The Latest
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Permission granted by Ally
Inside Ally’s customer referral program
The effort, launched last year, accounts for about 15% of the digital bank’s account volume, an executive said. Now Ally is adding a QR code and wants to use opportune moments to promote the program.
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Anna Hrushka/Banking Dive
FDIC eyes change in reserve ratio calculation
Acting Chair Travis Hill suggested the agency use total liabilities rather than insured deposits as the denominator in the formula. The FDIC on Tuesday also rescinded a bank merger policy update from last year.
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Tasos Katopodis / Stringer via Getty Images
House follows Senate in overturning OCC merger review rule
The joint resolution to roll back the regulator’s 2024 merger rule now heads to the president for a signature.
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Kevin Dietsch / Staff via Getty Images
JPMorgan’s Dimon talks regulatory changes, crypto
The CEO didn’t mince words Monday on the bank regulatory approach over the last 15 years. Regulators “went so far beyond what was reasonable that they should be embarrassed.”
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Chip Somodevilla via Getty Images
SEC’s Crenshaw warns of ‘regulatory Jenga’
“When it comes to the stability of our markets, how far are we willing to take our dangerous game? Who would ultimately be the loser when the foundation gives way?” she asked.
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Joe Raedle / Staff via Getty Images
Capital One closes Discover deal, agrees to $425M payout
The combination caps a 15-month wait for the two finance behemoths. The $425 million would be restitution to legacy savings account holders who argued they should have received a higher interest rate.
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Kevin Dietsch / Staff via Getty Images
JPMorgan aims to ‘resist’ headcount growth
Although headcount increases in recent years were necessary to support growth, “we do suspect some inefficiency was introduced,” the bank’s CFO said during Monday’s investor day.
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Courtesy of Fifth Third Bank
Fifth Third gives customers free access to wills
The move reflects the bank’s aims to bolster its benefits for customers and do more with its fintech partners to differentiate itself from competitors, a Fifth Third VP said.
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Federal Reserve. (2019). [Photograph]. Retrieved from Wikimedia Commons.
Fed to reduce headcount by 10% by end of 2027
The lower headcount will come from a voluntary deferred resignation program, not layoffs, according to an internal memo.
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Toshe_O via Getty Images
CFTC will shrink to a two-person team as two commissioners leave
Commissioners Christy Goldsmith Romero and Summer Mersinger will exit at the end of the month. Brian Quintenz awaits confirmation to become the regulator’s chair.
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Spencer Platt via Getty Images
Democrats press biggest US banks on climate alliance exits
“Leaving doesn’t eliminate climate-related financial risk; instead, it diminishes your capacity to monitor and address that risk collaboratively,” lawmakers told JPMorgan and 11 other institutions.
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Fintech association to defend open banking in court
The Financial Technology Association will seek to protect a Consumer Financial Protection Bureau open banking rule after receiving a federal judge’s permission to intervene.
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Leon Neal via Getty Images
Hack could cost Coinbase up to $400M: filing
The crypto exchange is offering a $20 million reward for information leading to the hackers’ arrest. Coinbase terminated customer support agents who leaked customer data.
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Ezra Acayan via Getty Images
Banks struggle to talk about fraud
Financial institutions battling an increase in fraud, particularly push-payment scams, have been stymied in sharing information that might help them better protect customers.
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Permission granted by Wise
CFPB slashes most of Wise penalty
The U.S. unit of fintech Wise must pay the bureau $45,000 and roughly $450,000 in redress to affected customers – a far cry from the $2.5 million penalty issued in January.
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Jack Taylor via Getty Images
Judge denies move to reduce Ripple’s penalty in SEC case
The parties failed to “address the heavy burden” involved in vacating an injunction, choosing to couch their agreement as a settlement to be approved rather than a request for relief, Judge Analisa Torres said Thursday.
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Michael M. Santiago via Getty Images
NY AG sues Capital One over lost customer interest
The state essentially picked up the challenge the CFPB put down when it dismissed its own lawsuit alleging the bank cost users $2 billion by not informing them of a higher-yield savings account.
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Michael M. Santiago / Staff via Getty Images
Wells Fargo eyes opportunity with baby-boomer wealth transfer
The bank, which has bolstered the connection between its commercial bank and wealth units, seeks to cultivate deeper relationships as aging business owners assess the future.
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subman via Getty Images
JPMorgan drops portions of its Viva lawsuit
The bank and Viva Wallet, which it partially owns, have been locked in legal battles since early 2024.
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Mesut Dogan via Getty Images
Fed drops enforcement action against Illinois bank
The central bank flagged deficiencies at Du Quoin State Bank in 2023 and directed the lender to improve capital, liquidity and interest rate risk management.
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subman via Getty Images
Q&A
JPMorgan Chase taps payments tech head
The bank’s payments arm named Sri Shivananda to head up its technology operations this year. Now, he’s overseeing decisions on stablecoins, real-time transactions and other advances.
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Courtesy of Comerica
Comerica risk chief heads to USAA
Brian Goldman, who’s been Comerica’s chief risk officer for about a year and a half, will leave to take the same role at USAA, effective May 27.
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Andrew Harnik / Staff via Getty Images
Warren prods DOJ to sue to block Capital One-Discover deal
The senator urged the Justice Department’s new antitrust czar, who's expressed a general concern over the creation of too-big-to-fail firms, to “back [her] words with action.”
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Permission granted by Chime
Chime files for IPO
Chime submitted its paperwork to go public Tuesday in a widely expected move, stressing that it “is a technology company, not a bank.”
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BlackJack3D via Getty Images
Generative AI may shoulder up to 40% of workload, some bank execs predict
Six in 10 bank executives list generative AI as a top investment priority this year, according to a survey published in April by KPMG.
