  • TD Bank at One Vanderbilt
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    Permission granted by TD Bank
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    Ex-TD employee pleads guilty to receiving bribes, forging bank documents

    Between 2022 and 2023, Jhonnatan Steven Rodriguez opened approximately 140 bank accounts for customers who had contacted him via text in exchange for small bribes between $200 and $250.

  • The Federal Deposit Insurance Corp. name and logo are shown on the exterior of a building.
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    Creative via Getty Images
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    FDIC: ‘Suspected fraud’ contributed to Texas bank failure

    The Santa Anna National Bank in Texas was closed by the OCC Friday. The failure could cost the FDIC’s Deposit Insurance Fund an estimated $23.7 million.

  • Seal of the Board of Governors of the United States Federal Reserve System.
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    LD via Getty Images
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    Largest banks sail through Fed’s stress test

    All 22 banks that participated in the Federal Reserve’s stress test passed, although it was less stringent than past years. 

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    Jack Taylor via Getty Images
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    Judge again denies request to slash Ripple’s SEC penalty

    The SEC can “change course after an enforcement action is initiated,” the judge wrote last week. “But the parties do not have the authority to agree not to be bound by a court’s final judgment.”

  • Circle at ringing of NYSE bell following June 2025 IPO
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    Courtesy of Courtesy of Circle
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    Circle applies for national trust charter

    The proposal to create the First National Digital Currency Bank “marks a significant milestone to build an internet financial system,” CEO Jeremy Allaire said. Wise applied for a similar charter in June.

  • IPO, initial public offering, investment opportunity or make profit from new stock concept.
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    Wealthfront files for IPO

    It’s at least the fifth fintech that’s filed to go public this year, but one investor said it’s not a trend – it’s more “a return to normal.”

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    MilanEXPO via Getty Images
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    Envestnet spins off Yodlee to private-equity firm

    The data aggregator is being sold to STG for an undisclosed amount in a deal set to close in the third quarter.

  • Tim Scott speaks during a Senate hearing
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    Bonnie Cash / Stringer via Getty Images
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    Senate shrinks proposed CFPB cuts in megabill

    One week after the Senate parliamentarian struck down efforts to zero out CFPB funding, lawmakers released a scaled-back proposal.

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    Atlantic Union sells roughly $2B in CRE loans to Blackstone

    The Virginia-based lender closed the sale of the loan portfolio it acquired from its merger with Sandy Spring Bancorp. 

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    Natalie Meepian via Getty Images
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    Banking conferences yet to come in 2025

    Gatherings can be idea generators, or crucial chances to network — especially amid an environment where political change can yield previously unexpected possibilities and partnerships.

  • Federal Reserve Governor Michelle Bowman stands behind a podium and speaks.
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    Federal Reserve. (2024). [Photo]. Retrieved from Flickr.
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    Fed proposes 27% cut to tier 1 capital requirements

    Changes to the enhanced supplementary leverage ratio would be accompanied by a 5% reduction in total loss absorbing capacity and a 16% drop in long-term debt requirements.

  • An exterior shot of a Fifth Third Bank location is shown
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    Courtesy of Fifth Third
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    Fifth Third names new legal chief, commercial banking head

    The Cincinnati-based lender named Christian Gonzalez as CLO and Vikas Khanna, a 10-year veteran of the bank, as its head of commercial banking. 

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    Dimitrios Kambouris via Getty Images
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    Ex-Barclays CEO Staley’s lifetime FCA ban to remain

    A U.K. tribunal court Thursday dismissed the former executive's attempt to fight the ban, which came amid revelations of Staley's ties to the late convicted sex offender Jeffrey Epstein.