The Latest

  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
    Image attribution tooltip
    Anna Moneymaker via Getty Images
    Image attribution tooltip

    Chopra raises alarm on ‘financial surveillance’ at Senate hearing

    “Plans to monetize sensitive financial transaction data are a reminder that the United States is slowly lurching toward more financial surveillance and even financial censorship,” CFPB Director Rohit Chopra said Wednesday.

  • Brex CEO Pedro Franceschi pictured against a grey background.
    Image attribution tooltip
    Courtesy of Brex
    Image attribution tooltip

    Brex moves to single-CEO model

    Pedro Franceschi will become sole chief executive, while co-founder Henrique Dubugras will move to board chair as the company aims for a 2025 IPO.

  • Cryptocurrency tokens lying next to a gavel
    Image attribution tooltip
    Just_Super via Getty Images
    Image attribution tooltip

    Terraform Labs, Do Kwon to settle with SEC for $4.47B

    Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.

  • A sign outside of a city building reads "Available" and "office/retail" as people walk by on the sidewalk
    Image attribution tooltip
    Justin Sullivan / Staff via Getty Images
    Image attribution tooltip

    Wells, PNC CFOs see office spaces leading CRE stress

    “Older office buildings that are not renovated in certain areas of different cities are the places that you’re seeing the most stress,” Wells Fargo CFO Mike Santomassimo said Tuesday.

  • WealthMeUp, an app for investing
    Image attribution tooltip
    Permission granted by WealthMeUp
    Image attribution tooltip

    Ex-Bank of America lawyer builds female-focused investment app

    A beta version of WealthMeUp, an application designed to help women navigate investment and address the disparity between how men and women look at the space, launched Tuesday.

  • FDIC
    Image attribution tooltip
    Courtesy of FDIC
    Image attribution tooltip

    Synapse trustee McWilliams finds $85M gap in frozen funds

    Partner banks of the bankrupt fintech middleman hold roughly $180 million in demand deposit and for-benefit-of accounts associated with end users. But those users are owed $265 million, a court filing shows.

  • A man exits the front of the U.S. Capitol at dawn.
    Image attribution tooltip
    Win McNamee via Getty Images
    Image attribution tooltip

    FDIC culture hearing turns to partisan sparring

    Republicans accused Democrats of playing politics for not demanding a faster removal of outgoing agency chief Martin Gruenberg, who did not attend Wednesday.

  • BNY Mellon new name, logo
    Image attribution tooltip
    Spencer Platt/Getty Images via Getty Images
    Image attribution tooltip

    BNY rebrands with new logo but no Mellon

    The oldest U.S. bank revealed its shortened name, a modern font and teal coloring Tuesday. Some revisions can be expected over the next year, the bank said.

  • The exterior of a Morgan Stanley location is shown
    Image attribution tooltip
    Courtesy of Morgan Stanley
    Image attribution tooltip

    Morgan Stanley CEO outlines AI benefits

    Although the proliferation of AI will benefit the lender’s investment banking segment, the technology is likely to be “even more” of a game changer for its wealth business, said CEO Ted Pick.

  • J.P. Morgan's Fourth Quarter Income Drops Over 30 Percent
    Image attribution tooltip
    Chris Hondros / Staff via Getty Images
    Image attribution tooltip

    JPMorgan names firmwide CTO

    Former PayPal technology chief Sri Shivananda brings with him an “exceptional track record in innovation and technology leadership,” JPMorgan Chase's CIO Lori Beer said in a memo.

  • Commuters walk Brooklyn Bridge
    Image attribution tooltip
    Mario Tama via Getty Images
    Image attribution tooltip

    Moelis puts banker on leave after punch in video goes viral

    A banker that social media users identified as the assailant in a Brooklyn street incident emphasized empathy and "staying away from toxic people" on a podcast last year.

  • Woman stands under TD Bank sign.
    Image attribution tooltip
    Drew Angerer via Getty Images
    Image attribution tooltip

    TD sues wealth advisers who left for Raymond James

    Within a week of Gregg Desmarais' and Brett Bartkiewicz's departures, TD lost at least 10 accounts worth more than $22 million, the bank said. But a FINRA disclosure tells a different story.

