The Latest

  • City skyline and waterfront
    Image attribution tooltip
    Art Wager via Getty Images
    Image attribution tooltip

    California credit union to buy in-state bank

    The $56.4 million acquisition of Community Valley Bank will give Frontwave Credit Union $315.8 million in added assets, five locations and entry to Imperial County.

  • adrienne harris talking to senate
    Image attribution tooltip
    Anna Moneymaker via Getty Images
    Image attribution tooltip

    NY would bar banks from charging fees on overdrafts of less than $20

    A proposal targets “authorize positive, settle negative” charges and duplicative nonsufficient funds fees, but it would only apply to state-chartered banks.

  • Travis Hill, vice chair of the Federal Deposit Insurance Corp.
    Image attribution tooltip
    Retrieved from FDIC on January 13, 2025
    Image attribution tooltip
    Column

    Dive Deposits: FDIC’s Hill wastes little time in re-prioritizing

    The agency’s acting chief laid out his aim for transparency in fintech partnerships, a faster bank merger approval process and a 180-degree turn on “problematic” Biden-era proposals.

  • Connecticut State Capitol
    Image attribution tooltip
    DenisTangneyJr via Getty Images
    Image attribution tooltip

    Patriot Bank, OCC ink deal over ‘troubled’ condition

    The Connecticut lender is taking remedial steps after the OCC found “unsafe or unsound practices” and violations related to strategic and capital planning and AML risk management. 

  • An exterior of the Barclays Bank headquarters
    Image attribution tooltip
    Oli Scarff via Getty Images
    Image attribution tooltip

    Barclays to shutter its Rise fintech accelerator, hub

    Rise has been “the gathering hub” for the fintech ecosystem for the past decade, and its loss creates a significant gap, one venture capitalist said.

  • Ally Financial, NYSE facade
    Image attribution tooltip
    Courtesy of Ally Financial
    Image attribution tooltip

    Ally to sell credit card business to CardWorks

    Plans for the sale were hinted at earlier this year, a month after the CEO said the business wasn’t within Ally’s core focus.

  • Bitcoin and dollars
    Image attribution tooltip
    Dan Kitwood via Getty Images
    Image attribution tooltip

    SEC unveils crypto task force led by Hester Peirce

    “This undertaking will take time, patience, and much hard work,” Peirce said, adding the agency plans to encourage a regulatory environment that “protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”

  • A man walks into a BlackRock office building.
    Image attribution tooltip
    Andrew Burton via Getty Images
    Image attribution tooltip

    BlackRock, Tennessee reach settlement on ESG suit

    The agreement dismisses the state’s 2023 lawsuit and does not find that the investment firm violated any laws. “We’re pleased to resolve this matter,” a BlackRock spokesperson said.

  • A sign hangs above an entranceway to a Capital One Café on February 19, 2024, in Miami, Florida.
    Image attribution tooltip
    Joe Raedle / Staff via Getty Images
    Image attribution tooltip

    Capital One outage spans days, hits thousands

    Third-party vendor FIS blamed a local power loss and hardware failure for the issue, which Bank of Oklahoma said affected more than two dozen financial institutions.

  • The Chicago skyline is shown, from south of the city looking north.
    Image attribution tooltip
    Win McNamee / Staff via Getty Images
    Image attribution tooltip

    Chicago’s Pulaski Savings Bank is 2025’s first to fail in US

    Illinois-based Millennium Bank acquired Pulaski’s deposits and most of its assets. The FDIC said the collapse will cost $28.5 million to the Deposit Insurance Fund, citing suspected fraud.

  • SEC seal outside Washington D.C. building
    Image attribution tooltip
    Chip Somodevilla via Getty Images
    Image attribution tooltip

    Wells Fargo, Merrill Lynch, LPL settle SEC charges

    Two Wells Fargo-affiliated investment advisers and Merrill Lynch agreed to pay $60 million, while LPL Financial agreed to pay $18 million.

  • Federal Reserve chairman Jerome Powell speaks at a news conference on Sept. 18, 2024.
    Image attribution tooltip
    Anna Moneymaker via Getty Images
    Image attribution tooltip

    Fed, FDIC exit climate-focused organization NGFS

    The central bank said the work of the Network of Central Banks and Supervisors for Greening the Financial System has “broadened in scope” and no longer falls within its “statutory mandate.”

  • A crowd of people stands outside Silicon Valley Bank headquarters.
    Image attribution tooltip
    Justin Sullivan via Getty Images
    Image attribution tooltip

    FDIC sues 17 ex-SVB executives in alleged ‘gross negligence’

    The complaint filed Thursday includes the former CEO and CFO of the failed California-based bank, four other ex-executives and 11 former directors. 

