The Latest

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    Ex-Citi employee was fired for refusing to fudge data to OCC, she says

    Kathleen Martin said the pressure came from Anand Selva "almost as soon as he got promoted" to chief operating officer last year. The bank denies the allegations.

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    Mario Tama via Getty Images
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    Gorman to step down as Morgan Stanley board chair

    The ex-CEO's departure at year end could be seen as a vote of confidence in his successor, Ted Pick. The bank held its annual general meeting Thursday.

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    TD CEO: Spending on AML remediation could extend into 2025

    TD’s Bharat Masrani declined to say whether the Canadian lender expects closure this year on investigations into the bank’s AML program, citing ongoing conversations with regulators and the DOJ.

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    Bank of America vet hired to lead diversity efforts at Apple

    Cynthia Bowman, a 17-year alum of the U.S.'s second-largest bank, will replace Barbara Whye, who is retiring this fall, Apple said.

  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Citi fined $78.4M over 2022 flash crash error

    A Citi trader had meant to sell a basket of equities at $58 million but mistakenly created a $444 billion basket, regulators said. About $189 billion of the trade went on the market.

  • A closeup of JPMorgan Chase's headquarters in New York.
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    Michael M. Santiago via Getty Images
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    JPMorgan shareholders veto proposal to split CEO, chair duties

    Still, the measure garnered support from 42.7% of voters — notably more than the 33% and 31% of Goldman Sachs and Bank of America shareholders, respectively, that backed similar proposals this year.

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    Courtesy of Synovus Financial
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    Q&A

    Compliance is an ‘opportunity to showcase integrity’: Maast CEO Jonathan O’Connor

    O’Connor became Maast CEO, and chief-third party payments officer of its parent company Synovus Financial, earlier this year.

  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    CFPB sues SoLo Funds, alleging it concealed costs from borrowers

    The fintech's tip structure inflates the APR on loans, but most loans aren't funded unless a tip is included. And the option not to donate was hidden, the regulator argued.

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    Varo Bank faces lawsuit over March data breach

    The lawsuit accuses the online bank of failing to protect personal information stored within its network, including customer phone numbers and the last four digits of Social Security numbers. 

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    Win McNamee / Staff via Getty Images
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    Dimon lays out ‘dark ruminations,’ swipes at regulators at investor day

    The JPMorgan CEO's retirement timeline swirled at the event, as did the bank's stance on AI, employees' well-being and cyber risk.

  • SouthState to acquire Independent Bank in $2B deal

    The transaction, expected to close in the first quarter of 2025, is set to expand SouthState’s footprint in Texas and Colorado.

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    Sorry, Cash App. Gen Z still wants bank branches.

    Young consumers are open to using the peer-to-peer payments app as their primary bank, but many say they won’t switch because they value having a physical branch.

  • fdic chairman martin gruenberg
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    Win McNamee via Getty Images
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    FDIC’s Gruenberg offers to resign

    The regulator's chief pledged to lead the agency until a successor is confirmed, "including the transformation of the FDIC’s workplace culture."

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    Spencer Platt / Staff via Getty Images
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    Citi ATM fee waivers discriminate by race, lawsuit says

    The plaintiffs allege Citi unlawfully granted fee waivers to people using out-of-network ATMs only if their accounts were held at nonwhite-owned banks, according to the suit filed Friday.

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    George Dodd via Getty Images
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    WaFd to sell CRE loans to Bank of America in $2.9B deal

    Regulators have pledged to look more closely at banks whose CRE portfolios are more than triple their capital, and at portfolios that have grown 50% or more in the past three years. WaFd has done both, Bloomberg reported.

  • A sign reading Goldman Sachs is seen on a wood-grained wall.
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    Michael M. Santiago via Getty Images
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    Goldman exec Mintzberg named next Grayscale CEO

    Peter Mintzberg adds his name to a growing list of Goldman departures. He is set to join the crypto asset manager Aug. 15.

  • Michelle Bowman speaks at an April 2024 event
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    (2024). [Photo]. Retrieved from Federal Reserve.
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    Fed’s Bowman questions regulators’ reform prioritization

    During a Friday speech, Federal Reserve Governor Michelle Bowman also took aim at regulators’ proposed changes to merger reviews, which are likely to make the M&A application process “slower and less efficient.”

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    Arizona credit union to acquire bank

    Pima's acquisition of Republic Bank of Arizona, expected to close in the second half of the year, would give the Tucson-based credit union a foothold in the Phoenix area.

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    Spencer Platt / Staff via Getty Images
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    NYCB’s COO resigns

    Julie-Ann Signorille-Browne led the bank’s integration with Flagstar and, later, the integration of assets and liabilities NYCB bought from the failed Signature Bank.

  • Sen. Elizabeth Warren (D-MA) speaks during a Senate Banking, Housing, and Urban Affairs committee hearing on January 11, 2024 in Washington, DC.
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    Senators prod Fed’s Barr on executive bonus rule

    “Your statutory deadline passed 13 years ago,” Sen. Elizabeth Warren told Michael Barr, the Fed’s vice chair for supervision, on Thursday. “I hope you do not allow Chair Powell to stop you from following the law.”

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    Citi ex-treasurer Verdeschi in line for Schwab’s CFO role

    The move marks a landing spot for one of a number of longtime Citi veterans who've stepped aside during the bank's reorganization.

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    Supreme Court upholds CFPB’s funding structure

    The 7-2 ruling puts an end to a case that threatened the bureau's existence and pushed at least one district judge to pause a CFPB rule pending the high court's opinion.

  • Michael Barr, Federal Reserve Board official, speaks during a Congressional hearing as other people sit behind him.
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    Alex Wong / Staff via Getty Images
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    GOP lawmakers urge withdrawal, reissue of capital requirements proposal

    Michael Barr, the Federal Reserve’s vice chair for supervision, said bank regulators are still focused on substantive changes to the proposal, and haven’t yet given thought to “the procedural question.”

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    Zhanna Hapanovich
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    Alerus Financial to buy Minnesota bank in $116M deal

    The combined company will have roughly $5.5 billion in assets after the transaction, which is expected to close in the fourth quarter.

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    Mario Tama via Getty Images
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    Citi’s reorg czar is leaving

    Titi Cole, arguably the bank’s highest-profile Black woman, will lead a nonprofit. Citi’s tech chief is out, too. But the bank is hiring a PwC executive to fill both gaps.