Fourth former FTX executive pleads guilty

Ryan Salame pleaded guilty to violating campaign finance laws and operating an unlicensed money transfer business. Salame could lose $1.5 billion if he fails to forfeit assets including two properties and a Porsche 911 Turbo.

Goldman’s strategy retreat leaves GreenSky in limbo

The installment-lending fintech, which Goldman is looking to sell, faces an uncertain future as the investment bank distances itself from an ambitious retail strategy.

Morgan Stanley to roll out AI bot this month

The bank has spent months testing its OpenAI-powered chatbot on advisers, who will use it to sift through Morgan Stanley’s research and data, among other things.

San Francisco to set up US’s first municipal bank

The business and governance proposal got the green light to start lending as a publicly owned financial corporation, which would be converted into the city’s first public bank.

JPMorgan Chase revs up payments lab hiring

The bank is venturing further into fintech and payments for new product development at its lab in Greece.

Senate confirms Jefferson, Cook to Fed roles

Philip Jefferson becomes the second Black man to serve as the central bank's vice chair.

Growth in fintech sector spurs specialty college programs

Worcester Polytechnic Institute launched both a fintech undergraduate and graduate degree program last week. The prestigious technology school is far from the first.

Finotta uses gamification to increase banks’ user engagement

The embedded fintech says its personalized financial guidance platform has helped boost user engagement on banks’ mobile apps.

Fed issues enforcement order to Kansas bank

The central bank cited deficiencies in staffing, internal controls, credit risk management, lending and credit administration, capital, IT and third-party risk management.

FDIC seeks bids for $33B in Signature CRE loans

The deadline is set for Nov. 1, according to Bloomberg. About $15 billion of the loans are tied to properties that are rent-stabilized or rent-controlled.

USAA notches latest mobile-deposit victory with Discover deal

The agreement lets Discover access 130 USAA patents and continue offering remote deposit capture technology. USAA has notched nine-figure court wins against Wells Fargo and PNC over similar patents.

Genesis to shutter US crypto spot trading desk

Trades on the platform must be settled by Sept. 21, and open accounts will be closed Sept. 30, the company said.

Average overdraft fee falls 11% to near-two-decade low: survey

The average nonsufficient funds fee, meanwhile, plunged 25% over the past year, Bankrate found. But ATM fees reached a record high. 

Alabama, Michigan credit unions buy banks in torrid M&A week

“It’s just how the timing worked out on these two specific transactions,” said CEO Robert Steensma, whose Five Star Credit Union announced two transactions within three days, as did MSUFCU.

Citi’s Mark Mason tops list of highest-paid bank CFOs

Mason, who took in $15 million in 2022, regained the compensation title from Bank of America's Alastair Borthwick, who led in 2021 but slipped to third last year, behind Mason and Wells Fargo’s Mike Santomassimo.

JPMorgan processed $1B for Epstein: USVI lawyer

The lender, which the U.S. Virgin Islands is suing for $190 million, was “a full service bank for Jeffrey Epstein’s sex trafficking,” lawyer Mimi Liu said in a hearing Thursday, according to Reuters.

Upgrade sets sights on auto loans as legacy banks pull back

The neobank is venturing into a sector many traditional firms have been exiting amid mounting concerns about credit quality.

StanChart hires BofA, Goldman investment-banking alum as next CFO

Diego De Giorgi joins the British bank Friday and is expected to succeed longtime CFO Andy Halford in the first quarter of 2024. Halford will stay on as an adviser through August.

Goldman, regional bank warnings show the Fed is now playing offense

The central bank has requested action from Citizens, Fifth Third and M&T regarding capital, liquidity, technology and compliance, according to Bloomberg. Goldman’s fintech partnerships are reportedly under scrutiny, too.

UBS plans 3,000 job cuts in Credit Suisse integration

UBS plans to shutter nearly two-thirds of Credit Suisse’s investment bank, including almost all of its trading operations, the bank said Thursday.

Florida credit union buys local bank in 8th such deal of 2023

Innovations Financial Credit Union agreed to buy First National Bank Northwest Florida, months after a deal for the bank — also involving a credit union — fell apart.

FDIC should have voted on First Republic sale, board member says

Such a move would ensure no value is left on the table, Jonathan McKernan said. Other board members voiced concerns the process would take too long or be overly complex.

Goldman to pay $5.5M CFTC fine over alleged recordkeeping failures

Software issues caused the bank to fail to record thousands of phone calls, violating recordkeeping rules and a prior cease-and-desist order, the agency said.

UBS, JPMorgan alum Youngwood named next Nasdaq CFO

She replaces Ann Dennison, effective Dec. 1, at a time when the exchange is looking to close its acquisition of software firm Adenza and broaden its focus beyond equities trading.

Michigan credit union buys Chicago-area bank in August deal surge

MSUFCU's proposed purchase of McHenry Savings Bank marked the second such transaction in 24 hours and the third this month.