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Massachusetts mutual bank organization adds third lender
Rollstone will add 10 locations, more than $900 million in assets, and wealth management and trust services to the River Run umbrella.
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FTX bankruptcy plan would give ex-customers an extra 19%
Creditors will receive up to $16.5 billion, nearly two years after their funds were frozen by the crypto firm’s shocking bankruptcy, according to a plan approved by a judge Monday.
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Fed faults Wyoming bank IT exec over document sharing
While IT manager at Bank of Jackson Hole, Lindsay Graves shared 50,000 documents — some of which contained confidential supervisory information — with a former employee, the Federal Reserve said.
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Hawaii bank postpones acquisition-vote meeting
Territorial Bank sent a letter urging shareholders to vote in favor of the acquisition by Los Angeles-based Hope Bancorp and not get distracted by another investor’s “illusory, non-binding, highly conditional” proposal.
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Arizona credit union-bank deal pushes 2024 to new record
Phoenix-based OneAZ Credit Union's proposed acquisition of 1st Bank Yuma marks the 17th whole-bank purchase by a credit union this year, surpassing a 2022 record.
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Broker-dealer LPL fires CEO for breaking firm’s code of conduct
Dan Arnold violated LPL’s “commitment to a respectful workplace,” the company said without further details. He’s ineligible for severance and will forfeit much of his equity awards.
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OCC should restrict Citi’s growth, Warren says
The senator cited a four-step framework the OCC's Michael Hsu floated last year, with growth restriction as a follow-up to penalties. Citi’s July penalties merely repeat Step 2, the senator said.
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Hurricane Helene aftermath prompts card, cash troubles
After the storm ripped through the southeastern U.S., consumers and merchants have been left grappling with card network outages and cash shortages.
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Bank of America users report online access issues
Some customers said they were unable to sign in to their accounts. Others reported seeing incorrect or untimely balances. The issues “have largely been resolved,” the bank said Wednesday night.
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BMO hires Morgan Stanley, JPMorgan alum as AI, data chief
Kristin Milchanowski’s appointment as the new chief artificial intelligence and data officer signals the Canadian lender’s heightened commitment to the burgeoning technology.
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SEC enforcement director Grewal to depart
The division’s deputy director Sanjay Wadhwa will become acting director, and chief counsel Sam Waldon will serve as acting deputy director.
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Fed lifts 2013 Citi enforcement action
The bank, which had been directed to address anti-money laundering and Bank Secrecy Act deficiencies, is still under Fed and OCC orders related to data and internal controls.
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Apollo aims to double its assets under management by 2029
The private-equity giant is targeting $1.5 trillion in five years. Further, it wants to push its annual origination volume to $275 billion, making a serious run at market leader JPMorgan.
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Barclays fined $4M over swap reporting violations
The CFTC noted the bank's “substantial cooperation” led to a reduced penalty in comparison to others levied on Goldman Sachs, JPMorgan and Bank of America.
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Starling Bank slapped with $38M fine
The U.K.’s financial watchdog called Starling’s financial sanction screening controls “shockingly lax,” and said the challenger bank’s efforts to thwart financial crime failed to keep up with its quick growth.
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Oportun inks deal to sell credit card portfolio
The deal, expected to close in November, is a push by the online lender to pursue profitability by simplifying its business and focusing on its core products.
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TD to pay regulators $28.5M over spoofing scheme
The broker-dealer arm of the Canadian bank will pay penalties to the DOJ, SEC and FINRA over a former trader’s scheme to place hundreds of fraudulent spoof orders amounting to billions of dollars.
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State Street taps BNY exec as head of digital assets
Vanessa Fernandes, a 25-year financial services veteran, will report to Donna Milrod, who has been overseeing digital asset solutions since Nadine Chakar, the unit’s head, left in January 2023.
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Banks are excited about AI. Their customers aren’t so sure.
To address that, lenders need to be more transparent about their artificial intelligence use and educate customers on the benefits and safeguards involved, analysts said.
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Would-be acquirer Blue Hill boosts offer for Hawaii bank
Territorial Bank rejected a third all-cash offer from the investor group Blue Hill Advisors, instead sticking with its planned acquisition by California’s Hope Bancorp.
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Wells Fargo, Fiserv to end joint venture
Fiserv will receive an unspecified cash payment from the bank. The payments processor will also take a $400 million to $600 million impairment charge this year related to the joint venture.
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Kansas City Fed dissects consumer use of digital payments
About 95.5% of U.S. households have a bank account, and 46.4% use a nonbank payment service, a new report says. Meanwhile, the Boston Fed found more consumers are using credit cards to make ends meet.
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Banks’ use of discount window can be part of the norm: Fed’s Barr
The central bank is exploring targeted adjustments to the current liquidity framework based on the lessons learned from spring 2023 bank failures, the vice chair for supervision said.
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Europe’s other players are watching Commerzbank, UniCredit, too
Executives from BNP Paribas and BBVA weighed in on the state of M&A and offered differing theories about why the continent is falling short globally against Wall Street.
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Warren wants regulators to boost NYCB’s capital ratio
The Massachusetts Democrat slammed the Fed and OCC for “lax oversight” of the embattled lender, and called on the agencies to impose stronger controls on the bank.
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