The Latest
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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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Anna Hrushka/Banking Dive
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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Daniel Berehulak via Getty Images
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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Paul Morigi via Getty Images
ColumnGoldman 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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Kevin Dietsch via Getty Images
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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Koichi Kamoshida via Getty Images
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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Chris Hondros via Getty Images
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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Drew Angerer via Getty Images
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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Permission granted by Citigroup
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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Chris Hondros via Getty Images
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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Dan Kitwood/Getty Images News via Getty Images
Deep DiveBanks, 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 -
Alex Wroblewski via Getty Images
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 -
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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Anna Moneymaker via Getty Images
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."
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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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Permission granted by Office of the Comptroller of the Currency
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.
