The Latest

  • Green and white signage on the exterior of a building reads "TD Bank."
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    TD names Treasury vet to financial crime risk management post

    Andrew Jensen joined the Canadian lender last year as global head of sanctions. Jensen will maintain those duties, too, when he moves into his new role Monday.

  • Pennsylvania state capitol in Harrisburg
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    benedek via Getty Images
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    Pennsylvania banks to merge in $54.9M deal

    Wayne Bank, a subsidiary of Norwood Financial Corp., will expand its footprint into central and southeastern Pennsylvania with the acquisition of Presence Bank.

  • money transfer Wise enforcement regulation
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    Wise to pay $4.2M, boost AML oversight in 6-state settlement

    Wise allegedly failed to provide for frequent independent review of its anti-money laundering program. Regulators also found deficiencies in the investigation and reporting of suspicious activity.

  • An adult uses a Citi ATM while a child stands next to the person, with Citi signage in the foreground.
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    Justin Sullivan / Staff via Getty Images
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    Citi to open Charlotte office, add 510 jobs

    The lender will spend $16.1 million on the office, which is slated to open by early 2026, according to a bank memo.

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    ipopba via Getty Images
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    Community banks view embedded finance as key to longevity: report

    Despite increased regulatory scrutiny of banking-as-a-service, over half of the surveyed community bank respondents are considering implementing BaaS or embedded banking solutions.

  • A Frost branch in Kyle, Texas is shown, with "Frost" signage on the building.
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    Permission granted by Frost
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    Frost CFO: ‘We are that stable bank in Texas’

    The San Antonio lender has hung its hat on long-term organic growth. “We get to bring in customers that chose us, not that we bought,” said Dan Geddes, a 28-year Frost veteran. “We get to recruit the bankers that want to be with us.”

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    Jack Taylor via Getty Images
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    BNY to custody Ripple USD

    BNY custodies two other stablecoins – Circle’s USDC, since 2022, and SocGen’s USD CoinVertible, since June.

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    Courtesy of Monzo press kit
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    Monzo fined $28.7M over AML flaws

    This is the 10th financial crime control failings-related fine imposed by the FCA in the last four years, and follows a similar action against fellow U.K. neobank Starling last year.

  • Donald Trump and Jerome Powell
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    Column

    Dive Deposits: Summer is the season of regulator roulette

    The sidelining of the CFPB’s top fair-lending official, early-out of a leading Fed supervisor, and President Trump’s gripes toward Jerome Powell have turned July into a game of “start-bench-cut.”

  • CFPB open banking banks Russell Vought fintechs
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    Anna Moneymaker via Getty Images
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    Court denies open banking briefs

    A federal judge said “friend of the court” briefs wouldn't be helpful in litigation over the Consumer Financial Protection Bureau’s open banking rule.

  • The Louisiana State Capitol Building in Downtown Baton Rouge
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    CRobertson via Getty Images
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    Louisiana takes a turn as small-bank M&A epicenter

    In the first week of July, two Baton Rouge banks have made $83 million deals to acquire competitors.

  • Four credit cards with "Citizens" branding are shown at an angle lined up side by side.
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    Citizens spies opportunity with Chase card move

    As premium credit card fees climb, “it does create a little more room for us to compete in between,” the regional bank’s head of lending said.

  • A paper is shown with the words Paycheck Protection Program Borrower Application Form
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    Creative via Getty Images
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    Planet Hollywood sues Florida bank in alleged PPP fraud

    BankUnited forced Planet Hollywood and its affiliated companies to reapply for a PPP loan, for which they lost the opportunity to have at least $4.5 million forgiven.

  • Sen. Elizabeth Warren, wearing a red jacket, speaks into a microphone during a Congressional hearing.
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    Michael A. McCoy / Stringer via Getty Images
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    Warren demands Zelle scam update

    In letters to Zelle’s bank owners, Sen. Elizabeth Warren and two other Democrats asked what the financial institutions are doing to protect customers using the digital payments service.

  • A close-up of a building with Capital One signage is shown.
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    Win McNamee / Staff via Getty Images
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    Capital One shutters Discover home equity business

    A website notification says Discover Home Loans “is no longer accepting applications for new home equity or mortgage refinance loans, although we will continue to process applications that are in progress.”

  • The Federal Reserve building at sunset.
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    Douglas Rissing via Getty Images
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    Fed bans Wyoming ex-banker over charity embezzlement

    Kendall Hickman, a former employee of Jonah Bank of Wyoming, embezzled more than $33,000 in funds from a nonprofit organization while working as a part-time bookkeeper. 

  • Sen. Elizabeth Warren (D-MA) speaks during a Senate Banking, Housing, and Urban Affairs committee hearing on January 11, 2024 in Washington, DC.
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    Kent Nishimura via Getty Images
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    Warren slams Fed’s proposed tweaks to stress capital buffer

    In a public comment, the senator urged the central bank to withdraw a proposal to allow banks to use an average of the past two years’ stress testing losses in the calculation of their buffer.

  • Navy Federal Credit Union, Douglasville Georgia location
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    Permission granted by Navy Federal Credit Union
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    CFPB drops $95M overdraft case against Navy Federal

    The move is yet another example of the current bureau’s retreat from Biden-era consent orders.  

  • An entrance to a Madison Avenue JPMorgan Chase building is shown, with revolving doors and a person walking in the foreground.
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    Michael M. Santiago / Staff via Getty Images
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    Top US banks boost dividends

    JPMorgan and Morgan Stanley announced share repurchase programs. Wells Fargo and Goldman Sachs, meanwhile, will see current stress capital buffers lowered.

  • The words "Goldman Sachs" are seen on a partial wall with a wood finish.
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    Michael M. Santiago / Staff via Getty Images
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    Goldman taps new global chairman of investment banking

    Raghav Maliah joined the firm in 2000 and currently holds two lead roles in the Asia Pacific region.

  • A sign shows the FDIC acronym in the foreground on the left, and glass doors and an FDIC rug in the background to the right.
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    Creative via Getty Images
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    Making sense of the ‘crazy quilt’ of financial regulators

    Federal banking agency job cuts and a deregulatory push have again stoked conversations around consolidation. Merging agency functions could make sense, but here’s why it’s unlikely to happen.

  • "Credit union" is shown on a building's exterior
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    NCUA closes 2 credit unions in 2 days

    The regulator closed Aldersgate Federal Credit Union and Butler Heritage Federal Credit Union; Aldersgate was placed in conservatorship last month, after operating in an “unsafe and unsound manner.”

  • A man smokes outside a Standard Chartered bank location.
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    Matthew Lloyd via Getty Images
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    StanChart hit with $2.7B lawsuit tied to 1MDB scandal

    Liquidators of three 1MDB-related companies claim that Standard Chartered permitted more than 100 intrabank transfers that enabled massive fraud of Malaysia’s sovereign wealth fund.

  • Webster Bank taps former Ally CRO

    Jason Schugel, whose 15 years at Ally included six as chief risk officer, has been appointed CRO at Webster, effective July 14.

  • TD Bank at One Vanderbilt
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    Permission granted by TD Bank
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    Ex-TD employee pleads guilty to receiving bribes, forging bank documents

    Between 2022 and 2023, Jhonnatan Steven Rodriguez opened approximately 140 bank accounts for customers who had contacted him via text in exchange for small bribes between $200 and $250.