Inside Ally’s customer referral program

The effort, launched last year, accounts for about 15% of the digital bank’s account volume, an executive said. Now Ally is adding a QR code and wants to use opportune moments to promote the program.

FDIC eyes change in reserve ratio calculation

Acting Chair Travis Hill suggested the agency use total liabilities rather than insured deposits as the denominator in the formula. The FDIC on Tuesday also rescinded a bank merger policy update from last year.

House follows Senate in overturning OCC merger review rule

The joint resolution to roll back the regulator’s 2024 merger rule now heads to the president for a signature.

JPMorgan’s Dimon talks regulatory changes, crypto

The CEO didn’t mince words Monday on the bank regulatory approach over the last 15 years. Regulators “went so far beyond what was reasonable that they should be embarrassed.”

SEC’s Crenshaw warns of ‘regulatory Jenga’

“When it comes to the stability of our markets, how far are we willing to take our dangerous game? Who would ultimately be the loser when the foundation gives way?” she asked.

Capital One closes Discover deal, agrees to $425M payout

The combination caps a 15-month wait for the two finance behemoths. The $425 million would be restitution to legacy savings account holders who argued they should have received a higher interest rate.

JPMorgan aims to ‘resist’ headcount growth

Although headcount increases in recent years were necessary to support growth, “we do suspect some inefficiency was introduced,” the bank’s CFO said during Monday’s investor day.

Fifth Third gives customers free access to wills

The move reflects the bank’s aims to bolster its benefits for customers and do more with its fintech partners to differentiate itself from competitors, a Fifth Third VP said.

Fed to reduce headcount by 10% by end of 2027

The lower headcount will come from a voluntary deferred resignation program, not layoffs, according to an internal memo.

CFTC will shrink to a two-person team as two commissioners leave

Commissioners Christy Goldsmith Romero and Summer Mersinger will exit at the end of the month. Brian Quintenz awaits confirmation to become the regulator’s chair. 

Democrats press biggest US banks on climate alliance exits

“Leaving doesn’t eliminate climate-related financial risk; instead, it diminishes your capacity to monitor and address that risk collaboratively,” lawmakers told JPMorgan and 11 other institutions.

Fintech association to defend open banking in court

The Financial Technology Association will seek to protect a Consumer Financial Protection Bureau open banking rule after receiving a federal judge’s permission to intervene.

Hack could cost Coinbase up to $400M: filing

The crypto exchange is offering a $20 million reward for information leading to the hackers’ arrest. Coinbase terminated customer support agents who leaked customer data.

Banks struggle to talk about fraud

Financial institutions battling an increase in fraud, particularly push-payment scams, have been stymied in sharing information that might help them better protect customers.

CFPB slashes most of Wise penalty

The U.S. unit of fintech Wise must pay the bureau $45,000 and roughly $450,000 in redress to affected customers – a far cry from the $2.5 million penalty issued in January.

Judge denies move to reduce Ripple’s penalty in SEC case

The parties failed to “address the heavy burden” involved in vacating an injunction, choosing to couch their agreement as a settlement to be approved rather than a request for relief, Judge Analisa Torres said Thursday.

NY AG sues Capital One over lost customer interest

The state essentially picked up the challenge the CFPB put down when it dismissed its own lawsuit alleging the bank cost users $2 billion by not informing them of a higher-yield savings account.

Wells Fargo eyes opportunity with baby-boomer wealth transfer

The bank, which has bolstered the connection between its commercial bank and wealth units, seeks to cultivate deeper relationships as aging business owners assess the future.

JPMorgan drops portions of its Viva lawsuit

The bank and Viva Wallet, which it partially owns, have been locked in legal battles since early 2024.

Fed drops enforcement action against Illinois bank

The central bank flagged deficiencies at Du Quoin State Bank in 2023 and directed the lender to improve capital, liquidity and interest rate risk management.

JPMorgan Chase taps payments tech head

The bank’s payments arm named Sri Shivananda to head up its technology operations this year. Now, he’s overseeing decisions on stablecoins, real-time transactions and other advances.

Comerica risk chief heads to USAA

Brian Goldman, who’s been Comerica’s chief risk officer for about a year and a half, will leave to take the same role at USAA, effective May 27.

Warren prods DOJ to sue to block Capital One-Discover deal

The senator urged the Justice Department’s new antitrust czar, who's expressed a general concern over the creation of too-big-to-fail firms, to “back [her] words with action.”

Chime files for IPO

Chime submitted its paperwork to go public Tuesday in a widely expected move, stressing that it “is a technology company, not a bank.”

Generative AI may shoulder up to 40% of workload, some bank execs predict

Six in 10 bank executives list generative AI as a top investment priority this year, according to a survey published in April by KPMG.