The Latest
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Iowa credit union buys bank in year’s 12th such tie-up
Financial terms of the Veridian Credit Union’s proposed purchase of American Investors Bank and Mortgage were not disclosed. But the deal would allow the credit union to access Minnesota.
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Plaid cuts 260 employees
The 20% downsizing comes on the heels of moves by neobank Chime to slash 12% of its workforce and Morgan Stanley's effort, announced Tuesday, to trim headcount by 1,600.
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Webster Bank gets $9B boost with interLINK acquisition
The deal comes three months after a Dallas bank alleges interLINK’s owner, StoneCastle Partners, “unilaterally terminated” a previous deal to sell the business for $91 million in cash and stock.
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Permission granted by Circle
Circle’s $9B SPAC deal falls apart
The stablecoin issuer and the blank-check company that had hoped to take it public terminated their agreement over the wait for SEC approval, they said.
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Permission granted by Apiture
Apiture’s new tool helps banks drive customer engagement
Data Engage allows financial firms to deliver tailored messages such as pop-ups, sales and marketing notices, tutorials and guides to customers through their digital banking platform.
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Nexo to exit US market after regulator talks hit dead end
The U.K. crypto lender was reportedly in talks with regulators for 18 months to comply with U.S. financial laws.
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Zhanna Hapanovich via Getty Images
Newtek gets OCC green light to acquire NBNYC
The approval comes 16 months after Newtek proposed to reposition itself as a bank holding company. The acquisition should strengthen Newtek’s foothold as the third-largest lender in the SBA’s 7(a) program.
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Wells Fargo launches new commercial banking platform
Vantage replaces the bank’s two-decade-old Commercial Electronic Office Portal and aims to bring a "consumer-like experience" to Wells' commercial and corporate clients, an executive said.
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Citi, BofA, JPMorgan investment bankers’ bonuses may dip by 30%: report
Goldman Sachs traders' bonuses may see low double-digit percentage-point declines despite an expected 15% jump in revenue. And 100 or more bankers there could see no bonus, according to Bloomberg.
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Fed seeks public comment on tighter monitoring of climate risk
The central bank's proposal follows similar moves by the OCC and FDIC. But two Fed governors posted statements explaining their reservations.
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Fed’s Barr calls for stricter capital requirements
The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.
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TD, BMO adjust their timelines for First Horizon, Bank of the West deals
TD now aims to wrap its transaction by April and give First Horizon stockholders an extra $0.65 per share. BMO said its deal is “rounding third base,” on track for a first-quarter close.
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Panel blasts fintechs for missing ‘obvious and preventable’ PPP fraud
Womply and Blueacorn’s lack of fraud controls made them the “paths of least resistance” for fraudsters, a House subcommittee said Thursday. Another fintech included in the report blamed the SBA’s “sh***y rules.”
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Wells Fargo adds hundreds to mortgage-lending cull
The bank's CFO has said the segment, which has seen dips of more than 50% in revenue and origination amid elevated interest rates, would "remain challenging in the near term."
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Dan Kitwood via Getty Images
NYDFS proposes charging crypto businesses for supervision
The fees, up for two comment periods, would help the agency “continue adding top talent to its virtual currency regulatory team,” NYDFS said Thursday.
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CFTC chair pushes lawmakers on the creation of crypto regulatory framework
Thursday's hearing marked the first in a series that will address the downfall of FTX and future regulation in the beleaguered crypto industry.
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Courtesy of State Street
State Street, Brown Brothers Harriman scrap $3.5B deal
“The regulatory path forward would involve further delays, and all necessary approvals have not been resolved,” State Street said.
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Republicans blast Gruenberg over FDIC power struggle at hearing
"I'm actually kind of angry that you, Mr. Gruenberg, forced the resignation of your predecessor as FDIC chair, a first-generation American immigrant who was a woman," said Sen. Cynthia Lummis, R-WY.
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FTX ex-CEO says he ‘unknowingly commingled funds’
In his first public appearance since his former company's collapse, Sam Bankman-Fried said he doesn’t think he has criminal liability, but what happens with him is “not the important part.”
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Photo by Kindel Media on Pexels
Trade groups urge Senate to hear SAFE Banking Act
The bill would alleviate “the threat to public safety posed by cash intensive [cannabis-related businesses] effectively being shut out of the banking industry,” the ICBA and other associations said.
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Permission granted by Office of the Comptroller of the Currency
OCC may stiffen penalties with revised guidance
Updates to the agency’s policy manual make new categories with elevated fine totals for violations by the largest banks and change the factors that beget leniency. The OCC also suggests restricting bank business as a tie-in.
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Permission granted by Novo
Novo grows customizable small-business banking platform, eyes lending
The fintech, which raised $35 million from GGV Capital last week, announced a new partnership Wednesday with LegalZoom to provide entity formation services to Novo customers.
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UBS chair rules out M&A for its US growth strategy
“The message in the States is organic growth, no optionality, no distractions, no M&A,” Colm Kelleher said two months after a $1.4 billion deal to buy Wealthfront collapsed.
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Getty Images/Staff via Getty Images
Kraken cuts workforce by 1,100 people
Thousands of crypto jobs have vanished in 2022 as a result of the ongoing crypto winter, and the Kraken team is back to the size it was a year ago.
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Piotrekswat via Getty Images
Can the SBA make its 7(a) loan program attractive to fintechs?
A new proposal could pave the way for nonbanks to grab a share of the small-business agency’s 7(a) lending program, but not everyone is convinced the program is suited for fintechs.
