6 takeaways from Michelle Bowman’s first speech as Fed vice chair

Following her confirmation, Bowman laid out plans to unravel some of the rules put in place since Dodd-Frank to better tailor them to institutions of varying sizes.

Senate Republicans would cut off CFPB funding from Fed

A version of the “One Big, Beautiful Bill” from Friday would also cut pay for the Fed’s non-monetary policy employees and eliminate the Office of Financial Research.

Needham to acquire BankProv for $212M

The acquisition, expected to close in the fourth quarter, is set to expand Needham’s footprint into Massachusetts’ North Shore and New Hampshire, where it already has business customers.

Moelis names next CEO

Navid Mahmoodzadegan will replace Ken Moelis when the investment bank’s namesake and co-founder steps down to become executive chair Oct. 1.

Walmart returns to Synchrony for new cards

The shift comes more than a year after the retailer received permission from a federal judge to end its credit card partnership with Capital One because of customer service issues.

Fifth Third takes ‘intentionally unsexy’ approach to mobile app improvements

“It is more important to customers that banking works, than that banking is delightful,” said Fifth Third’s chief strategy officer and head of consumer products.

Capital One to give CEO Fairbank a $30M award

The bank’s CFO, general counsel and two other executives are also set to receive multimillion-dollar bonuses over “ongoing and anticipated” work to integrate newly acquired Discover into the bank.

Yotta sues Evolve alleging ‘Ponzi scheme’ in new lawsuit

A federal judge dismissed Yotta's September lawsuit against the lender for alleged misappropriation of millions. Yotta filed a new lawsuit Wednesday with a fresh “Ponzi scheme” accusation.

BMO hires BofA vet Levine

Aron Levine will become group head and president of BMO U.S., effective July 7. Additionally, Ernie Johannson, one of the bank’s highest-ranking women executives, is retiring in early 2026.

Pulaski Bank’s failure spurred by ‘impaired capital’: FDIC OIG

The shuttered Chicago-based lender had deposit liabilities of nearly $20.7 million unaccounted for in its core system, the regulator’s office found.

Senate confirms Bowman as Fed supervision czar

The 48-46 party-line vote hints at partisan rancor and concern by Democrats about deregulation and the central bank’s independence.

Circle CFO takes post-IPO victory lap for stablecoin, company

The public offering represents an “accelerant” for Circle as it seeks to establish itself at the heart of a new “internet financial system,” CFO Jeremy Fox-Geen said.

Chime seeks $832M in next week’s Nasdaq IPO

After filing S-1 paperwork last month, the San Francisco-based fintech plans to offer 32 million shares priced between $24 and $26 per share.

Fed lifts Wells Fargo’s asset cap

The regulator’s board Tuesday lifted the $1.95 trillion asset cap the bank has operated under since 2018, but certain provisions of the consent order remain.

Updated June 4, 2025

Citi drops firearms restriction in a bow to conservative pressure

The bank updated a 7-year-old policy, enacted after the Parkland school shooting, over concerns about “fair access” months after Republicans accused some institutions of political de-banking.

Payments firms account for bulk of fintech revenue

Of the $378 billion in global fintech revenues in 2024, $126 billion came from payments firms, according to a new report. The sector is poised for more growth with AI innovation.

BlackRock removed from Texas divestment list

Texas’ comptroller said BlackRock is no longer considered to be “boycotting” fossil fuels and its change in climate alliance participation was “directly related” to the state’s divestment list.

JPMorgan’s Lake to get expanded role as international exec leaves

When Sanoke Viswanathan, JPMorgan Chase’s CEO of international consumer and wealth, exits the bank in September, Marianne Lake will take on his duties.

BofA’s head of branches: ‘Proximity is still important to people’

Customers may or may not visit a branch, but the bank’s presence affirms its commitment to a community, and “there’s a brand value” in that, the executive said.

DOJ seeks early end of Lakeland’s redlining consent order

The New Jersey bank settled redlining allegations in September 2022 and entered into a five-year consent order. The Justice Department wants to terminate it two years ahead of schedule.

Citi exec tapped for Treasury terrorist financing role

Jonathan Burke has served as Citi’s global head of banking sanctions compliance since December 2023, according to his LinkedIn profile.

Wells Fargo offloads $4.4B railcar business

The bank will sell its rail operating lease assets to a joint venture between GATX and Brookfield Infrastructure.

Citi marketing chief looks to ‘reenergize’ the bank’s brand

“We're not just producing content and putting out a 50-page white paper,” said Alex Craddock, Citi’s chief marketing and content officer. “We're really thinking a lot more strategically.”

CFPB files for summary judgment in open banking case

The Consumer Financial Protection Bureau and its former court foes are now in agreement: an open banking rule shouldn't be considered lawful.

Dive Deposits: For Wells Fargo and NatWest, it’s the summer of looking forward

Both banks would probably argue they’ve been future-focused for years. But with the U.K. divesting from NatWest, and Wells’ asset-cap days waning, policymakers, too, are pivoting from 2008 and 2016.