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Cruz reignites effort to defund CFPB
Sen. Ted Cruz, R-TX, introduced a bill (again) to that effect Wednesday, calling the agency “unelected” and “unaccountable” and its regulations “burdensome and harmful.”
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Wells Fargo investment bank co-CEO to retire
Jon Weiss, who led the unit with Fernando Rivas, will step down and Rivas will become the sole CEO of the lender’s corporate and investment bank, the company said.
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Column
Dive Deposits: Trump picks the most public moments to knock luminaries
The president bashed Jerome Powell on inflation less than two hours after the Fed chair announced interest rates would stay put. As Bank of America CEO Brian Moynihan may attest, Trump’s timing is not coincidental.
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How JPMorgan Chase’s infrastructure chief keeps the AI engine humming
The bank is sourcing some resources five to 10 years out, said Darrin Alves, CIO of infrastructure platforms.
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USAA sues Regions over mobile deposit tech
The complaint furthers USAA’s long history of court battles with banks such as Wells Fargo and PNC over patent disputes. Truist and Discover more recently signed licensing agreements to resolve rifts.
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Frost Bank exec: AI to usher in simpler mobile banking era
As bank apps stuffed with features have become complicated, AI will enable apps to become smarter and more customized for customers, said Jimmy Stead, the lender’s consumer banking and technology chief.
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Trump media firm aims to launch fintech brand this year
The company wants to develop “American First” investment vehicles with funding of up to $250 million to be custodied by Charles Schwab, it said Wednesday.
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HSBC sunsets year-old app Zing
The money transfer app, launched with initial plans to compete in the U.K. with fintechs like Wise and Remitly, will be closed “following a strategic review,” the bank said.
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Fintechs may gain at banks’ expense in Trump era
The Trump administration may usher in policies that buttress the aspirations of new entrant payments players and increase competition for banks.
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U.S. Bank’s Kedia to become CEO in April
The super-regional lender’s president, Gunjan Kedia, will become the second woman leading a top-10 American bank when she replaces Andy Cecere on April 15.
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Citi’s private-bank chief is leaving
Ida Liu, an 18-year veteran of the bank, did not detail her future plans. Citi eliminated her post and will instead have four regional private-banking chiefs.
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Wells Fargo released from 2022 CFPB consent order
The order, the seventh terminated since 2019 for the bank, related to Wells’ auto lending, mortgage and consumer deposit account services.
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Chopra urges regulatory action to confront de-banking
The CFPB director faulted the lack of transparency around bank decisions to close accounts and said it’s worth exploring what appeal rights customers could be entitled to.
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M&T Bank names new risk chief
Neeraj Singh was most recently CRO at USAA, and previously held risk management positions at Citi, TD and Barclays.
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Deep Dive
Ousting the CFPB’s Chopra wasn’t a ‘day one’ priority
The Trump administration has issued dozens of executive orders, but change to banking regulations and agency leaders isn’t going to be quick, analysts say.
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A nearly $1B bank deal is one approval away
The FDIC has signed off on WesBanco’s bid to acquire Youngstown, Ohio-based Premier Bank. The merger awaits approval from the Federal Reserve.
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While Trump’s anti-DEI executive orders pile up, Jamie Dimon doesn’t flinch
In response to activists’ anti-DEI efforts against his company, the JPMorgan Chase CEO said to “bring them on.”
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State AGs threaten financial institutions over ESG, DEI policies
JPMorgan Chase, Bank of America, Citi, Goldman Sachs, Morgan Stanley and BlackRock were all asked about how they plan to implement or have implemented hiring or supplier diversity goals.
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Banks fire up coding assistants as AI costs plummet
“Generative AI is going to impact every function within a bank — every single part of the job,” said Michael Abbott, Accenture's global banking lead.
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Judge deals SEC, Kraken partial wins in ongoing case
Kraken and the Securities and Exchange Commission both secured partial victories in a ruling about what defenses Kraken can use in the ongoing case between the two.
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Middesk seeks to remove friction from know-your-business processes
“Good businesses [are] put through the ringer ... largely because the infrastructure to help a bank understand who that customer is has just been really bad,” said founder Kyle Mack.
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Trump accuses Bank of America of political de-banking
The lender rebuffed allegations that it is less welcoming to conservatives after the president blindsided CEO Brian Moynihan with a barb during a Q&A session at the World Economic Forum in Davos, Switzerland.
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TD names next AML chief
Jacqueline Sanjuas joined the bank last year, months before the Justice Department made public its investigation into TD’s anti-money laundering issues.
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JPMorgan raises Dimon’s pay to $39M in 2024
The 8.3% boost in compensation – after JPMorgan reported record profit – puts Dimon’s pay on par with that of Goldman Sachs CEO David Solomon.
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Trump order embraces stablecoins, bars CBDCs
President Donald Trump issued a “digital financial technology” executive order Thursday backing the cryptocurrency industry and terminating any federal work on a central bank digital currency.