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West Virginia may boycott 6 finance firms over fossil-fuel lending stance

The state’s Treasury is set to place BlackRock, Wells Fargo, JPMorgan Chase, Morgan Stanley, Goldman Sachs and U.S. Bank on a list blocking them from state contracts within 45 days, according to letters seen by Politico.

Canada's VersaBank to buy Minnesota bank in bid to gain OCC charter

The $13.5 million deal, expected to close by October, represents a trend among financial firms to purchase the coveted OCC bank charter rather than embark on the expensive, arduous journey of applying for one.

Citi CFO sees support for more Fed moves to stave off inflation

Citi CFO Mark Mason is one of a number of top bank executives who have recently raised the prospect of a U.S. recession.

At Bank of America, flexibility means unit policy fills the vacuum

The Charlotte, North Carolina-based lender has typically maintained a nonspecific office-return policy at the company level. Divisions like M&A are pushing for better attendance — but not in writing.

Truist, PNC map out push into new markets

Truist Wealth sets its sights on the Windy City as PNC reorganizes to better manage its expanded footprint in the West after absorbing BBVA’s American arm last year.

Citi more than doubles Black executive headcount

“Have we made significant progress, and progress we’re proud of? Yes, absolutely. But to say, ‘We’ve done it, ... that’s not the case at all,” said Erika Irish Brown, the bank’s head of talent and diversity.

Citizens joins Frost Bank in pledge to eliminate NSF fees

The Providence, Rhode Island-based bank is also curbing savings overdraft protection fees this month and expanding its early wage access.

Updated June 14, 2022

SEC investigates Goldman Sachs' ESG mutual funds

The agency fined BNY Mellon over ESG misstatements, and another regulator participated in a raid of Deutsche Bank’s DWS over greenwashing claims. ESG investments have nearly tripled since 2020, according to Morningstar.

Federal prosecutors probe Wells Fargo's hiring practices: report

The investigation comes after the bank paused its policy on diverse hiring. A dozen sources told The New York Times last month Wells Fargo interviewed nonwhite and female candidates for jobs that had already been filled.

CFPB, alternative lender Upstart end no-action letter

The bureau had asked for more time to review time-sensitive changes to Upstart’s model. That, and the CFPB’s shift away from the no-action letter program, prompted Upstart to request to cut its agreement short.

BMO poaches next chief risk officer from Citi

Piyush Agrawal, Citi’s global head of climate risk, will join the Canadian bank July 1, ahead of the retirement of its current CRO, Patrick Cronin.

KC Fed has revoked Reserve Trust's master account, Toomey says

The senator is seeking answers and “transparency” from the central bank. The Colorado fintech’s online footprint has shrunk. Its master account was central to a GOP boycott of former Fed nominee Sarah Bloom Raskin.

OCC wants to start collecting cannabis, crypto business data from banks

The regulator’s proposal would put cannabis and crypto on a list that already includes industries such as casinos, liquor stores and check cashers.

Senate panel backs Fed nominee Barr in 17-7 vote

If confirmed, Michael Barr would bring the seven-member Fed board to capacity for the first time in almost a decade.

Citi's 7,000 new-hire push should come as no surprise

The bank warned investors in March that expenses could jump 10% to 12% over first-quarter levels. And it said it would pour some of its retail-exit windfall back into wealth management.

Custodia Bank sues Fed over 'unlawful delay' in processing master account application

The digital asset bank, which was granted a Wyoming special-purpose depository institution license, has been waiting 19 months for its application to be approved.

Wells Fargo poaches JPMorgan Chase's retail communications chief

Amy Bonitatibus will join Wells Fargo as head of communications and brand management Sept. 12. Barri Rafferty, that post’s previous occupant, left the bank May 1.

Green Dot pays Republic Bank $13M to settle suit over failed acquisition

The payout comes atop a $5 million termination fee Republic received in January after Green Dot pulled out of a proposed $165 million purchase of the bank's tax refund processing unit.

Wells Fargo pauses policy mandating diverse interviews

The bank will review, then relaunch in July, its policy requiring at least half the candidates interviewed for open positions paying $100,000 or more per year be women, nonwhite or disadvantaged, CEO Charlie Scharf wrote Monday.

Crypto framework would define SEC, CFTC oversight purview

A bipartisan Senate measure introduced Tuesday tackles regulatory requirements on stablecoin issuers, taxes on crypto transactions and delineates commodities and securities. But its chances of passing appear low.

Former FDIC chair McWilliams to lead law firm Cravath's new D.C. office

The move marks McWilliams' return to the private sector after leaving FDIC in February. Also joining the office is former SEC Acting Chair Elad Roisman.

Lawsuits over Zelle pile up

Bank of America and Wells Fargo have both been sued recently by consumers who allege they were defrauded by scam artists using Zelle payments.

'Faster alone, farther together': Bank regulators discuss unified approach to CRA rewrite

Leaders of the OCC, FDIC and Federal Reserve discussed top takeaways of their interagency revamp to the anti-redlining law during a rare in-person event.

NYCB, Flagstar to drop NSF and certain overdraft fees

The banks will eliminate overdraft transfer fees between linked accounts beginning Aug. 1, but they will not go so far as some firms to scrap overdraft entirely.

Illinois proves M&A hot spot with pair of credit union-bank tie-ups

Credit Union 1 looks to boost its commercial lending in Chicago's northern suburbs, while NuMark Credit Union pushes into a rural part of the state in 2022's eighth and ninth proposed bank acquisitions by credit unions.

Updated June 5, 2022