The Latest
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Fed mulls FedNow cross-border use
The Federal Reserve proposed letting participants in the real-time payments system use intermediaries to make cross-border fund transfers.
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Adyen targets CFOs’ treasury fragmentation problem
Financial operations at global enterprises remain “stubbornly complex,” as treasury teams juggle multiple banking and payment systems, the company said.
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Santander, Webster lay out post-deal management plan
The banks tapped executives to lead retail, commercial and digital banking in moves announced Monday. However, Openbank chief Swati Bhatia will leave Santander on June 30.
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SMBC to add 2,000 jobs in Charlotte
The Japanese bank aims to open a second U.S. headquarters in the North Carolina banking boomtown.
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FDIC floats AML revamp, stablecoin guidelines
Under a proposed overhaul of anti-money laundering rules, only “significant or systemic failures” to implement an AML/CFT program would prompt an enforcement or supervisory action.
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Alamy
Bolt lays off roughly 30% of staff in AI push
The workforce reduction – affecting “less than 40 people,” according to the company – marks the fintech’s fourth round of cuts since 2022 amid a sharp valuation drop and the departure, then return, of its founding CEO.
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Chime makes an upmarket move
A new membership tier at the fintech lets users who put $3,000 or more per month in direct deposits into their account receive 5% cash back on a spending category, and a 3.75% annual percentage yield on savings.
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Caitlin Mullen/Banking Dive
PNC adds rewards program
Perks include enhanced credit card rewards, cash rewards on some lending services and higher savings rates, the Pittsburgh-based super-regional said.
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Cash management platform Lorum applies for national trust charter
“We’re basically building a new-age BNY,” said George Davis, the company’s founder.
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White House continues campaign to gut CDFIs
A Trump administration budget request cuts 63% of awards to community development financial institutions – and demands a focus on rural assistance rather than “immigration, gender and climate radicalism.”
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JPMorgan’s Dimon bemoans parts of Basel, G-SIB proposals
While the bank CEO backs a “timely finalization” of the proposals, the latest iterations “are still very flawed in a few specific areas,” Jamie Dimon wrote in his annual letter to shareholders.
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Permission granted by BNY
BNY, Robinhood tapped for Trump Accounts program
BNY will manage the initial accounts and develop an app for families to manage funds, and Robinhood will serve as brokerage and initial trustee of the accounts, the Treasury Department said.
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Judge won’t reconsider decision on DOJ’s Powell probe
The government’s arguments “do not come close to convincing the Court that a different outcome is warranted,” Judge James Boasberg said. A U.S. Attorney’s office said it would appeal.
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Permission granted by FNB Corporation
FNB CEO bets on smaller-bank innovation
“The future’s going to lead to smaller banks coming out with some very innovative tools that the larger banks miss,” the chief executive of the $50 billion-asset lender predicted.
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Coinbase nabs conditional OCC charter approval
A Coinbase executive credited “years of investment in compliance, engagement with regulators, and belief that the right path forward for crypto is through the system — not around it.”
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CFPB floats plan to cut staff in half
The bureau wants to persuade a district court to lift its injunction. Opponents call the plan “half-baked,” but the CFPB insists downsizing is needed to meet funding restrictions imposed by a measure passed in July.
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Q&A
Concerns mount over core provider issues
An OCC inquiry ought to result in core providers being held accountable for compliance issues within their systems that affect banks, a consultant urged.
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Former FTX exec faces $3.7M disgorgement, trading ban
The CFTC seeks no restitution or civil monetary penalty from Nishad Singh, “based in part upon Singh’s cooperation in [the] investigation and related proceedings.”
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Yotta sues Evolve again
Yotta customers remain “deprived of $80 million of their funds,” and Yotta’s business has “los[t] essentially all value” due to Evolve’s alleged malfeasance, according to the lawsuit.
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Bank of Hope to buy SMBC commercial unit
The Los Angeles-based lender will acquire $2.5 billion in commercial and commercial real estate loans and $2.7 billion in deposits, as well as eight branches in Southern California.
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Courtesy of Monzo press kit
Monzo to close US operations, accounts
The U.K.-based fintech will lay off roughly 50 employees and shift its focus toward Europe, where it gained a banking license in December. U.S. users reportedly can access their accounts through June.
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Trustmark names next COO, CFO
With current CFO Thomas Owens set to become operations chief, Joseph Bond will join the Jackson, Mississippi-based lender from Texas Capital Bancshares.
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NC’s Fidelity Bank to get Atlanta foothold with $142.8M Affinity deal
The acquisition, set to close in the third quarter, will create a $5.5 billion-asset institution and give Georgia’s Affinity Bank a landing spot after a previous tie-up with a credit union was terminated.
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Franklin Templeton to acquire crypto investment management firm
The company will buy 250 Digital, led by a Citi alum, for an undisclosed sum – that will be paid partly in Franklin’s BENJI tokens.
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BMO eyes top-5 commercial bank status with California push
The lender is betting on its U.S. commercial bank’s unified model, increased banker headcount and product enhancements to fuel growth, an executive said.
