The Latest

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  CFPB final rule would pin overdraft fee at $5

  Banks and credit unions with $10 billion or more in assets could alternately choose a break-even overdraft protection cost or make credit card-like disclosures to consumers, the CFPB said.

  Regulations & Policy

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  Nonbranch Wells Fargo workers vote to unionize

  A group of conduct management investigators spread across the country voted to join Wells Fargo Workers United. The National Labor Relations Board certified the vote Tuesday.

  Retail

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  CFPB’s Chopra sidesteps resignation question

  When asked by lawmakers whether he would resign Jan. 20, CFPB Director Rohit Chopra said he serves a five-year term but that the president “can remove us at any time.” 

  Regulations & Policy

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  Ex-TD employee charged in money laundering case

  Leonardo Ayala, 24, issued dozens of debit cards linked to accounts opened by another TD employee in the names of shell companies, and received bribes for that work, the Justice Department alleged.

  Risk

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  Wells Fargo’s Scharf calls for capital requirements clarity

  The bank’s CEO on Wednesday called uncertainty around how much extra capital banks will be required to hold “a crazy way to run a system.”

  Retail

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  PNC’s Demchak: De-regulation clamor is overblown

  “I think people are a little bit too excited … that they’re just going to let everybody run free here,” the Pittsburgh bank's CEO said. “I don’t see that at all.”

  Retail

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  FDIC letters give credence to ‘Choke Point 2.0’ claims: Coinbase CLO

  The agency asked nearly two dozen banks to pause crypto-related activity in 2022, according to letters unveiled via Coinbase’s FOIA requests.

  Payments

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  Evolve seeks dismissal of Yotta lawsuit

  Yotta sued its partner bank Evolve in September, four months after its customers were locked out of millions of dollars in funds in connection to middleware firm Synapse’s bankruptcy.

  Fintech

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  UBS, Barclays diverge on whether to chase US wealth

  Barclays indicated the U.S. is “not a priority” in its plan to expand in wealth management. For UBS, which detailed its own realignment Tuesday, stateside mass-affluent wealth is a great white whale.

  Regulations & Policy

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  Gen Digital to acquire MoneyLion in $1B deal

  Gen, the global parent firm of cyber safety brands Norton and Avast, will pay $82 per share in cash to add the consumer finance fintech to its roster.  

  Technology

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  BofA corporate client app surpasses $1 trillion in payments

  Payments approved over the app are expected to rise 25% this year, echoing a similar increase last year over 2022.

  Payments

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  Morgan Stanley to pay $15M over theft by now-former employees

  The bank failed to detect “hundreds” of instances when brokers misappropriated client funds through unauthorized Automated Clearing House transfers, the SEC said.

  Regulations & Policy

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  Citi CFO: Evolving data standards make upgrade more complex

  Mark Mason, the bank’s finance chief, also said the focus on the need to improve data tied to regulatory reporting isn’t unique to Citi.

  Regulations & Policy

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  Goldman Sachs exits Net-Zero Banking Alliance

  The bank said it would remain “focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world.”

  Regulations & Policy

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  Massachusetts banks to combine in $562M deal

  The transaction, expected to close in the second half of 2025, will create a $25 billion-asset entity and enable Independent Bank to enter New Hampshire.

  Commercial

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  Q&A

  PNC leans into branch staff with hospitality industry roots

  “It’s a mindset,” one executive said. “We want people that are client advocates, that can drive the hospitable environment that we’re looking for, but also have the intellect, the curiosity to help.”

  Retail

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  CFPB sues Comerica for ‘systematically failing’ federal benefits recipients

  The watchdog, which Comerica sued last month over its “costly” investigation, alleged the bank intentionally dropped 24 million customer service calls and charged illegal ATM fees.

  Regulations & Policy

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  Could a French bank foil UniCredit’s play for Banco BPM?

  Crédit Agricole boosted its stake in BPM — borrowing a strategy UniCredit used on Commerzbank. The French bank insists it doesn’t aim to buy BPM. The Italian government seems OK with that.

  Commercial

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  Citizens tweaks features, eyeing deeper ties to customers

  Recent upgrades to the super-regional’s digital experience are aimed at fueling primacy with clients, a Citizens executive said, as banks vie to be their customers’ No. 1.

  Retail

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  Column

  Dive Deposits: Citi begins December with a data dump

  The bank’s split of Mexican operations was just the beginning. There were also 344 promotions to managing director, a high-profile exit, an AI rollout and a block-trade stumble.

  Technology

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  OIG finds CFPB lacks consistency in oversight transition

  The watchdog’s office of the inspector general found that regional CFPB offices were inconsistent, and often slow, in the time they took to onboard banks coming under its oversight.

  Regulations & Policy

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  TD shelves growth targets in wake of AML settlement

  The embattled Canadian lender is undergoing a strategic review of its priorities and opportunities. “Everything is on the table,” said Raymond Chun, the bank’s current COO who will take the CEO reins in April.

  Commercial

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  Wells Fargo to lay off hundreds in Oregon

  The Hillsboro and Salem offices, with 500 and 221 employees, respectively, might be impacted by the lender’s decision to pull out of these locations, according to a WARN notice filed Tuesday.

  Commercial

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  HSBC names new US CEO

  Lisa McGeough will step into the role Jan. 1. Meanwhile, Annabel Spring will depart from her role as global private banking and wealth CEO.

  Commercial

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  First National Bank of Omaha’s online-only bank shuts abruptly

  Milli Bank, the online-only banking platform of FNBO, said last month it had closed its doors, without citing a reason. 

  Fintech

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