The Latest

  • Donald Trump gestures while speaking into a microphone, with blue and white text blurred in the background.
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    Chip Somodevilla / Staff via Getty Images
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    6 regulatory moves, people whose days are numbered under Trump

    With another Trump presidency set to kick off in January, the clock has turned against several Democratic appointees and agenda items.

  • Green and white signage on the exterior of a building reads "TD Bank."
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    Spencer Platt / Staff via Getty Images
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    Ex-TD financial adviser alleges racism, retaliation

    Keron McNeil sued the bank, alleging he was subject to racism and retaliation from a colleague and a supervisor, and that after he brought the issues to HR, he lost his job.

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    Permission granted by Cross River Bank
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    Cross River drops lawsuit against Fiserv subsidiary

    The Fort Lee, New Jersey-based lender dismissed its lawsuit against First Data Merchant Services, which was filed in October 2023, without disclosing a reason. 

  • Sign on doorway for the Federal Trade Commission in Washington, D.C.
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    LD via Getty Images
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    FTC sues fintech Dave over alleged misleading marketing, undisclosed fees

    The Federal Trade Commission filed a complaint Tuesday claiming the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving them the ability to opt out of it.

  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    First Wells Fargo contract negotiations set to begin

    Wells Fargo Workers United members in Albuquerque are sitting down this week with representatives from their employer to set off inaugural contract negotiations, 11 months after voting to unionize.

  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Banking Dive
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    Fed aims to make instant payments the norm

    “It's going to be up to us to move instant payments from being novel to being normal,” Federal Reserve Financial Services’ chief payments executive told attendees at an industry conference last week.

  • DOJ voluntary self-disclosure pilot program
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    Bo Shen via Getty Images
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    Visa lawsuit may complicate DOJ’s scrutiny of Capital One-Discover deal, analysts say

    If the Justice Department were to block the Capital One-Discover deal while also going after Visa, “they’d be intellectually inconsistent,” a George Mason University law professor said.

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    Alex Wong via Getty Images
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    Flagstar taps CIO, credit review chief

    The bank has brought on a number of new executives this year and also completed the sale of its mortgage business to Mr. Cooper on Friday.

  • A shot at night of the Philadelphia skyline.
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    halbergman via Getty Images
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    Mid Penn Bancorp to acquire in-state peer in $127M deal

    The lender will acquire William Penn Bancorp in an all-stock transaction expected to close in the first half of 2025 to expand in the greater Philadelphia metro area.

  • A close up view of a stack of visa bank cards.
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    Justin Sullivan via Getty Images
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    Stablecoins face obstacles to widespread adoption

    The digital currencies could simplify cross-border payments, but consumers are wary of using them, payments and fintech executives say.

  • Two people use Capital One ATMs. A sign above them reads "Check your (inner) balance"
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    Joe Raedle / Staff via Getty Images
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    Capital One warns of possible CFPB enforcement action

    The bureau notified the lender last month it’s considering action after customers sued Capital One, claiming it never told savings account holders they could get a higher yield if they switched to another product.

  • J.P. Morgan's Fourth Quarter Income Drops Over 30 Percent
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    Chris Hondros / Staff via Getty Images
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    JPMorgan to pay $151M over flawed investment disclosures, more

    The Securities and Exchange Commission issued five enforcement actions against the bank, including allegations that some JPMorgan advisers’ recommendations went against the best interests of clients.

  • CFPB fines VyStar $1.5M over 2022 outage

    The order requires the Jacksonville, Florida-based credit union to reimburse fees and costs to members from the botched rollout of an online banking system.

  • Image of bitcoins.
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    Chris McGrath via Getty Images
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    Kraken cuts staff, appoints co-CEO and CFO

    The crypto exchange has cut about 400 employees, sources told The New York Times, in an effort to be “leaner and faster.” The move comes alongside changes in the company's C-suite.

  • Senator Elizabeth Warren holds out her hand as she speaks. In front of her a placard reads "Ms. Warren."
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    Michael A. McCoy / Stringer via Getty Images
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    Warren blasts DOJ over TD settlement

    Penalties imposed fell short and prosecutors’ “legal gymnastics” allowed the bank’s “reckless leadership” to skirt responsibility, the Democrat said.

  • The Dallas skyline
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    Pgiam via Getty Images
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    FirstSun looks to alter HomeStreet deal again

    The firms are “discussing the pursuit of an alternative regulatory structure” after FirstSun said talks with the Fed and a Texas agency indicated the deal may not get a green light.

  • Phone in hand with 'pay' button showing
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    Tero Vesalainen via Getty Images
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    AI increases fraud risk, fintechs say

    Financial firms monitor for fraud by looking for unusual activity, but an artificial intelligence model can be trained to transact like a real person.

  • FTX signage is shown with a phone in the foreground
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    Leon Neal / Staff via Getty Images
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    Singh, fourth FTX exec sentenced, avoids prison

    Former FTX engineering chief Nishad Singh showed an “eagerness to assist” the prosecution during its case against Sam Bankman-Fried, and a similar energy to help CEO John Ray in FTX's bankruptcy case.

  • A person uses a red Bank of America ATM.
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    David McNew via Getty Images
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    BofA discloses Zelle probe, says it may result in litigation

    The bank also said it’s in contact with regulators over its Bank Secrecy Act/anti-money laundering and sanctions compliance programs, and a regulatory order could stem from those discussions.

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    Getty Images/Staff via Getty Images
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    5 lessons learned from Synapse’s collapse

    Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of up to $95 million between bank-held funds and amounts owed to fintech end users, a law firm found.

  • new jersey highway sign
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    Getty Images/Staff via Getty Images
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    New Jersey AG accuses Republic First of redlining

    The failed lender originated 6% of its home loans to residents of majority-nonwhite neighborhoods between 2018 and 2022, the state found. The state filed a claim with the FDIC seeking remediation.

  • Treasury Secreatry Janet Yellen peers behind her glasses on Capitol Hill.
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    Chip Somodevilla via Getty Images
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    Treasury floats financial inclusion strategy

    The department’s strategy “provides a national roadmap to expand access to foundational financial tools like credit and investments that are key to building wealth,” Treasury Secretary Janet Yellen said Tuesday.

  • Shot of Morgan Stanley logo
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    Mario Tama via Getty Images
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    Morgan Stanley adjusts climate targets with Paris goal slipping

    The bank’s 2030 targets now include a net-zero scenario that would limit additional temperature rise to 1.7°C, as aspirations for limiting global warming to 1.5°C fade.

  • cryptocurrency graphic
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    Dan Kitwood via Getty Images
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    Consensys to slash 20% of workforce

    The blockchain software firm best known for its self-custodial MetaMask wallet cited regulatory uncertainty and a push toward “rigorous decentralization.”

  • Person walking by Chase bank building
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    Spencer Platt via Getty Images
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    JPMorgan Chase sues customers who exploited viral ‘glitch’

    With four nearly identical lawsuits, the nation’s largest bank wants users to return hundreds of thousands of dollars taken in a scheme promoted on TikTok.