The Latest

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    AI increases fraud risk, fintechs say

    Financial firms monitor for fraud by looking for unusual activity, but an artificial intelligence model can be trained to transact like a real person.

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    Leon Neal / Staff via Getty Images
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    Singh, fourth FTX exec sentenced, avoids prison

    Former FTX engineering chief Nishad Singh showed an “eagerness to assist” the prosecution during its case against Sam Bankman-Fried, and a similar energy to help CEO John Ray in FTX's bankruptcy case.

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    BofA discloses Zelle probe, says it may result in litigation

    The bank also said it’s in contact with regulators over its Bank Secrecy Act/anti-money laundering and sanctions compliance programs, and a regulatory order could stem from those discussions.

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    Getty Images/Staff via Getty Images
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    5 lessons learned from Synapse’s collapse

    Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of up to $95 million between bank-held funds and amounts owed to fintech end users, a law firm found.

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    New Jersey AG accuses Republic First of redlining

    The failed lender originated 6% of its home loans to residents of majority-nonwhite neighborhoods between 2018 and 2022, the state found. The state filed a claim with the FDIC seeking remediation.

  • Treasury Secreatry Janet Yellen peers behind her glasses on Capitol Hill.
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    Chip Somodevilla via Getty Images
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    Treasury floats financial inclusion strategy

    The department’s strategy “provides a national roadmap to expand access to foundational financial tools like credit and investments that are key to building wealth,” Treasury Secretary Janet Yellen said Tuesday.

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    Morgan Stanley adjusts climate targets with Paris goal slipping

    The bank’s 2030 targets now include a net-zero scenario that would limit additional temperature rise to 1.7°C, as aspirations for limiting global warming to 1.5°C fade.

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    Dan Kitwood via Getty Images
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    Consensys to slash 20% of workforce

    The blockchain software firm best known for its self-custodial MetaMask wallet cited regulatory uncertainty and a push toward “rigorous decentralization.”

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    Spencer Platt via Getty Images
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    JPMorgan Chase sues customers who exploited viral ‘glitch’

    With four nearly identical lawsuits, the nation’s largest bank wants users to return hundreds of thousands of dollars taken in a scheme promoted on TikTok.

  • Jamie Dimon, the CEO of JPMorgan Chase bank, talks and holds his hands out in front of him.
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    Kevin Dietsch / Staff via Getty Images
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    Dimon swipes at regulators, large retailers: ‘Time to fight back’

    The JPMorgan CEO slammed recent rules, including Basel and open banking, saying the industry is right to challenge regulators. “If you’re in a knife fight, you better damn well bring a knife,” he said.

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    Justin Sullivan via Getty Images
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    How open banking will shape the future of payments

    The Consumer Financial Protection Bureau released its open banking final rule last week, leading the payments and financial services industries to begin preparing for a new era in data sharing.

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    Matt Cardy via Getty Images
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    HSBC insists it’s not gearing up to split

    The bank saw profits jump 10% in the third quarter and announced a $3 billion share buyback. But analysts pressed CEO Georges Elhedery on the long-term effects of a recent reorganization.

  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    FDIC hits 3 banks within embattled Texas parent firm

    The regulator hit three subsidiary banks of Industry Bancshares with consent orders to improve their capital positions and take a hard look at staff qualifications.

  • BM Technologies CEO Luvleen Sidhu speaks during a fireside chat at FinovateFall in New York City on Sept. 14, 2021.
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    Anna Hrushka/Banking Dive
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    NC bank to buy fintech BM Technologies in $67M deal

    First Carolina Bank's acquisition of the Pennsylvania-based digital banking platform is expected to close in the first quarter of 2025.

  • Director of Consumer Financial Protection Bureau Rohit Chopra speaking in front of a desk.
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    Alex Wong via Getty Images
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    Chopra defends CFPB open banking rule in face of lawsuit

    Consumer Financial Protection Bureau Director Rohit Chopra called out bank litigants that sued over the rule, saying he didn’t think they’d read it.

  • Where UniCredit-Commerzbank is now, from 4 angles

    The Italian lender may not have said much in the month after upping its stake in the German bank, but other European — and American — banks have lots of opinions.

  • Abstract blockchain technology concept. Internet security. Isometric digital cube connection background.
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    TU IS
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    Kraken to launch its own blockchain

    Ink will be rolled out to retail and institutional users early next year, with the aim to offer decentralized finance to a larger audience.

  • A man walks into a BlackRock office building.
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    Andrew Burton via Getty Images
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    BlackRock pens pushback to asset manager proposal

    In a 17-page letter, the investment manager laid out its criticism of an FDIC proposal that would require firms to seek agency approval when they pass the 10% threshold of bank ownership.

  • A person uses a credit card to pay for a purchase on a computer
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    Poike via Getty Images
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    Pay-by-bank to be used for bills, Plaid CEO predicts

    Plaid CEO Zach Perret expects consumers to use pay-by-bank services for mortgage and utility payments, but is skeptical they will be used to pay at restaurants or for groceries any time soon, he said.

  • Reflective image of Citibank branch exterior facade, located in Manhattan, NYC.
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    GCShutter via Getty Images
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    Citi taps Google Cloud for app migration, AI adoption

    The bank, as part of a broad modernization push, announced a multiyear partnership Monday with the hyperscaler.

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    Chip Somodevilla via Getty Images
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    Fed cites Washington state bank embroiled in Ponzi scheme allegations

    UniBank and its parent company have been named in lawsuits alleging the bank facilitated loans that were used to repay earlier investors of water and oil-and-gas firms.

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    Spencer Platt / Staff via Getty Images
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    NYCB postpones profitability goal to 2026

    The embattled bank recorded a $280 million loss for the third quarter and said it expected to post a loss for 2025, while whittling its profit forecast to 75 cents to 80 cents per share rather than $1.25.

  • james gorman holding a letter in a suit
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    Column

    Dive Deposits: Gorman to get $400K a year as Morgan Stanley’s chair emeritus

    The bank named CEO Ted Pick its next board chair. But Pick's predecessor will retain access to a car and driver, an office and certain controls over expenses through 2026. He'll also lead Disney's board.

  • Green and white signage on the exterior of a building reads "TD Bank."
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    Spencer Platt / Staff via Getty Images
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    TD faces investor lawsuit over AML failures

    The lawsuit alleges bank executives minimized the AML issues and made no indication of the severity of the punishment TD faced.

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    Michael M. Santiago via Getty Images
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    NY AG adds to scrutiny of Capital One-Discover deal

    New York Attorney General Letitia James is probing the proposed acquisition’s effects on competition, arguing “often vulnerable New Yorkers with subprime credit scores” could see impact.