The Latest

  • Capital One eliminates overdraft fees

    The new policy is expected to cost the $425.4 billion-asset bank $150 million in lost revenue per year.

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    Biden considers ex-CFPB chief Cordray for Fed post

    The bureau collected nearly $12 billion in settlements during his nearly six-year stint, but his stances on monetary policy, bank capital and leverage requirements, and accounting rules are less well-known.

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    Steve Jennings via Getty Images

    Diem co-creator Marcus to leave Facebook parent Meta by end of year

    In a series of tweets and Facebook posts Tuesday, David Marcus said he is leaving to pursue other projects. Stephane Kasriel, vice president of product at Novi, will take over his role leading the stalled crypto effort.

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    UBS poaches next CFO from JPMorgan Chase

    Sarah Youngwood, JPMorgan's CFO of consumer and community banking since 2016, will join the Swiss bank's executive board in March.

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    Courtesy of FDIC

    Bank profits jump nearly 36% year over year in Q3, FDIC says

    However, net income has fallen 1.2% from this year's second quarter, as banks release fewer loan loss reserves that had been set aside earlier in the COVID-19 pandemic.

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    Column

    Goldman can boost its soft skills with bumped-up benefits

    The bank is increasing its matching contribution. But that's money. The key to culture shift may be how it handles perks based on employees' time, such as paid family leave and sabbaticals.

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    Chip Somodevilla via Getty Images

    Powell warns COVID-19's omicron variant could slow economic recovery

    The variant "pose[s] downside risks to employment and economic activity and increased uncertainty for inflation," the Fed chief told a Senate panel Tuesday, adding the virus "could reduce people's willingness to work in person."

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    Senate banking panel chair seeks stablecoin issuer feedback

    The complexity of stablecoins makes it difficult for investors and consumers to fully understand their potential risks, Sen. Sherrod Brown, D-OH, said in letters to eight issuers and exchanges, including Coinbase and Tether.

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    Mizuho group CEO resigns amid spate of IT woes

    Tatsufumi Sakai is at least the third executive at the Japanese financial firm to step down in connection with issues that prompted a regulator and the country's ministry of finance to issue orders seeking improvement.

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    UK fintech Thought Machine surpasses $1B valuation

    The company raised $200 million in its most recent funding round, which it said will provide capital for the continued development of its SaaS product Vault, already in use by JPMorgan Chase.

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    Dan Kitwood via Getty Images

    Bank regulators to roll out crypto guidance in 2022

    A two-page report doesn't provide many details regarding how banks should navigate digital assets, but regulators said the industry should expect further guidance throughout the next year.

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    Fintechs Blueacorn, Womply added to House panel's PPP probe

    A subcommittee focused on COVID-19's impact seeks documents and information on the companies' fraud prevention measures. The panel made similar requests of Kabbage, BlueVine and others in May.

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    Citi names crypto team chief, looks to hire 100 more in digital asset effort

    Puneet Singhvi will become the head of digital assets for Citi's institutional clients group Dec. 1, according to an internal memo.

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    JPMorgan regains status as world's most systemically important bank

    The Financial Stability Board also recommended higher capital buffers for Goldman Sachs and BNP Paribas in the annual list that, for the first time, figured in banks' response to the COVID-19 pandemic.

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    Deep Dive

    Banks, fintechs navigate market's appetite for crypto amid pending regulatory guidance

    From Bitcoin rewards to custody services for digital assets, banks and fintechs are carving out strategies and services tied to crypto as regulators seek to catch up with guidance.

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    Courtesy of KeyBank

    KeyBank buys fintech XUP to streamline merchant payments business

    The acquisition will help the bank address challenges regarding its legacy infrastructure, and help it create a singular experience for its merchant clients, KeyBank's head of commercial product and innovation said.

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    Chip Somodevilla via Getty Images

    Biden to renominate Powell as Fed chair

    Lael Brainard, Powell's chief rival for the role, will be nominated as vice chair. Biden intends to announce nominees for three open Fed slots in early December, the White House said Monday.

    Updated Nov. 23, 2021
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    JPMorgan to reimburse Hong Kong bankers up to $5K for quarantine costs

    The funds are meant to mitigate the cost of the city's harsh COVID-19 restrictions and help bank employees finance personal trips.

    Updated Nov. 24, 2021
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    Daniel Berehulak via Getty Images

    UBS nominates ex-Morgan Stanley No. 2 Kelleher as next chair

    The executive would work alongside CEO Ralph Hamers on, among other initiatives, the launch of a digital bank in the U.S. targeting customers with between $250,000 and $2 million in assets.

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    Biden's OCC pick faces bipartisan grilling in contentious Senate banking hearing

    A question regarding Cornell Law Professor Saule Omarova's early years in the Soviet Union prompted a testy exchange between Sens. Sherrod Brown, D-OH, and John Kennedy, R-LA, with the latter referring to her as "comrade."

  • FinCEN asks banks to boost scrutiny of environmental crime links

    The agency is asking for help in finding transactions tied to illegal logging, fishing and mining and the trafficking of wildlife, waste and hazardous substances as part of a Biden administration push to fight climate change.

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    OCC orders Chicago bank entangled in Manafort scandal to boost controls

    Federal Savings Bank must create a panel that will update the regulator monthly on the lender's efforts to improve risk management, anti-money laundering and consumer compliance standards.

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    N26

    German challenger bank N26 to shutter US operations

    Accounts for the fintech's 500,000 U.S. customers will be closed Jan. 11. The company is aiming to expand into more countries in eastern Europe and still plans to launch services in Brazil.

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    Chip Somodevilla via Getty Images

    Fed's Waller warns against bank-only stablecoins

    "While regulations are necessary, they also limit free entry into at least some of the markets in which banks operate," Waller said. "As a result, regulatory oversight can insulate banks from some forms of direct competition."

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    Column

    Ripple puts SEC on losing end in crypto regulation proposal

    The company on Tuesday said the existing framework can be adapted to fit crypto and touted legislation that would de-emphasize the SEC's role in favor of the CFTC.