The Latest

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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    CFPB orders OneMain to pay $20M over add-ons, delinquent refunds

    Some customers were led to believe that signing up for an add-on product was imperative to receive a loan, the CFPB said.

  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo ex-exec Tolstedt to pay $5M to SEC

    Tolstedt publicly endorsed Wells Fargo’s “cross-sell metric” as a measure of success, including at investor conferences, despite knowing figures were distorted by bankers opening unauthorized accounts, the agency said.

  • The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City.
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    Michael M. Santiago / Staff via Getty Images
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    Goldman Sachs plans third round of job cuts

    The reduction, said to affect fewer than 250 employees, could include partners and managing directors, a source told Reuters. It follows September and January cuts, and comes amid a stubborn dealmaking slump.

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    Chainarong Prasertthai via Getty Images
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    Fintech lenders drive consumer loan growth: J.D. Power study

    Fintechs are gaining momentum in the lending space as they deliver a quick, frictionless approach to lending, the study found. 

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    Cash management firm Dragonfly dives into ‘composable’ banking

    An update to its Universal Online Banker technology gives customers like Utah-based Zions Bank the ability to offer digital-first business banking services at scale, giving them a leg up in competition against neobanks and fintechs.

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    Alex Wong via Getty Images
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    OCC targets big banks with ‘persistent weaknesses’

    The regulator's new enforcement manual appendix comes in the wake of the recent bank failures and is aimed at larger and more complex financial institutions.

  • JP Morgan Chase Props Up Ailing Bear Stearns
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    Dimon deposed in Epstein suits

    JPMorgan Chase's CEO said he wasn't involved in keeping the late convicted sex offender as a client for several years.

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    StockByM via Getty Images
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    Column

    Asia’s pushing in. Europe’s pulling out. Mizuho and Citi show it’s not that simple

    Japanese banks are doubling down on M&A, as U.S. and European banks forgo retail for wealth.

  • An American flag flies in front of the Capital One logo at the bank's headquarters.
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    Win McNamee via Getty Images
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    NYC regulator halts city deposits at Capital One, KeyBank

    New York City Comptroller Brad Lander also voted against allowing Wells Fargo, PNC and International Finance Bank to hold public funds after they failed to submit anti-discrimination plans.

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    Spencer Platt via Getty Images
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    JPMorgan axing 1,000 First Republic employees

    The nation's largest bank is bringing 85% of First Republic employees over with its purchase of the failed bank, leaving about 1,000 without offers.

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    TD plans to open 150 US branches by 2027, focus on Southeast

    The bank is targeting South Florida, Atlanta and North Carolina — where it would have grown through First Horizon. “In the U.S., we are still a relatively young bank,” CFO Kelvin Tran said. “We have a lot of white spaces there.”

  • J.P. Morgan's Fourth Quarter Income Drops Over 30 Percent
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    Chris Hondros / Staff via Getty Images
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    JPMorgan applies for patent on ChatGPT-like tech for investment advice

    "We've recognized the power and opportunity of these tools and are committed to exploring all the ways they can deliver value for the firm,” JPMorgan Chief Information Officer Lori Beer said.

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    jariyawat thinsandee via Getty Images
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    Deep Dive

    Payments fraud climbs as banks reach for joint response

    Financial institutions and payments players are seeking to coalesce around new efforts to battle skyrocketing payments fraud.

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    First Citizens cuts hundreds of SVB veterans

    First Citizens Bank acquired Silicon Valley Bank following SVB's collapse in March. Wednesday's layoffs reportedly affect “select SVB corporate functions, not client-facing positions.”

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    Courtesy of Apple
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    Apple’s financial moves could offer lesson for fintechs

    The tech giant’s foray into financial services poses a threat and opportunity for fintechs to innovate and grow their digital-first strategy.

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    Dimitrios Kambouris via Getty Images
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    LGBTQ+ fintech Daylight to close its doors

    Customer money can be accessed for transfer until June 30, the company's last day of banking operations, CEO Rob Curtis said in a blog post.

  • CEO of Starling Bank Anne Boden answers questions during an onstage interview at TechCrunch Disrupt Berlin.
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    Noam Galai via Getty Images
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    Starling CEO Anne Boden to step down June 30

    The move comes amid concerns of a potential conflicts of interest, since Boden holds a 4.9% stake in the neobank. Starling's chief operating officer will serve as interim CEO.

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    Citizens makes wealth-management push with private-client card

    The card marks the U.S. debut of Mastercard’s Touch Card feature, a tactile notch to assist visually impaired consumers. It also offers a yearly rebate, 2% cash back, TSA Pre-Check rebates and airport lounge access.

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    5 questions on Dave’s in-app moneymaking feature

    Making money from surveys isn’t some Craigslist scam. It’s a fintech feature — and Dave CEO Jason Wilk said it’s made members $1 million since December.

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    Citi abandons sale of Mexico retail unit

    The bank will pursue an IPO for its consumer, small-business, and middle-market banking operations, with a launch expected in 2025.

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    First Horizon investor sues TD over scrapped $13.4B deal

    The Arbitrage Fund asserts TD misled investors regarding its anti-money laundering practices and regulator resistance to the tie-up, which the banks terminated this month.

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    PacWest offloads real estate lending unit Civic Financial

    Previously originated loans and loan servicing operations were not included in the deal to Roc360, which bought the business for an undisclosed sum.

  • Silicon Valley Bank logo
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    Justin Sullivan via Getty Images
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    First Citizens sues HSBC over departure of 42 SVB bankers

    The North Carolina bank accused a former SVB executive of helping HSBC, his new employer, incite a mass migration of talent and trade-secret information.

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    Mark Lyons via Getty Images
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    Fifth Third acquires embedded payments fintech Rize

    Acquiring Rize bolsters Fifth Third's existing embedded payments business and adds to its treasury management business, the bank said.

  • Citizens Financial Group branch
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    Citizens Bank to pay $9M to settle disputed-charge suit

    The bureau claimed the bank, in 2015, improperly denied customer reports of fraud and unauthorized use and, in some cases, failed to fully reimburse users.