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OCC will revisit crypto charters, interpretive letters, acting chief says

Michael Hsu has said he will review the regulator's past actions regarding cryptocurrency activities and crypto firm charters, adding, "everything's on the table."

Crypto exchange Kraken launches mobile app in US

Customers can buy and sell more than 50 crypto tokens from their mobile phones with a starting investment of as little as $10. The services are not available for residents of New York or Washington state.

Old National would broach Chicago in $2.5B First Midwest merger

The deal, which may close late this year, would forge a $45 billion-asset bank with dual headquarters. Indiana-based Old National would add between 90 and 100 locations around the nation's third-largest city.

Huntington Bank launches $1,000 line of credit to curb overdrafts

The product could cost the bank $1 million a month, CEO Steve Steinour said, but may earn it more customers and increased loyalty. Ally Financial went a step further Wednesday, eliminating overdrafts altogether.

TD Bank pledges $100M to minority-owned small-business lending

Michael Innis-Thompson, TD's head of community lending and development, told American Banker the bank aims to become "the bank of choice for Black and Latin borrowers."

California credit union lays out its 2nd merger of 2021

Bakersfield-based Valley Strong announced its intention to combine with Stockton's Federal Center Credit Union to form a $3.2 billion-asset entity. Valley Strong is also merging with Fairfield's Solano First Federal Credit Union.

Black-owned businesses leaned harder into fintechs on PPP, Fed data shows

The data highlights fintechs' efforts to serve marginalized communities but comes amid reported scrutiny from the Justice Department and lawmakers over nonbank lenders' fraud controls and compliance systems.

Overdrafts take a second bow as bank CEOs testify in muted House 'sequel'

Citi said it would reconsider a racial audit, Bank of America confirmed a June 1 office return, and Goldman Sachs's David Solomon pushed back on a slavery question.

HSBC sells 80 branches to Citizens Bank, 10 to Cathay in US retreat

Europe's largest lender is closing 35 to 40 branches but repurposing 20 to 25 other locations as international wealth centers to serve its mostly Asia-based private-banking and wealth-management clients.

Senators, bank CEOs spar on Capitol Hill over compensation, voting rights

Wednesday's hearing showcased how the country's banking sector has become a battleground for lawmakers to debate politically charged issues dividing Republicans and Democrats.

Iowa credit union proposes buying Illinois, Nebraska banks

GreenState Credit Union's deals to buy Oxford Bank & Trust and Premier Bank would represent the third and fourth bank takeovers by a credit union this year. The transactions are expected to close by the fourth quarter.

Warren: Financial system would be 'safer' with Quarles out at Fed

A testy exchange between the senator and the central bank's vice chair of supervision hinged on the Fed's reclassification of Credit Suisse before the Archegos collapse.

Fintechs attack cross-border business payments as banks, legacy players rush to innovate

Nonbanks are gaining ground, mainly with small-company customers, but target larger ones, even as competition gives way to symbiotic "coopetition" with banks.

Morgan Stanley, ex-chief diversity officer end discrimination case

The bank, which called Marilyn Booker's allegations "sweeping, sensationalized and conclusory," had sought in March to have the case dismissed. Oral arguments had been set for November.

Neobank Paybby to bring crypto investing to Black and Brown communities

"It's a great new investment class, and the people of our community should have access to this investment class just like anybody else," CEO Hassan Miah said.

Wells Fargo's marketing chief is leaving as bank retires that position

The San Francisco-based lender is also losing its regulatory relations chief, a Wells Fargo spokesman confirmed this week.

UPDATED: May 28, 2021 at 11:34 a.m.

Square may soon offer small-business checking and savings accounts, app code shows

The code indicates the company will not charge monthly service fees, minimum balance fees or overdrafts on its checking account, and will offer a 0.5% interest rate on its savings account through 2021, Bloomberg reported.

Toomey questions regional Fed banks' race-related work

The Senate Banking Committee's ranking member requested briefings with the banks on their racial equality work no later than June 7, and demanded documents and financial information about the work.

Banks' succession strategies include 'testing ground' for CEO candidates

JPMorgan Chase and Morgan Stanley's moves show leaders would rather see contenders vie for the top spot than groom a particular candidate, one headhunter says.

JPMorgan Chase unveils solo healthcare venture

Morgan Health, a spiritual successor to the recently defunct Haven, will come armed with $250 million to invest in innovations in employer coverage and advancements in health equity.

Biden orders Yellen to outline climate risks to financial stability

The assessment, due in 180 days, will incorporate financial regulators' plans to boost climate-risk disclosures. The order also asks officials to disclose, within 120 days, government programs' and assets' exposure to climate risks.

Fed paper this summer aims to spur 'broad conversation' on CBDC

"Our key focus is on whether and how a [central bank digital currency] could improve on an already safe, effective, dynamic and efficient U.S. domestic payments system," Chair Jerome Powell said Thursday in a video statement.

Wells Fargo to offer crypto investment product for wealthy clients

The bank's decision to wade into crypto follows similar moves made by other large institutions, and comes as the nation's top bank regulator has indicated it plans to review past crypto-friendly actions.

Morgan Stanley names co-presidents, sets up Gorman succession race

The investment bank's CEO has told the board he intends to stay in the top role for at least three more years. "You make these changes when you can and from a position of strength," he said.

JPMorgan management shuffle puts 2 women in line to succeed Dimon as CEO

CFO Jennifer Piepszak and consumer-lending chief Marianne Lake will co-lead the bank's consumer and community banking unit, effective immediately, in a shift that also sees Co-President Gordon Smith retiring at the end of this year.