The Latest

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  LGBTQ+ fintech Daylight to close its doors

  CEO Rob Curtis said in a blog post on Monday that customer money is in safe hands and can be accessed for transfer until June 30, the last day of banking operations.

  Risk

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  Starling CEO Anne Boden to step down June 30

  The move comes amid concerns of a potential conflicts of interest, since Boden holds a 4.9% stake in the neobank. Starling's chief operating officer will serve as interim CEO.

  Fintech

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  Citizens makes wealth-management push with private-client card

  The card marks the U.S. debut of Mastercard’s Touch Card feature, a tactile notch to assist visually impaired consumers. It also offers a yearly rebate, 2% cash back, TSA Pre-Check rebates and airport lounge access.

  Payments

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  5 questions on Dave’s in-app moneymaking feature

  Making money from surveys isn’t some Craigslist scam. It’s a fintech feature — and Dave CEO Jason Wilk said it’s made members $1 million since December.

  Technology

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  Citi abandons sale of Mexico retail unit

  The bank will pursue an IPO for its consumer, small-business, and middle-market banking operations, with a launch expected in 2025.

  Commercial

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  First Horizon investor sues TD over scrapped $13.4B deal

  The Arbitrage Fund asserts TD misled investors regarding its anti-money laundering practices and regulator resistance to the tie-up, which the banks terminated this month.

  Risk

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  PacWest offloads real estate lending unit Civic Financial

  Previously originated loans and loan servicing operations were not included in the deal to Roc360, which bought the business for an undisclosed sum.

  Commercial

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  First Citizens sues HSBC over departure of 42 SVB bankers

  The North Carolina bank accused a former SVB executive of helping HSBC, his new employer, incite a mass migration of talent and trade-secret information.

  Commercial

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  Fifth Third acquires embedded payments fintech Rize

  Acquiring Rize bolsters Fifth Third's existing embedded payments business and adds to its treasury management business, the bank said.

  Payments

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  Citizens Bank to pay $9M to settle disputed-charge suit

  The bureau claimed the bank, in 2015, improperly denied customer reports of fraud and unauthorized use and, in some cases, failed to fully reimburse users.

  Payments

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  PacWest to sell $2.6B in real estate loans

  Real estate investment firm Kennedy-Wilson has agreed to buy a portfolio of 74 loans at a discounted price as PacWest tries to bolster its liquidity amid regional bank turmoil.

  Commercial

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  JPMorgan added roughly 600,000 checking accounts through April

  JPMorgan executives addressed the bank's acquisition of First Republic, and more, at an investor day it hosted Monday.

  Commercial

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  Fintech Wise CFO set to resign, CEO to go on leave

  Matt Briers will step down next year to fully recuperate from the cycling accident he was in last year, while the hunt for the new CFO will start immediately, the company said.

  Fintech

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  Frank founder pleads not guilty in JPMorgan fraud case

  Charlie Javice has been in talks with prosecutors to settle charges of wire fraud, bank fraud, securities fraud and conspiracy, according to a court filing seen by Bloomberg.

  Fintech

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  Legislators spar over stablecoin proposals

  Lawmakers agree stablecoin legislation is needed to ensure the U.S. establishes itself as a leader in the space.

  Payments

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  Morgan Stanley CEO Gorman to step down within a year, he says

  The bank’s board has “identified three very strong senior internal candidates” to succeed him, Gorman said. Morgan Stanley's market capitalization has tripled under Gorman.

  Commercial

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  Warren blasts First Republic’s ‘troubling’ sale to JPMorgan

  The senator criticized the OCC’s role in approving the deal, saying it failed to factor in an assessment methodology that estimates the impact a lender would have on the economy if it were to fail.

  Regulations & Policy

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  Crypto company offers 6 months of free custody for female-founded firms

  Clear regulations will bring more women into the space, Aegis Custody CEO Serra Wei said.

  Commercial

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  SoLo Funds settles cease-and-desist orders over ‘tips’

  The fintech reached agreements with regulators in Connecticut, California and D.C., but did not admit wrongdoing.

  Fintech

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  Truist launches its first gamified finance app

  The app is the first product of Truist Foundry, the startup within the bank that focuses on creating digital solutions for clients.

  Technology

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  Deutsche Bank to pay $75M to Epstein victims

  Epstein victims have sued both Deutsche Bank and JPMorgan, alleging they benefited from their relationships with the financier despite knowing of his crimes.

  Commercial

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  Column

  Fed IG hearing, bank failure reports prompt calls for more independent probes

  "It looks like, to anyone in the public, that you gave your boss a free pass and that's just not going to cut it here,” Sen. Elizabeth Warren, D-MA, told the central bank's inspector general.

  Regulations & Policy

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  Bank of America launches fintech accelerator program

  Participants in Breakthrough Lab — which is offered at no cost — are not expected or required to exchange equity with Bank of America, the bank said.

  Technology

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  Ex-First Republic chief blames contagion for bank’s failure

  “Instead of dealing with temporary decreased earnings due to interest rate pressures, First Republic was contaminated overnight,” former CEO Michael Roffler told House lawmakers Wednesday.

  Risk

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  BlackRock bumps its in-office requirement to 4 days a week

  “When fast-moving, high-client-interest events are happening, having our teams physically together to find solutions, seize opportunities and learn from each other makes a difference,” two executives wrote Tuesday.

  Regulations & Policy

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