Newtek Bank leans on fintech firm for deposit growth

Of the $170 million in client deposits the bank gathered from March through April, more than $115 million came from fintech Apiture, the bank said.

Neobank for retirees offers early access to Social Security checks

Allowing retirees to withdraw their Social Security benefits up to four weeks ahead is a streamlined version of earned wage access, Charlie CEO Kevin Nazemi said.

Ripple buys Swiss crypto custody firm Metaco for $250M

“I think this [deal] will really be a mark of a crypto spring,” Ripple CEO Brad Garlinghouse told CNBC.

Wells Fargo to pay $1B in fake-accounts class-action settlement

Prior leadership at the bank distorted how quickly it was addressing and fixing risk management systems that allowed sales staff to open millions of phony accounts, plaintiffs alleged.

SVB, Signature Bank execs testify before Senate panel

Tuesday’s hearing marks the first time executives from the two collapsed firms appeared in a public setting.

6 suggestions the Fed’s Michael Barr has for banks, supervisors

The central bank's supervision czar laid out his recommendations for capital requirements, a culture shift promoting quicker action by regulators, and a host of other tweaks.

More than 140 Democrats sign court brief defending CFPB

An amicus brief Monday urged the Supreme Court to overturn the 5th Circuit Court’s ruling that the bureau’s funding structure is unconstitutional.

JPMorgan accused of religious bias by 19 GOP attorneys general

Led by Kentucky Attorney General Daniel Cameron, the group alleges the bank “persistently discriminated against certain customers due to their religious or political affiliation.” JPMorgan denies the claims.

HSBC, Scotiabank to pay CFTC, SEC more than $100M in fines

The penalties mark the return of WhatsApp-related regulatory action. Additionally, HSBC settled spoofing-related charges. The British bank warned of both investigations as early as February 2022.

Western Alliance’s chief legal officer delays job change

Randall Theisen was set to become the bank’s head of corporate affairs in the first quarter of 2023. He is fulfilling both that and the CLO role, according to Western Alliance’s website and a recent proxy filing.

Revolut CFO leaves for ‘personal reasons’

The digital bank has been waiting for its U.K. banking license for more than two years. Mikko Salovaara, in early March, said approval would be coming “any day now."

Banking industry turmoil could spur M&A, experts say

Regional lenders may turn to M&A to survive the turmoil. Meanwhile, JPMorgan’s First Republic buy has fueled speculation that regulators are viewing consolidation in a different light.

Dave sees profitability within a few quarters

The neobank’s CFO credits AI technology, smart marketing spend and a "good value proposition." Dave’s most popular product, ExtraCash, accounted for roughly 80% of the company’s revenue in the first quarter.

Biden nominates Jefferson to be Fed’s 1st Black vice chair

The president also nominated Adriana Kugler to become the first Latina to serve on the central bank's board, and renominated Fed Gov. Lisa Cook to a full 14-year term.

BankUnited lost its bid for SVB, but it still got a talent boost

The Florida-based bank hired three bankers from First Republic in a move to grow its corporate-banking presence.

No need for higher bank capital requirements: Fed’s Bowman

The central bank governor recommended an independent review of Silicon Valley Bank’s failure but no new regulation.

FDIC wants large banks to cover $15.8B hit to insurance fund

The regulator estimated 113 banks would be subject to the special fee, while more than 4,000 smaller institutions would be spared.

6 strategies revealed in FDIC’s disclosure of SVB bids

PNC and Citizens each bid for the failed bank's assets, as one might expect. So did two Canadian banks, investment behemoths and even a $2.8 billion-asset Maine-based lender.

CFPB warns banks of risk in ‘unilaterally’ reopening closed accounts

Such actions may violate the agency’s prohibition on “unfair acts or practices,” the CFPB said Wednesday in a circular.

MoneyLion to add ChatGPT-powered search to its marketplace

MoneyLion CEO Dee Choubey believes tools like the popular text generator will eventually become table stakes in the finance sector.

MVB, Integrated Financial scrap merger

"Changes" in the banking industry since the deal was announced in August forced the lenders to ax the merger, they said.

JPMorgan persuades proxy adviser to reverse course on pay plan

The bank asserted Institutional Shareholder Services incorrectly analyzed pay data from private-equity firm Blackstone in a peer comparison. ISS now cautiously recommends the measure.

Bonuses at regional banks could plunge 20%, consultant finds

Retail and commercial bankers at the U.S.’s global banks could see bonuses jump by 10% to 20%, creating a “have and have-not” scenario. But not all regionals are suffering. First Citizens saw its profit jump 30-fold.

Warren, other senators call out banks over card late-fee practices

Seven senators asked the CEOs of JPMorgan Chase and nine other card issuers to detail how much money in late fees is collected annually and what portion is collected from low-income families.

Marqeta to cut workforce by 15%

The card-issuing fintech plans to dismiss about 150 employees in an effort to become profitable. It aims to reduce annual costs by as much as $45 million.