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  • Zelle's new ad campaign
    Image attribution tooltip
    Courtesy of Early Warning Services (parent company of Zelle)

    Zelle counters scam talk with growth rates

    The instant payments brand is highlighting a double-digit growth rate for its peer-to-peer payments tool and downplaying scams on its system.

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    Mario Tama via Getty Images

    Citi wins appeal on $500M Revlon loan blunder

    “Put simply, you don’t get to keep money sent to you by mistake unless you’re entitled to it anyway,” one judge wrote in his opinion.

  • Bank of America ATMs are seen in NYC.
    Image attribution tooltip
    Mario Tama via Getty Images

    BofA pledges $25M to support Black and Latino-led CDFIs

    “This collaboration demonstrates that opportunities and impact are literally doubled when we work together,” said Marla Bilonick, chair of the National Alliance of Latino CDFI Executives.

  • BlackRock blasts Republican AGs’ ‘misconceptions’ on its ESG role

    The asset manager doesn’t “dictate to companies what specific emission targets they should meet,” BlackRock’s head of external affairs wrote in a letter. Rather, it asks companies to disclose climate-related data.

  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
    Image attribution tooltip
    Retrieved from Senate Banking Committee.

    OCC zeroes in on bank-fintech partnership risk

    The growth of fintechs and banking-as-a-service mirrors a rise in shadow banking that sparked the 2008 financial crisis, Acting Comptroller Michael Hsu said at a banking conference Wednesday.

  • Michael Barr
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    Tasos Katopodis via Getty Images

    10 takeaways from Michael Barr’s first speech as Fed’s supervision czar

    The regulator pushed a tiered set of capital requirements and stricter living wills for regional banks. He also clarified the central bank’s stance on climate risk.

  • A purple Truist sign sticks out of a building.
    Image attribution tooltip
    Permission granted by Truist

    Truist taps insider as CFO as Bible retires

    Mike Maguire, the Charlotte, North Carolina-based lender’s chief consumer finance and payments officer, will become CFO, effective Sept. 15. Current CFO Daryl Bible will stay on through a transition period.

  • Image attribution tooltip
    Drew Angerer via Getty Images

    Bank of America to issue revamped office-return policy in 6-8 weeks

    The standards aim to add “formality” to the bank's flexibility, CEO Brian Moynihan said Tuesday at a conference.

  • Fifth Third Bank
    Image attribution tooltip
    "Fifth Third" by Ed (Talk) is licensed under CC BY-SA 3.0

    Black woman, 71, sues Fifth Third over alleged refusal to cash check

    The retiree alleges three White bank employees “insisted” the five-figure casino jackpot check was fraudulent. She later deposited it at JPMorgan Chase.

  • People enter and exit UBS Bank in NYC.
    Image attribution tooltip
    Chris Hondros via Getty Images

    UBS, Wealthfront abandon $1.4B merger agreement

    UBS did not give a reason for the deal’s disintegration, but the Swiss bank gave Wealthfront $69.7 million in financing, and the companies are “continuing to explore ways to work together in a partnership.”

  • Citi sign outside of skyscraper
    Image attribution tooltip
    Mario Tama via Getty Images

    Citi joins Wells Fargo in cutting mortgage-lending staff

    Citi's layoffs will number fewer than 100, while Wells, in the past two weeks, notified 75 Iowa-based workers they would be let go.

  • Corporate head shot of man in suit.
    Image attribution tooltip
    Permission granted by Visa

    Who’s afraid of FedNow? Not Visa

    “The fact that there is a pipe, right, doesn't mean there's going to be traffic or volume on that pipe,” said the card network’s CFO, Vasant Prabhu. “If the pipe doesn't serve [specific] needs, the pipe will not be used.”

  • The Office of the Comptroller of the Currency's seal hangs on a brick building.
    Image attribution tooltip
    Permission granted by Office of the Comptroller of the Currency

    OCC orders Blue Ridge Bank to bolster fintech partnership oversight

    The bank must obtain the regulator’s non-objection before signing on with any new fintech partners or adding new products through existing partners.

