Midterm results may curb bank-friendly legislation, analysts say

The Latest

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  Mortgage business expansion killed Tioga-Franklin: FDIC OIG

  “The bank’s condition deteriorated due to weak earnings which led to liquidity and capital issues,” the FDIC’s Office of the Inspector General said Friday.

  Retail

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  FDIC amends directive against Old Glory Bank

  The regulator deemed the bank “adequately capitalized” last week after applying a more severe label in August. A special-purpose acquisition of the bank had fallen apart earlier this summer.

  Regulations & Policy

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  City National private bank plays up RBC tie

  The Los Angeles-based subsidiary of the Canadian lender is staffing up and “amplifying” RBC’s brand to grow its private bank business, an executive said.

  Commercial

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  Warren urges DOJ to probe BofA’s AML issues

  Weeks after three financial regulators fined Bank of America $1.21 billion, Sen. Elizabeth Warren wants to know if criminal charges are coming.

  Regulations & Policy

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  Column

  Dive Deposits: Black-owned bank repeatedly rebuffs offer from upstart

  Triad Business Bank has sent Black-owned M&F four proposals aimed at keeping the lender in North Carolina, with its charter and minority depository institution status intact. Shareholders vote Nov. 4.

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  U.S. Bank risk chief heads to Amex

  The executive shuffle comes at a pivotal time for Amex, which was hit this month with regulator penalties over anti-money laundering compliance failures.

  Commercial

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  Bank of America plants its flag in Wisconsin

  The Charlotte, North Carolina-based bank’s first Wisconsin retail branch opened Wednesday. BofA plans to open branches in Alabama and Louisiana next year.

  Retail

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  Elavon CEO: Trust, not speed, will rule in agentic commerce

  Safety and soundness are paramount as the agentic commerce trend unfurls, and mobile wallet Paze is “ready to do pilots,” said Wally Mlynarski, CEO of the U.S. Bank subsidiary.

  Payments

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  Smaller AI models help Bank of America, Capital One manage costs

  Limiting excessive frontier model use makes financial sense, executives at the Evident AI Symposium said.

  Technology

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  Galaxy Digital applies for OCC charter

  A national trust charter would let the company offer digital asset custody, trading staking and fiduciary investment advisory services under a single federal framework, Galaxy CEO Mike Novogratz said.

  Fintech

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  UMB to buy California bank for $506M

  Additional M&A isn’t off the table while the Missouri lender absorbs El Dorado Savings Bank, CEO Mariner Kemper said, but he’s not interested in a purchase that would involve giving up board seats.

  Commercial

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  Bluevine, Valley Bank execs talk integration approach

  Bank M&A has “a rhythm and a routine that's very well known,” Valley COO Russ Barrett said. But the bank’s Bluevine deal has “unique dimensions that are very different than a bank acquisition.”

  Commercial

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  Virginia lender First Community to expand into Ohio with $243M deal

  The acquisition of Main Street Financial Services Corp., set to close in the second quarter of 2027, will add 21 branches to First Community’s footprint, along with $1.6 billion in assets.

  Commercial

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  Renasant to boost Memphis presence with $142M deal

  Buying Commercial Bank & Trust would give Renasant nine added branches in Tennessee and access to a trust and wealth franchise that manages $1.2 billion in assets.

  Commercial

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  PNC CEO: AI will change the M&A landscape

  For the next few years, Bill Demchak’s eyes are trained far away from mergers and acquisitions, and strongly on PNC’s artificial intelligence growth plans, which he said will cost “hundreds of millions to save billions.”

  Commercial

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  Ripple gets OCC’s unconditional charter approval

  The fintech is building on its charter victory by announcing expanded partnerships with BNY and Robinhood.

  Regulations & Policy

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  Piermont CEO: Discipline with fintech clients is key

  Wendy Cai-Lee, also the New York-based bank’s founder, said “time will tell” whether newly chartered entities can withstand examination scrutiny.

  Commercial

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  Citi targets deeper client ties with savings rate boost

  “We’re trying to reward behavior clients are already doing – investing or banking – but not always with us,” Kate Luft, Citi’s head of retail banking, said in an interview.

  Retail

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  A look inside the AI playbook at Morgan Stanley’s wealth division

  The bank flipped the script on how it approached data to enable artificial intelligence, said Hina Shamsi, CIO of wealth management technology.

  Technology

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  Warren urges Fed, OCC, FDIC to restore bank examiner powers

  Policies limiting when examiners can issue warnings and enforcement actions leave banks more vulnerable to escalations in AI and cybersecurity threats, the senator said.

  Regulations & Policy

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  Wells Fargo consolidates leadership of consumer bank

  Kleber Santos is now solely responsible for the bank’s consumer banking and lending as Saul Van Beurden becomes wholly focused on AI.

  Commercial

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  Citi takes cautious approach on AI agent access

  “There are places in which we want to go faster. This is not one of those places,” Naveed Anwar, global head of AI, digital and data platforms within Citi’s services business, said at Money20/20.

  Commercial

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  Amex to cut roughly 3,500 employees

  The card company is reducing its workforce by 4.5% as it aims to become more “agile and efficient” amid increased use of artificial intelligence, CEO Stephen Squeri said.

  Technology

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  JPMorgan Chase, Goldman Sachs underscore security in AI plans

  “This is one of the most important times to make sure you are appropriately balancing risk and innovation tradeoffs,” JPMorgan Chase CIO Lori Beer said.

  Technology

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  Chartered in December, public in January: How BitGo’s growing

  Crypto-curious banks have been knocking on BitGo’s door more often since it nabbed an unconditional OCC charter, according to an executive.

  Fintech

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