Lawmakers press Bessent on CDFI cuts

“If CDFIs follow their statutory obligations and do not digress into more ideological boundaries ... they can be important institutions,” the Treasury secretary told legislators Wednesday.

Wall Street bonuses to drop amid market volatility, consultant finds

Bonuses in equity underwriting are predicted to plunge up to 20% as firms in the initial public offering market take a “wait and see” approach, Johnson Associates said. 

Santander closing 18 US branches by August

Six of the locations are in Massachusetts, along with four each in New Jersey and Pennsylvania, two in New York and one each in New Hampshire and Rhode Island. The bank is leaning into its digital platform.

Maxine Waters walks out of digital asset hearing

House Democrats’ walkout blocked the hearing from taking place. They cited concerns over the president’s and his family’s ties to digital asset businesses. 

eToro seeks to raise $500M through IPO

The investment fintech, targeting a $4 billion valuation, is expected to launch on the Nasdaq index May 14.

Bowman nod for Fed supervision czar advances to full Senate

The Senate Banking Committee voted 13-11 along party lines to pass the nomination to the full chamber. A key Democrat reiterated her concerns over Bowman’s stance on tariffs, mergers and climate.

Morgan Stanley to see no SEC penalty on cash sweeps

The agency concluded its probe into the bank’s interest rate-related program. The bank still faces an investigation from a state regulator, though.

Senators re-up bill requiring independent Fed IG

Sens. Elizabeth Warren, D-MA, and Rick Scott, R-FL, faulted recently retired Fed IG Mark Bialek for failing to address central bank “corruption,” underscoring the need for “structural changes” to the role.

Treasury’s Bessent: Private credit surge underscores need for bank deregulation

“The growth of private credit tells me that the regulated banking system has been too tightly constrained,” Scott Bessent said Monday.

Ex-PNC president named Fiserv’s CEO

The company disclosed Michael Lyons' promotion minutes after the Senate confirmed outgoing CEO Frank Bisignano to lead the Social Security Administration.

3 ex-U.S. Bank employees tried to lure affluent clients, lawsuit alleges

Three ex-wealth managers “aggressively pursued” former clients to follow them to a Royal Bank of Canada subsidiary, U.S. Bank alleges in a lawsuit.

Credit Suisse pleads guilty to tax crimes, agrees to pay $511M

The lender now owned by UBS pleaded guilty to conspiring to hide more than $4 billion from the IRS in at least 475 offshore accounts.

HSBC pressed on net zero by $1.6 trillion investor group at annual meeting

Some 30 investors called on the bank to “urgently affirm” its commitment to its climate goals and prioritizing net-zero emissions across its operations.

First National Bank of Omaha to buy Kansas City bank

FNBO is the 16th-largest bank by market share in Kansas City. The deal, expected to close this year, will boost its position to ninth.

Associated Bank sees new hires driving commercial growth

The Midwest regional has snagged a handful of new bankers from U.S. Bank in recent months, as part of the push to expand its commercial bank. 

Warren, Waters urge Fed to reconsider Capital One-Discover

The Democratic lawmakers blasted the central bank’s “analysis, or lack thereof,” arguing the Fed “repeatedly parroted assertions made by Capital One in its application.”

CFPB agrees to dismiss appeal in UDAAP lawsuit

The CFPB and seven trade groups filed paperwork in the Fifth Circuit to end litigation related to an update the agency made to its exam manual in 2022.

Zelle service unavailable for many users after Fiserv tech glitch

The P2P payments service experienced technical troubles Friday as Fiserv cited an "internal issue" in its disruption.

NCUA’s Harper: Firings laying groundwork for Fed dismissals

“I think they’re chipping away, so that they can get to the Federal Reserve Board,” the former NCUA chair said Thursday of his and a fellow board member’s dismissal by the Trump administration.

CFPB says it won’t enforce small-biz data collection rule

The bureau cited resource constraints and fairness, adding that it would focus on “pressing threats.” One opponent said the CFPB “can't simply gut rules by press releases on its whim.”

Idaho credit union to expand into Montana with bank buy

First Citizens Bank of Butte will be the sixth whole bank a credit union has announced it would acquire in 2025.

NCUA liquidates NJ credit union

Unilever Federal Credit Union, with roughly $46.6 million in assets, was declared insolvent and asked to cease operations Wednesday. 

BNY ups in-office requirement to 4 days per week

The bank is implementing the policy Sept. 2. It has allowed employees to work remotely two days a week since the first half of 2023.

HSBC chair to retire by year’s end

Mark Tucker, who joined the bank in 2017, will step down from his role in the next seven months after a successor is selected.

Dive Deposits: 4 reminders that it’s not 2022 anymore

The closure of Citi’s we-hardly-knew-ye office in Málaga, Spain – combined with moves to preserve overdraft fees and toughen in-office requirements – make it clear that if 2025 threw a party, 2022 would not be invited.