  • The skyline of New York City
    Image attribution tooltip
    Sean Pavone via Getty Images
    Column

    Even the anti-Goldman wants more employees in the office

    Longtime remote-work advocate Jefferies asked for "everyone back in our offices on a consistent basis" as long as COVID stays "manageable" — but still took a swipe at Goldman in a memo Thursday.

  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
    Image attribution tooltip
    Retrieved from Senate Banking Committee.

    OCC to cut smallest banks’ assessment fees by 40%

    The move, effective in March 2023 and applying to a bank’s first $200 million in assets, marks the regulator’s fourth fee cut in as many years.

  • A round sign features HSBC's lettering and logo.
    Image attribution tooltip
    Matt Cardy/Getty via Getty Images

    Fed ends 2012 AML enforcement action against HSBC

    The London-based bank had been under the order since December 2012 after the Justice Department identified “stunning failures of oversight.”

  • The concept of the word M&A on cubes on a beautiful green background. Business concept
    Image attribution tooltip
    Zhanna Hapanovich via Getty Images
    Column

    Need to fill a C-suite void? Target banks that are being acquired

    First Republic and other banks looking to fill high-ranking roles hired executives from MUFG Union Bank, People's United and other institutions at the non-surviving end of a merger.

  • Branch-closure freefall slows down: S&P Global

    Net branch closures fell to 312 in the second quarter, compared with 950 in the first three months of 2022. If second-half closures continue at the first half’s pace, 19% fewer locations will shut down this year than in 2021.

  • Cash dollars lying on the ground
    Image attribution tooltip
    Rrraum via Getty Images

    Average overdraft fee falls nearly $4, to lowest level since 2009

    ATM fees, however, jumped to a three-year high of $4.66 per transaction, according to a Bankrate study, which also found users needed record or near-record-high balances to avoid monthly service charges.

  • A green Central Pacific Bank sign hangs above the bank's headquarters in downtown Honolulu.
    Image attribution tooltip
    Permission granted by Central Pacific Bank

    Hawaii’s Central Pacific Bank embraces BaaS to gather mainland deposits

    “We could be business as usual, and continue focusing on traditional community banking in Hawaii,” the bank’s CFO said. “We chose to participate in the disruption."

  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
    Image attribution tooltip
    Chris Hondros via Getty Images

    Goldman Sachs, Morgan Stanley drop vaccine requirements

    In a memo seen as a Labor Day office-return rally cry, Goldman cited new CDC guidance and the reduced risk of severe illness from COVID-19 as reasoning for the change, which doesn’t apply to New York City-based employees.

  • A person uses a red Bank of America ATM.
    Image attribution tooltip
    David McNew via Getty Images

    BofA, BMO push to close racial property ownership gap

    Bank of America launched a program offering a zero-down payment, zero-closing-cost mortgage solution to first-time homebuyers in nonwhite-majority areas, and another aimed at small businesses.

  • Image attribution tooltip
    Chris Hondros via Getty Images

    JPMorgan Chase’s Frankfurt offices raided in tax-fraud probe

    The cum-ex scandal exploited a loophole in German law that allowed multiple parties to claim refunds on a dividend tax that was paid once. Bank of America, Morgan Stanley and Barclays offices have also been searched.

  • Cryptocurrency bitcoin token
    Image attribution tooltip
    Dan Kitwood via Getty Images

    Trade groups clap back at Warren’s call to rescind crypto guidance

    The crypto winter is "wholly unrelated" to banks’ involvement in OCC-approved activities, the Bank Policy Institute and the American Bankers Association wrote. But further clarity is crucial.

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    Drew Angerer / Staff via Getty Images

    Advocates seize on TD-First Horizon deal in rejection plea

    Twelve groups led by the Center for Responsible Lending wrote OCC and Fed officials, urging them to quash the merger on overdraft and market concerns.