The Latest

  • Jason Gardner, Marqeta
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    Courtesy of Marqeta

    Marqeta executive exodus follows IPO

    Of 10 top executives leading the company at its IPO last year, only three remain, including CEO Jason Gardner, who said he plans to exit that role and become executive chairman.

  • The concept of the word M&A on cubes on a beautiful green background. Business concept
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    Zhanna Hapanovich via Getty Images

    Florida credit union buys bank for 10th such combo this year

    The deal between Harvesters Credit Union and First National Bank Northwest Florida is expected to be complete in the first quarter of 2023.

  • Closeup shot of two unrecognisable businesspeople shaking hands in an office
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    Delmaine Donson via Getty Images

    MVB bulks up on SBA, USDA lending with $98M acquisition

    The West Virginia bank is buying Raleigh, North Carolina-based Integrated Financial Holdings in a tie-up that aims to create an “industry-leading juggernaut in government guaranteed lending,” according to a statement.

  • Entrance to CFPB building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB urges up-to-date data safeguards for finance firms

    The agency suggested companies embrace multifactor authentication, password management and timely software updates to avoid violating federal consumer protection laws.

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    Jeff Swensen via Getty Images

    PNC eliminates NSF fees

    The Pittsburgh lender in April 2021 began curtailing the penalty for customers of its Virtual Wallet tool and is now extending that policy across its user base.

  • A young woman customer placing her order at a fast food convenience restaurant.
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    YinYang via Getty Images

    Nashville bank execs launch Sonata to serve fast-food industry

    Dan Dellinger and Farzin Ferdowsi, with their third venture, aim to solve turnover and banking access issues in the quick-service space, and add telehealth and financial literacy to help franchisees retain talent.

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    Green Dot

    Green Dot is locked in Uber contract dispute, loses other clients

    “I don't want to be out there opening up our [bank] charter for every Joe fintech that wants to do something in payments,” Green Dot CEO Dan Henry said last week on a call with analysts.

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    Chris Hondros via Getty Images

    2 ex-JPMorgan Chase traders convicted in spoofing case

    A sales executive assigned to the bank’s precious-metals desk was acquitted Wednesday. All three were found not guilty on a separate racketeering charge.

  • The exterior of the Consumer Financial Protection Bureau building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB fines fintech Digit $2.7M over ‘faulty’ savings algorithm

    In addition to the fine, the bureau will require Digit to redress harmed customers. Oportun, which acquired Digit last year, said the fintech owes 1,947 customers approximately $35 each, for a total of $68,145.

  • A headshot of BM Technologies CEO Luvleen Sidhu
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    Permission granted by BM Technologies
    Q&A

    BM Technologies’ Luvleen Sidhu bets on BaaS, bank charter

    “For those that can combine the charter with the technology, that is the most competitive way to play in the banking-as-a-service space,” said Luvleen Sidhu, BM Technologies’ chair, CEO and founder.

  • Bank sign
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    Courtesy of U.S. Bank

    U.S. Bank builds out its real-time payments capabilities for auto dealers

    The Minneapolis lender is issuing instant loan funds using the RTP Network — a move that follows U.S. Bank’s partnership with Lithia Motors to provide instant payments for car sellers using the same network.

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    Chip Somodevilla via Getty Images
    Column

    August recess means lawmakers are catching up on their writing

    Sen. Pat Toomey, R-PA, pushes to force the Fed into more transparency. Rep. Maxine Waters, D-CA, asks the CFPB for help with Equifax. And a number of Republicans set the SEC and CFPB in their sights.

  • A north-facing view of Miami Beach's Ocean Drive with the ocean and condominiums.
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    felixmizioznikov via Getty Images

    Seacoast eyes Miami expansion with $488.6M deal to buy Professional Bank

    The transaction, set to close in the first quarter of 2023, would be the third — and largest — Seacoast has announced since March.

  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive

    FDIC signals greater scrutiny of commercial real estate loans

    “CRE loan concentrations add dimensions of risk that necessitate continued attention from banks and their regulators, especially as the pandemic lingers and uncertainties remain,” the FDIC said last week.

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    Win McNamee via Getty Images

    New laws extend statute of limitations to 10 years in PPP, EIDL fraud cases

    Two laws signed Friday give prosecutors the same time frame to bring fraud charges against fintechs as they have for banks in cases tied to COVID-19 relief loan applications.

  • Warren asks OCC to scrap Trump-era crypto guidance — and recent work

    The OCC, FDIC and Fed said in November they planned to provide more clarity this year on permissible digital asset activity. A letter from the senator last week challenges the agencies to follow through.

  • Bank sign
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    Courtesy of U.S. Bank

    Senators ask U.S. Bank for more details on fake-accounts scandal

    Five Democratic lawmakers asked the bank’s CEO when senior executives became aware of the scandal, how incentives were tallied, how customers were told and how much revenue the program generated.

  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    Chris Hondros via Getty Images
    Column

    Goldman, Citi, Jefferies reveal ‘August surprises’ to stave off September ones

    Warnings of a CFPB probe into Goldman's credit-card business, Citi's rising Russia exposure and Jefferies' $80 million WhatsApp set-aside give investors time to settle in to bad news.

  • USAA
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    Courtesy of USAA

    USAA sues Truist in patent case over mobile deposit tech

    The U.S. District Court for the Eastern District of Texas has awarded USAA three nine-figure judgments since 2019 (against Wells Fargo and PNC) in patent cases.

  • The Credit Suisse logo on a building front
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    Dan Kitwood via Getty Images

    How Credit Suisse is bucking a trend in incentives

    The Swiss lender paid out $302 million in July alone to retain its top bankers. That stands in contrast to a Johnson Associates prediction that some investment bankers could see a 45% in bonuses from last year.

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    Drew Angerer via Getty Images

    Senate bill would couch Bitcoin, Ether under CFTC purview

    The bill would define a new asset class, exclude securities from it, and require brokers, custodians, dealers and trading facilities to register with the CFTC.

  • A view of the Capitol Dome from below with an American flag waving in the wind on the left side and blue skies in the background.
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    iStock via Getty Images

    NDAA provision would make cyber agency a bank regulator, trade groups say

    The bill would create a designation for systemically important entities, and require them to report information to the Cybersecurity and Infrastructure Security Agency.

  • Wells Fargo branch exterior
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo to restart updated diverse hiring policy

    The bank will now require that half of candidates be diverse for roles according to “job level” rather than for all positions paying $100,000 or more per year.

  • TD Bank
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    "TD Bank" by Tdorante10 is licensed under CC BY-SA 4.0

    TD to buy Wall Street brokerage firm Cowen for $1.3B

    TD sold 28.4 million nonvoting common shares of its Charles Schwab stock to fund the transaction, which is expected to close in the first quarter of 2023.

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    Noam Galai via Getty Images

    NY regulator fines Robinhood $30M over AML, cybersecurity failures

    The company Tuesday also cut its workforce by 23%, or roughly 780 employees, and announced it would be closing two offices, according to a filing.