  • A general view of the entrance to the Citigroup office in Canary Wharf on November 17, 2008 in London, England.
    Image attribution tooltip
    Oli Scarff / Staff via Getty Images
    Image attribution tooltip

    Citi’s new tech chief takes the helm

    Tim Ryan will lead Citi's ongoing efforts to transform its technology operations, a goal the bank poured $12 billion into last year.

  • Stock Trading Platform Robinhood Goes Public On The New York Stock Exchange
    Image attribution tooltip
    Spencer Platt / Staff via Getty Images
    Image attribution tooltip

    Robinhood leans further into crypto with $200M Bitstamp deal

    Acquiring the crypto exchange would embed the brokerage deeper in digital assets and help it trade a greater variety of tokens in more markets globally.

  • Four people walk by a TD bank branch location
    Image attribution tooltip
    Joe Raedle / Staff via Getty Images
    Image attribution tooltip

    TD faces $4.9B proposed class action

    Canada’s second largest lender has been awash with anti-money laundering woes, with allegations based in multiple states. The bank set aside $450 million in April and overhauled its AML program.

  • The US Federal Reserve building in Washington DC
    Image attribution tooltip
    uschools via Getty Images
    Image attribution tooltip

    Canadian bank’s Minnesota deal gets Fed approval

    VersaBank has waited two years for a green light on its $13.5 million proposed purchase of Stearns Bank Holdingford. Now it just needs the OCC's sign-off. 

  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
    Image attribution tooltip
    Retrieved from Senate Banking Committee.
    Image attribution tooltip

    Banks, AI partners must share responsibility for safety: OCC’s Hsu

    “With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said Thursday.

  • Bank sign on glass wall of business center.
    Image attribution tooltip
    ultramarine5 via Getty Images
    Image attribution tooltip
    Deep Dive

    4 things banks are doing to grease the M&A wheels

    Cautious regulators and more drawn-out regulatory approval timelines have given rise to some changes in merger agreement conditions.

  • Wells Fargo branch exterior
    Image attribution tooltip
    Courtesy of Wells Fargo multimedia resources
    Image attribution tooltip

    Wells Fargo sued in alleged aid of $300M Ponzi scheme

    The proposed class action claims that the lender, from 2011 until 2021, knew of a scheme that duped more than 1,000 investors, most of whom were seniors.

  • CFPB finalizes open banking standard setter rule

    The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.

  • U.S. Bank
    Image attribution tooltip
    Permission granted by U.S. Bank
    Image attribution tooltip

    U.S. Bank promotes 2 execs under new president

    Felicia La Forgia will oversee the bank's newly minted institutional client group, while Stephen Philipson will lead product business for wealth, corporate, commercial and institutional banking.

  • Person using tablet with shopping cart icon.
    Image attribution tooltip
    ipopba via Getty Images
    Image attribution tooltip

    Yotta CEO: 85K customers lose access to funds due to Synapse-Evolve tussle

    The fintech’s customers, who have a combined $112 million in savings, have been locked out of their accounts amid the Synapse-Evolve Bank & Trust dispute, Yotta CEO Adam Moelis told CNBC.

  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
    Image attribution tooltip
    Mario Tama via Getty Images
    Image attribution tooltip

    Citi boosts paid leave to 24 weeks for birth mothers

    The additional eight weeks of recovery time matches policies launched by Morgan Stanley and Barclays. Citi is also offering two weeks of paid leave annually to care for an immediate family member.

  • A New York Community Bank branch location is shown
    Image attribution tooltip
    Spencer Platt / Staff via Getty Images
    Image attribution tooltip

    NYCB names Otting executive chair

    Alessandro DiNello, whom Otting replaces, will retain a seat on the board and serve as a senior adviser, NYCB said.

  • Four people sit at a table in a U.S. Bank location
    Image attribution tooltip
    Courtesy of U.S. Bank
    Image attribution tooltip

    U.S. Bank taps AI to create audience models for national campaign

    “The Power of Us” used Supernatural AI’s tech to create avatars of the bank’s core target groups and test the baseline idea and initial creative.