Digital wallet use outpaces regulators

Consumers are increasingly turning to these mobile tools for convenience and new features. But are regulators keeping pace?

Binance names co-founder as co-CEO

Yi He co-founded the firm with Changpeng Zhao, her life partner and Binance’s former CEO, in 2017.

PNC wants human-level quality in its digital experience

The Pittsburgh-based lender aims to launch its new mobile app in the first half of next year, said Alex Overstrom, the super-regional’s head of retail banking.

Biden admin made ‘coordinated attack’ on crypto: House Republicans

Uniswap CEO Hayden Adams, Ripple CEO Brad Garlinghouse and Gemini co-founder Tyler Winklevoss were all, at different points, debanked, a House committee investigation found.

Canada’s Laurentian Bank splits off its commercial, retail ops

National Bank of Canada will acquire the Montreal lender’s retail presence and Laurentian’s Québec branches will close. Fairstone Bank will buy Laurentian’s commercial lending for $1.4 billion.

Associated Bank to buy Nebraska lender for $604M

The acquisition would give the Green Bay, Wisconsin-based bank entry into Omaha, along with the No. 2 deposit share in that market.

Goldman to buy Innovator Capital Management for $2B

The deal positions Goldman Sachs Asset Management as a top ten active ETF provider globally, according to data from Morningstar Direct.

Morgan Stanley to pay $117.4M to resolve Dutch tax case

An Amsterdam subsidiary of the bank bought Dutch-listed shares for short periods, illegally offset dividend withholdings and intentionally filed false tax returns, a public prosecutor’s office said.

Australian bank nabs Lloyds data chief to lead AI

Ranil Boteju will return to the Commonwealth Bank of Australia as its chief AI officer to advance the financial services firm’s strategy.

Fed approves Pinnacle, Synovus merger

The central bank’s sign-off, combined with shareholders’ approval this month, has the Southeastern banks projecting a Jan. 1 close for their merger of equals.

FDIC, OCC, Fed solidify eSLR changes

Regulators finalized a rule cutting capital requirements for the nation’s biggest banks – and proposed a separate trim for community lenders.

Green Dot inks deals splitting bank, fintech business

The company, which had been exploring “strategic alternatives” since March, will sell its fintech business to a private equity firm and its bank to a $840 million-asset lender.

Revolut valued at $75B

The new valuation comes after the U.K. fintech’s fifth share sale, and just 15 months after Revolut was valued at $45 billion.

Comerica, Fifth Third sued by activist investor

HoldCo accused Comerica’s CEO of being “focused solely on advancing his own interests” based on the “rushed” way the bank’s proposed deal with Fifth Third came together.

Fulton Financial to buy NJ’s Blue Foundry in $243M deal

The deal comes 18 months after Fulton acquired failed Republic First Bank’s assets, which gave the Pennsylvania-based lender several Garden State locations.

MoneyLion to pay $1.75M to settle CFPB lawsuit

The bureau in 2022 alleged the fintech illegally charged an interest rate that exceeds the 36% cap on loans to service members.

U.S. Bank hires up for greater Southeast growth

The Minneapolis-based super-regional is adding bankers in some areas where it doesn’t have branches and eyeing further growth in SBA lending, an executive said.

VALT Bank applies for de novo charter

Former U.S. Bank executive Matt Gediman said the de novo’s model is “designed to support [SMBs] by making banking uncomplicated, accessible, and integrated with digital tools to run their businesses more efficiently.”

CFPB can’t ignore judge’s order: workers union

Trump-era officials can’t use the bureau's refusal of funding to force a shutdown, plaintiffs argue. The agency also issued a “humility pledge” for its supervision examiners.

Ex-Truist employee sentenced in ‘complex’ check-cashing scheme

Eight Georgia residents were each ordered to pay the bank more than $390,000 in restitution as part of the case. 

Citi CFO Mark Mason to step down in March

The bank tapped Gonzalo Luchetti, its head of U.S. personal banking, to succeed Mason, who will become an executive vice chair and leave by the end of 2026 to pursue outside leadership opportunities.

Wells Fargo taps Saul Van Beurden to scale AI

The bank also expanded consumer-lending CEO Kleber Santos' responsibilities to allow Van Beurden to focus on overseeing the AI transformation of Wells' business segments.

CFPB is transferring its cases to DOJ

The bureau’s acting enforcement chief told staff at an all-hands meeting Thursday that all CFPB employees, as he understood it, would be furloughed at the end of the year, according to a report.

TD illegally targeted, fired Chinese-heritage employees: lawsuit

Employees allege TD “intentionally targeted and disproportionately impacted the bank’s Chinese and Chinese American employees” in the wake of its AML scandal.

Truist taps Microsoft alum as AI chief

Pascal Belaud, who will start at the Charlotte, North Carolina-based bank next week, will shape the vision and execution of Truist’s AI, data and advanced automation strategy, the lender said.