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ING’s net-zero targets align with SBTi
The Dutch bank aims to reduce its absolute scope 1 and scope 2 emissions by 44% by 2030, compared with 2023. It's the first global bank to have its climate goals validated by the organization.
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Chime adds instant loans
The San Francisco-based fintech has debuted an instant loans product that offers three-month installment funds of up to $500 to Chime members.
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FDIC ‘plans to eradicate’ focus on reputational risk
Two bank regulators and the head of the Senate Banking Committee have called to put an end to a regulatory focus on reputational risk this month.
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Republicans air CFPB grievances, jockey for changes at agency
Rep. Andy Barr, R-KY, called the bureau an “Orwellian predator,” at a hearing where several lawmakers proposed reforms, including making the bureau a five-member commission.
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Q&A
Plaid’s Brian Dammeir talks future of open banking
Open banking has long been an industry-led venture. The trendline won’t change even if the timeline does, Plaid’s head of payments and financial management said.
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Fed hands Tennessee bank a cease-and-desist order
The central bank identified weaknesses in Frankewing Bancshares’ operations, including its inability to provide financial and managerial support to the bank.
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TD close to offloading $9B mortgage portfolio
The sale, set to close at the end of the month, reflects the Canadian lender’s efforts to simplify its portfolio as part of a strategic review, CEO Raymond Chun said Tuesday.
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Revolut US CFO aims for growth, maturity, with more ‘boots on the ground’
Getting the balance between agility and compliance right is crucial for the fintech as it looks to continue its expansion into key markets like the U.S., Revolut CFO Max Lapin said.
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Q&A
Fintechs egg on ‘willingness to challenge norms,’ Bolt president says
Justin Grooms expects fintechs to keep pushing the payments industry forward with more competition for legacy players.
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Federal Reserve. (2024). [Photo]. Retrieved from Flickr.
Fed’s Bowman: Let’s rethink negative comment review for bank applications
Commonwealth Business Bank applied to open a branch in New Jersey last September, but one adverse comment routed the application to the central bank’s board for review and vote, the potential supervision czar said.
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JPMorgan rebrands DEI, leaves net-zero group
The bank said it will swap in “opportunity” for “equity” in its DEI policy and that it left Net-Zero Asset Managers over the group’s operational pause.
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Patriot National raises $50M, CEO exits
CEO David Lowery will depart the Connecticut-based bank next month. That leaves Steven Sugarman, hired as the bank’s president in January, as its highest-ranking executive.
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Kraken to buy futures platform NinjaTrader for $1.5B
The tie-up marks the largest deal to date between the traditional finance and crypto sectors.
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Massachusetts bank deemed in ‘troubled condition’ by OCC
The $209.9 million-asset 42 North Private Bank did not fully comply with a 2017 consent order alleging unsafe and unsound practices, the OCC said.
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Retrieved from OCC.
OCC to stop examining for reputational risk
“The OCC has not and does not make business decisions for banks,” Acting Comptroller Rodney Hood said, adding that future exams will focus on more transparent risk areas.
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FDIC OIG report underscores attrition, brain drain concerns at regulator
Skill loss is a key risk as examiners leave the FDIC, “especially those with advanced IT skillsets who examine risks at the most complex banks,” the watchdog’s report said.
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Western Alliance breach exposes 22K customers’ data
The October incident, involving a vulnerability in third-party software, went undetected for three months. The Phoenix, Arizona-based lender then took 46 days to disclose it.
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SEC to drop Ripple case
“I'm heartened that we have paved the way for other industry players to see the value in not backing down ... We are now closing a chapter in crypto history,” CEO Brad Garlinghouse said.
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Coastal Community Bank self-identifies material weakness
The Everett, Washington-based company restated its financial reports for 2023 and the first three quarters of 2024. The lender recently inked a partnership with neobank Dave.
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Bank customers want clearer communication on cybersecurity: survey
Static, bare-bones website text about information security is “not enough anymore,” an Accenture executive said. A survey by the company found that customers trust banks – but not third-party partners – with their data.
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Citi shrinks execs’ bonuses over tech revamp
Senior leaders were paid just 68% of 2024’s target, the bank said in a proxy filing, citing slower progress on regulatory issues.
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UK’s OakNorth to acquire Michigan community bank
The London-based digital bank will buy Community Unity Bank to get a U.S.-based charter and gain a toehold among lower mid-market businesses.
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Grasshopper lines up new executives amid lending push
The $867.5 million-asset digital bank added a slew of new lending executives this week, as the lender seeks to jump off loan growth that's come in part from its embedded finance business.
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Alabama credit union to acquire in-state community bank
Legacy Community Federal Credit Union’s move to buy Cullman-based First Community Bank is the third proposed acquisition of a bank by a credit union this year.
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Atlanta-area banks to combine in $206M deal
MetroCity’s acquisition of crosstown rival First IC, also focused on serving Korean-American businesses, will create a bank with $4.8 billion in assets, the lenders said.