FDIC: ‘Suspected fraud’ contributed to Texas bank failure

The Santa Anna National Bank in Texas was closed by the OCC Friday. The failure could cost the FDIC’s Deposit Insurance Fund an estimated $23.7 million.

Largest banks sail through Fed’s stress test

All 22 banks that participated in the Federal Reserve’s stress test passed, although it was less stringent than past years. 

Judge again denies request to slash Ripple’s SEC penalty

The SEC can “change course after an enforcement action is initiated,” the judge wrote last week. “But the parties do not have the authority to agree not to be bound by a court’s final judgment.”

Circle applies for national trust charter

The proposal to create the First National Digital Currency Bank “marks a significant milestone to build an internet financial system,” CEO Jeremy Allaire said. Wise applied for a similar charter in June.

Wealthfront files for IPO

It’s at least the fifth fintech that’s filed to go public this year, but one investor said it’s not a trend – it’s more “a return to normal.”

Envestnet spins off Yodlee to private-equity firm

The data aggregator is being sold to STG for an undisclosed amount in a deal set to close in the third quarter.

Senate shrinks proposed CFPB cuts in megabill

One week after the Senate parliamentarian struck down efforts to zero out CFPB funding, lawmakers released a scaled-back proposal.

Atlantic Union sells roughly $2B in CRE loans to Blackstone

The Virginia-based lender closed the sale of the loan portfolio it acquired from its merger with Sandy Spring Bancorp. 

Banking conferences yet to come in 2025

Gatherings can be idea generators, or crucial chances to network — especially amid an environment where political change can yield previously unexpected possibilities and partnerships.

Fed proposes 27% cut to tier 1 capital requirements

Changes to the enhanced supplementary leverage ratio would be accompanied by a 5% reduction in total loss absorbing capacity and a 16% drop in long-term debt requirements.

Fifth Third names new legal chief, commercial banking head

The Cincinnati-based lender named Christian Gonzalez as CLO and Vikas Khanna, a 10-year veteran of the bank, as its head of commercial banking. 

Ex-Barclays CEO Staley’s lifetime FCA ban to remain

A U.K. tribunal court Thursday dismissed the former executive's attempt to fight the ban, which came amid revelations of Staley's ties to the late convicted sex offender Jeffrey Epstein.

Glacier Bank to broach Texas in $476.2M Guaranty deal

The acquisition would add 33 locations, including in Dallas and Houston, to the Montana-based lender’s footprint, as well as $3.2 billion in assets.

Anchorage CEO: Stablecoins to become ‘core plumbing’ in finance

“What we’re witnessing now is the early formation of a new financial standard — one that’s faster, more transparent, and natively digital,” Nathan McCauley said.

Blueacorn founder guilty on one count, faces up to 20 years

Stephanie Hockridge “abused the generosity of the American people by stealing money dedicated to the survival of small businesses to fraudulently enrich herself,” one acting U.S. attorney said.

Capital requirements, a Fed reno and Trump overshadow Powell hearings

Sen. Elizabeth Warren urged caution on a move to reduce banks’ enhanced supplementary leverage ratio. The Fed chief appeared unflappable, however, in the face of the president’s calls to cut interest rates.

Santander to sell 7 Pennsylvania branches to NY bank

Community Bank will acquire the Allentown-area branches and expand its footprint in the Greater Lehigh Valley. The deal is expected to close in the fourth quarter. 

Spinwheel raises $30M in series A to boost agentic AI platform

The latest fundraise will help to develop its product stack that would reduce implementation time frames from over a year to just a few months, CEO and co-founder Tomás Campos said.

CFPB terminates BofA consent order 3 years early

The bureau was to monitor Bank of America for five years in connection with a $12 million penalty it paid for allegedly failing to collect demographic data on mortgage applicants.

Fed joins OCC, FDIC in scrubbing reputational risk from exams

The central bank said it would replace references to the metric “with more specific discussions of financial risk.” Banks can still use the concept in their own risk management policies, the Fed said.

Ohio’s First Financial to acquire Westfield Bancorp in $325M deal

The transaction, set to close in the fourth quarter, would expand the Cincinnati’s bank’s presence in the opposite corner of the Buckeye State.

Banking industry, big tech unite to forge AI adoption guidelines

Citi and Morgan Stanley joined forces with AWS, Microsoft and Google Cloud to set open-source controls for secure AI adoption in the financial industry.

Nissan applies for ILC charter from FDIC

The carmaker joins GM, Ford and Edward Jones in awaiting the OK to form industrial banks. The FDIC's acting chair said ILCs could boost creation of new banks. Opponents say the move sidesteps the Fed.

Fed, OCC ban 2 bankers apiece

The bankers are former employees of Ally, Santander, Bank of Hawaii and BOKF. The prohibitions come after the regulators say they found instances of embezzlement and misappropriation of funds.

Senate official blocks CFPB defunding in Trump’s megabill

Measures to defund the CFPB, and to reduce salaries at the Fed, fall outside the limits of reconciliation, Senate parliamentarian Elizabeth MacDonough ruled Thursday.