  • Green and white signage on the exterior of a building reads "TD Bank."
    Image attribution tooltip
    Spencer Platt / Staff via Getty Images
    Image attribution tooltip

    TD slashes pay for 41 execs, expedites Chun’s start date

    Compensation cuts reflect “the seriousness of the U.S. [anti-money laundering] failures, the associated costs to the Bank, and the limitations imposed on the U.S. retail business,” the bank said Friday.

  • Goldman Sachs CEO David Solomon appears onstage.
    Image attribution tooltip
    Paul Morigi via Getty Images
    Image attribution tooltip

    Goldman gives Solomon an $80M bonus and a 26% raise

    The boost, to $39 million for 2024, makes the CEO the best-paid among the top six U.S. banks. Goldman is also tying four executives’ pay, to a degree, to the banks’ efforts connected with private credit.

  • Seattle USA, Washington State, Seattle skyline and Mount Rainier - stock photo
    Image attribution tooltip
    Philip Kramer/DigitalVision via Getty Images
    Image attribution tooltip

    WaFd sheds 8% of staff with mortgage exit

    “Our aim is to always offer products and services to our customers where WaFd Bank can add value, and we have concluded that we no longer do so in the mortgage sector,” CEO Brent Beardall said Thursday.

  • A sign reads "Wells Fargo" with the bank's logo below.
    Image attribution tooltip
    Michael M. Santiago / Staff via Getty Images
    Image attribution tooltip

    Wells Fargo ex-exec appeals $1.5M fine, OCC enforcement order

    Paul McLinko served as the bank’s executive audit director during its 2016 fake-accounts scandal. He called the penalty “arbitrary, capricious, an abuse of discretion, and otherwise not in accordance with law.”

  • U.S. Bank
    Image attribution tooltip
    Permission granted by U.S. Bank
    Image attribution tooltip
    Q&A

    U.S. Bank scouts for agentic AI as age of ‘do it for me’ awaits

    The super-regional’s chief innovation officer said there’s a fine line between being proactive and helpful, versus being proactive and creepy. “We don’t want to cross the creepy line,” he said.

  • A person wearing a blue hat and light t-shirt walks past a KeyBank branch location, as the glass reflects the street scene.
    Image attribution tooltip
    Spencer Platt / Staff via Getty Images
    Image attribution tooltip

    KeyBank hires next CRO from Truist

    Mo Ramani replaces Darrin Benhart, who will move into a newly created role as Key’s chief regulatory officer, a spokesperson for the bank said.

  • gavel and money
    Image attribution tooltip
    Avosb via Getty Images
    Image attribution tooltip

    Silvergate ex-CFO seeks dismissal of SEC charges

    Antonio Martino filed for dismissal Tuesday, seven months after the SEC fined Silvergate and banned two of its executives from C-suite positions for five years.

  • BMO's logo in the dark next to public transit and vehicle lights.
    Image attribution tooltip
    The image by Abdulkadir A is licensed under CC BY 2.0
    Image attribution tooltip

    BMO to pay $40.6M over ‘misleading’ mortgage-backed bonds

    The bank’s employees spoke about changing the bonds' "cosmetics" to boost sales, the SEC alleged. They included a sliver of higher-interest mortgages into otherwise low-risk offerings, the agency said.

  • A Citibank building in San Francisco is pictured on June 6, 2023.
    Image attribution tooltip
    JHVEPhoto via Getty Images
    Image attribution tooltip

    Citi deploys AI coding tools to 30K developers in modernization push

    The bank poured nearly $12 billion into technology in 2024, executives said Wednesday.

  • American Express sticker on a window
    Image attribution tooltip
    Justin Sullivan via Getty Images
    Image attribution tooltip

    Amex pays $230M to resolve DOJ allegations

    The credit card giant misrepresented features of some credit cards targeting small businesses and entered false information on card applications, the Justice Department alleged.

  • Military style vehicle with Cash App sticker on window.
    Image attribution tooltip
    Jesse Grant via Getty Images
    Image attribution tooltip

    Block agrees to pay $255M to regulators for Cash App deficiencies

    The Consumer Financial Protection Bureau said the payments provider “employed weak security protocols for Cash App and put its users at risk.”

  • The CEO of JPMorgan Chase, Jamie Dimon, speaks in front of a blue background
    Image attribution tooltip
    Kevin Dietsch / Staff via Getty Images
    Image attribution tooltip

    7 takeaways from Q4 earnings at JPMorgan, Goldman and more

    JPMorgan CEO Jamie Dimon addressed his retirement timeline, Goldman chief David Solomon talked Apple, and bankers overall appeared to exude “animal spirits.”