The Latest

  • Tim Scott speaks during a Senate hearing
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    Senators grill FDIC chair nominee Goldsmith Romero

    The CFTC commissioner aiming to replace Martin Gruenberg pledged Thursday during a Senate committee hearing to bring accountability to an agency reeling from toxic-culture allegations.

  • RBC shakes up C-suite, splits personal and commercial banking

    A spate of moves appears to elevate Neil McLaughlin as a contender to succeed Dave McKay as CEO, but that transition may not be soon. The bank did not disclose the future of its still-interim CFO.

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    Alex Wroblewski via Getty Images
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    Senators press Jamie Dimon on alleged climate turnabout

    The lawmakers, including Sen. Elizabeth Warren, D-MA, demanded answers from the JPMorgan Chase CEO on the bank's environmental "commitments" and "aspirations."

  • Legal finance
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    matt_benoit via Getty Images
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    Archegos founder found guilty of fraud, market manipulation

    Bill Hwang was found guilty of 10 out of 11 criminal counts, while former CFO Patrick Halligan was found guilty of all three counts he faced, including fraud and racketeering.

  • The HSBC building is seen at Canary Wharf.
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    Scott Barbour via Getty Images
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    First Citizens’ poaching claims against HSBC largely dismissed

    A judge allowed claims alleging theft of trade secrets and breach of contract to proceed. First Citizens claimed an SVB alum hatched a plan to persuade more than 40 employees to follow him to HSBC.

  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    Bank-fintech guidance needs more clarity, FDIC’s McKernan says

    “Rules of the road” for bank-fintech tie-ups could help banks that partner with fintechs better manage third-party risks, he said.

  • Artificial Intelligence Machine Learning Natural Language Processing Data Technology
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    Just_Super via Getty Images
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    MoneyLion doubles down on AI to bolster customer experience

    The fintech's gen AI-powered search engine, currently in beta, is set to be launched by end of summer, CEO Dee Choubey said. 

  • Aerial shot of Manhattan
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    Drew Angerer/Getty Images via Getty Images
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    Citi vet joins Blackstone’s credit unit

    Tyler Dickson was seen as a contender to lead Citi’s banking unit. He left the bank after JPMorgan alum Viswas Raghavan was hired for the role.

  • A close-up photo of Federal Reserve Chair Jerome Powell shows him speaking into a microphone and gesturing.
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    Bonnie Cash / Stringer via Getty Images
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    Warren presses Fed’s Powell on bank exec compensation

    The central bank chair engaged in a heated back-and-forth with the senator, and also weighed in on CRE, Chevron deference and liquidity in hearings this week.

  • A sign hangs above an entranceway to a Capital One Café on February 19, 2024, in Miami, Florida.
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    Joe Raedle / Staff via Getty Images
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    Capital One leans on its cloud maturity to support AI adoption

    “It's difficult to imagine doing AI at scale without a solid foundation of experience using and scaling applications in cloud,” said Aparna Sinha, the bank’s senior vice president and head of AI product.

  • FTX signage is shown with a phone in the foreground
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    Leon Neal / Staff via Getty Images
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    Former FTX execs Wang, Singh to be sentenced this fall

    Both cooperated with the prosecution and testified against their former colleague, Sam Bankman-Fried. This will "very likely" reflect in their sentences, one attorney told Banking Dive.

  • An exterior shot of a Fifth Third Bank location is shown
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    Courtesy of Fifth Third
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    Fifth Third fined $20M over fake accounts, auto repossessions

    The Cincinnati bank must compensate roughly 35,000 harmed consumers. The CFPB settlement resolves a March 2020 lawsuit that asserted the bank created fake accounts and used an aggressive “cross-sell” strategy.

  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    FDIC downgrades Forbright Bank’s CRA score

    The demerit stems from a relationship the bank had with a third party that ended more than two years ago, a source familiar with the evaluation said.

  • Federal Reserve Chair Jerome Powell, wearing a suit and tie, addresses senators with a microphone in front of him and people behind him.
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    Bonnie Cash / Stringer via Getty Images
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    Powell: Capital requirements changes should face public comment

    The Federal Reserve chair told senators Tuesday it’s his preference to seek public comment on a revised capital requirements proposal, and the Fed is working to get the FDIC and OCC on board.

  • TD Bank at One Vanderbilt
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    TD names Citi vet next compliance chief

    Erin Morrow replaces Monica Kowal, who left the bank July 2. Two of the three highest-ranking TD execs assigned to fix compliance management framework deficiencies have left in recent days.

  • A sign for Discover Financial Services
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    Scott Olson via Getty Images
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    Discover to settle card misclassification class actions for $1.2B

    The card company has warned it could face further financial toll related to the issue, in which it overcharged merchants for years.

  • Rep. French Hill
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    Win McNamee / Staff via Getty Images
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    Lawmakers egg on US payments system expansion

    A bipartisan group is nudging the Federal Reserve to explain why it can’t speed up a plan to extend the operational availability of the U.S. payments system.

  • Image of bitcoins.
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    Chris McGrath via Getty Images
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    Crypto theft doubles to $1.38B in 2024’s first half

    The May theft of more than $300 million in Bitcoin from Japanese crypto exchange DMM Bitcoin is the largest digital currency heist so far this year.

  • elizabeth warren
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    Spencer Platt via Getty Images
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    Warren blasts Powell’s ‘cozy relationship’ with bank execs

    Since Powell assumed his role in February 2018, the Federal Reserve chair has had private conversations with JPMorgan CEO Jamie Dimon at least 19 times, according to the senator.

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    Q&A

    Jenius Bank’s ‘special sauce’: Keeping it simple, with a little parent company help

    In just a year, the digitally native bank has surpassed $1 billion in deposits and $900 million in personal loans.

  • Citizens Bank of Edmond CEO Jill Castilla
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    Roger’s wide-scale marketing effort takes aim

    Less than a year after launch, Citizens Bank of Edmond's military-focused neobank sees its account volume grow by 50% every month, Director Marcus Castilla said.

  • Flags fly outside the New York Stock Exchange building in New York City.
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    Spencer Platt / Staff via Getty Images
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    Q&A

    How banks are thinking about genAI

    As more banks turn generative AI ideation into implementation, the technology’s biggest impact may come in translating legacy code, said Accenture’s global banking lead.

  • A person walks by a Bank of America branch location
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    Spencer Platt / Staff via Getty Images
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    Potential BofA blind spot prompts court to revive $10B lawsuit

    A U.S. appeals court nullified a ruling by a judge whose wife owned, then divested, Bank of America shares while he presided over an antitrust case in which BofA was a defendant.

  • Commuters walk Brooklyn Bridge
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    Mario Tama via Getty Images
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    Ex-Moelis banker faces 6 charges after video punch

    Attorneys on Monday submitted longer clips of the incident for context. The banker faces jail time and has another hearing set for Aug. 23, but he was reportedly met by protesters upon leaving court.

  • Legal finance
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    matt_benoit via Getty Images
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    Silvergate pays $63M to settle with SEC, Fed, California regulator

    The company and two of its executives settled allegations against them. Silvergate’s former CFO, however, did not, and eyes a civil trial.