The Latest

  • Bank regulators' heightened scrutiny of AI highlights third-party risk

    As regulators signal a tighter focus on artificial intelligence and machine learning, banks need to be vigilant about their internal models, as well as the models used by vendors, an expert says.

  • Chamber of Commerce, trade groups blast CFPB for perceived overreach

    The groups demand the regulator rescind updates to an exam manual that pushes the definition of “unfairness” to include discrimination.

  • Consumer Financial Protection Bureau
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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB strikes at debt collector fees

    The collectors may refer to the fees as “convenience fees,” but the agency called them “pay-to-pay” fees and said they are prohibited under the Fair Debt Collection Practices Act.

  • Tennessee regulator files appeal to block credit union's bank takeover

    Financial Federal Bank account holders would be “irreparably harmed and disrupted” — as would the state’s interest in maintaining a safe and sound banking system — if the deal is allowed to close, a state official argued.

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    Mark Wilson via Getty Images

    Goldman boosts dividend as JPMorgan, Citi stand pat

    Shareholder returns are expected to see a 13.6% average increase across the six biggest U.S. banks — far less than the 40.4% average jump between 2020 and 2021.

  • An image of Greystone CEO Gaye Erkan
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    GlobeNewsWire

    https://www.globenewswire.com/en/news-release/2022/06/27/2469596/30865/en/Greystone-Appoints-Hafize-Gaye-Erkan-as-CEO.html

    Ex-First Republic co-CEO Erkan to take the reins atop Greystone

    Erkan’s abrupt departure from First Republic in January came days after the bank’s founder went on medical leave — opening a potential leadership vacuum that has sent the company’s stock price spiraling.

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    Chainarong Prasertthai via Getty Images

    Fintech Amount cuts about 18% of workforce

    The Chicago-based banking technology provider, valued at $1 billion last year, said this week it had pared 108 workers in what the company called “proactive adjustments.”

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    Dan Kitwood/Getty Images via Getty Images

    JPMorgan, Goldman, BofA pledge to cover employee travel for abortion

    The banks are following Citi, which said in March it would pay for workers to get the procedure out of state. Friday’s move by the Supreme Court to overturn Roe v. Wade has prompted a new wave of policy shifts.

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    Mario Tama via Getty Images

    Judge denies Citi whistle-blower a share of $400M OCC penalty

    A district court agreed with U.S. attorneys’ April assertion that the OCC's workstream addressing the complaint was separate from the one assessing the actions that resulted in the fine.

  • Exterior of the Federal Reserve building in Washington, D.C.
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    Anna Hrushka/Banking Dive

    New Fed financial disclosures omit regional chiefs tied to trading scandal

    “The rules in place when President [Robert] Kaplan departed did not require him to file an updated financial disclosure upon his departure,” James Hoard, a Dallas Fed representative, told The New York Times.

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    Steve Jennings via Getty Images

    Brex's move has fellow fintechs ready to pounce

    Brex’s cutting of small-business customers — the handling of which prompted a mea culpa from the co-founder — may provide opportunity for B2B fintechs like Ramp or Divvy. But big banks still dominate the space.

  • the exterior of the federal reserve building in washington, dc
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    crbellette via Getty Images

    Big banks pass muster in Fed's annual stress test

    The 33 largest U.S. banks would be able to maintain adequate capital levels in the event of a severe recession, the Federal Reserve found in its latest annual bank stress test. 

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    Justin Sullivan via Getty Images

    Cannabis banking nixed from competition bill

    Bowing to Republican demand, leaders from both parties decided to exclude the Secure and Fair Enforcement Banking Act from the bicameral version of the America COMPETES Act.

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    Chris Hondros via Getty Images

    JPMorgan lays off hundreds in mortgage division amid rising rates

    The move, which follows last week’s rate hike by the Federal Reserve, comes as rising home mortgage rates are quelling demand in the housing market.

  • CFPB head Rohit Chopra talks on a panel for New America Foundation
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    The image by New America is licensed under CC BY 2.0

    CFPB takes aim at card late fees

    The Consumer Financial Protection Bureau seems to think credit card late fees are out of control. Now, it plans to do something about it.

  • close up programmer man hand typing on keyboard laptop for register data system or access password at dark operation room , cyber security concept - stock photo
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    Chainarong Prasertthai via Getty Images

    Breach at Flagstar Bank impacts more than 1.5M customers

    The breach, which occurred between Dec. 3 and Dec. 4, is the second to impact the bank in less than two years.

  • BetaBank
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    Permission granted by BetaBank

    Chicago de novo taps Google to build bank on the cloud

    The startup bank submitted its application for deposit insurance with the FDIC in April, and plans to use a proprietary lending algorithm to provide small business owners unbiased access to flexible capital, founder Seke Ballard said.

  • Truist Innovation Technology Center
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    Permission granted by Truist

    Truist opens Innovation Technology Center in Charlotte headquarters

    The 100,000-square-foot space is a physical manifestation of the bank’s technology, touch and trust concept, said Ken Meyer, Truist’s divisional CIO and experience officer.

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    Mark Wilson via Getty Images

    Ex-Amazon employee convicted over 2019 Capital One breach

    Paige Thompson was found guilty of seven federal crimes in connection with the 2019 Capital One hack.

  • Bank sign
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    Courtesy of U.S. Bank

    U.S. Bank tests well-being guidelines with outside counsel

    The Minneapolis-based bank’s pilot program with seven law firms encourages delaying non-urgent matters that come up during off-work hours to protect personal time and promote work-life balance.

  • Buffalo, N.Y., skyline
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    Denis Tangney Jr. via Getty Images

    M&T president, COO to step down next year

    Richard Gold will retire as president and COO of the Buffalo, New York-based firm after the first quarter of 2023.

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    Courtesy of State Street

    State Street boosts its focus on digital transformation

    The bank’s tech spend is expected to stay level this year. It just wants to use less of it to run the bank day to day and put more toward AI, automation and like technologies, its CIO and CFO said this week.

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    Drew Angerer / Staff via Getty Images

    Sen. Warren asks OCC to block TD merger over fraud reports

    Warren cited a Capitol Forum report that alleged the Toronto-based lender signed up customers for costly services without their knowledge or consent.  

  • VyStar Credit Union, Heritage Bank call off merger agreement

    After a series of delays, Heritage and VyStar said they decided to end the $195.7 million tie-up after it became clear that all required regulatory approvals would not be obtained in a timely manner.

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    Chip Somodevilla via Getty Images

    Fed failure in fighting inflation 'not an option,' Powell says

    The Federal Reserve announced a 0.75 percentage point increase in the main interest rate and indicated that policymakers plan more aggressive tightening in coming months.