The Latest
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Tom Pennington via Getty Images
Dallas Fed picks NY Fed insider as its next president
The bank "chose to perpetuate a legacy that has largely excluded Latino voices at all levels," Sen. Bob Menendez, D-NJ, and Rep. Raul Ruiz, D-CA, said Wednesday, a week after urging the Dallas Fed to select a Latino leader.
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Chip Somodevilla via Getty Images
Yellen urges stricter stablecoin regulation this year, amid TerraUSD crash
The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.
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Permission granted by Current
Current wades into embedded banking with launch of API platform
The neobank announced Plaid as its first partner, a tie-up the two firms said will enable Current’s customers to access more than 6,000 apps and services powered by the data aggregator’s network.
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Anna Hrushka/Banking Dive
Senate confirms 1st Black woman Fed governor
Democrats needed a tie-breaking vote from Vice President Kamala Harris to put Michigan State University economist Lisa Cook on the seven-seat board. Votes for nominees Philip Jefferson and Jerome Powell are expected this week.
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Courtesy of KeyBank
KeyBank buys student loan forgiveness fintech
Financial terms of the GradFin purchase were not disclosed, but the business dovetails with the bank's previous acquisition and tailoring of Laurel Road.
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Permission granted by U.S. Bank
U.S. Bank lays out $100B community benefits plan tied to merger
U.S. Bank agreed to increase mortgage lending by 20% nationally and by 30% to nonwhite and LMI borrowers in California. The bank also must analyze demographics and consider community input before closing LMI-area branches.
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Retrieved from Senate Banking Committee.
OCC reviews bank merger framework alongside DOJ, other regulators
The OCC is weighing how it can incorporate public input and is leaning toward holding public meetings on tie-ups involving large banks, Acting Comptroller Michael Hsu said Monday.
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Alex Wroblewski via Getty Images
Proxy adviser blasts JPMorgan's one-off awards to Dimon, Pinto
Glass Lewis, earlier this season, recommended Goldman Sachs shareholders vote down that bank's compensation plan over similar perks. But the pay packages won 82% approval.
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Justin Sullivan via Getty Images
Cannabis payments companies focus on compliance, creativity
Federal restrictions have kept many banks and payments companies on the sidelines regarding cannabis. That has given the ACH network a foothold to facilitate payments in states where pot is legal.
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Courtesy of Wells Fargo multimedia resources
Judge dismisses Wells Fargo commercial lending class-action suit
Investors led by a retirement fund for Hawaii state employees failed to prove the bank unjustifiably inflated loans, understated loss reserves or misstated its practices, a judge ruled Friday.
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Drew Angerer via Getty Images
Bank of America, JPMorgan, Goldman consider abortion travel policies
"With all things like this, we look at what our team needs from us," Bank of America CEO Brian Moynihan told CBS. A leaked Supreme Court draft opinion ignited a political firestorm tied to the possible overturn of Roe v. Wade.
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Wall Street bonuses could crater up to 40% this year
Investment banking underwriters' bonuses could fall up to 40% from 2021, according to pay consultancy Johnson Associates. Fixed-income traders, however, could see bonuses jump 20%, the company said.
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Deep DivePPP 2 years later: Analyzing the legacy and impact of the $800B government relief program
Lenders and banking industry experts reflect on the lessons learned from the government's small-business rescue program, and what lies ahead for its participants.
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Chip Somodevilla via Getty Images
Fed, OCC, FDIC issue revamped CRA proposal
The measure would require large banks to consider areas with concentrations of mortgage and small-business lending. The proposal also clarifies which activities constitute community development.
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Tom Pennington via Getty Images
Lawmakers push Dallas Fed to name Latino as next leader
The vacancy presents a "key opportunity" because the bank's district serves a population that is 40% Latino, wrote four Democratic senators and 18 House members.
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OlyaSolodenko/iStock via Getty Images
Democratic senators zero in on overdraft fees at hearing
Sen. Elizabeth Warren, D-MA, and two other lawmakers urged the CEOs of JPMorgan Chase, Bank of America and Wells Fargo to reconsider the practice, in letters published Wednesday.
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David McNew via Getty Images
CFPB fines Bank of America $10M over illegal garnishments
The bank "unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders," the bureau said.
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Fotolia
Banking trade group CBA names next CEO
Lindsey Johnson will become the first woman to lead the group upon the retirement of longtime chief Richard Hunt this summer.
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Mario Tama via Getty Images
ColumnCiti's role in 'flash crash' reinforces perils of manual transactions
Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.
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Permission granted by Truist
Truist buys gamified finance app Long Game
Long Game, which uses prize-linked games to encourage smart financial habits, aims to help banks and credit unions with client retention and account growth, particularly among Gen Z and millennial customers.
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Justin Sullivan via Getty Images
AmEx CEO snags $28.5M total compensation
While the 2021 target for Stephen Squeri's long-term incentive awards was $14.5 million, the actual amount was $19 million.
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Chip Somodevilla via Getty Images
SEC to nearly double crypto enforcement unit
The agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to an already 30-strong team.
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Permission granted by First Internet Bank
First Century Bank scraps First Internet deal
The Federal Reserve signed off on the combination April 29, but the banks couldn't close the tie-up by an April 30 deadline because of statutory waiting periods, and could not agree on extension terms, First Internet said.
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Megan Quinn/Banking Dive
GOP senators follow House Republicans in seeking Citi contract's end
The bank's decision to cover travel costs for abortion is not a political statement, but a long-standing company policy, CEO Jane Fraser said last week at Citi's annual general meeting.
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Permission granted by U.S. Bank
U.S. Bank rolls out Spanish-language voice assistant for mobile app
The Minneapolis lender cites a study indicating 25% of Hispanic Americans are "smartphone-only" internet users — double the proportion of White adults.
