The Latest
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Senators prod Synapse partners to return customer funds
“As those that made the current situation possible, you must accept the tremendous responsibility that comes with handling consumers’ money,” lawmakers scolded.
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Sponsored by Federal Reserve Financial Services
Here’s how the FedNow® Service answers the need for fast, safe and reliable instant payments
A new survey released by the Federal Reserve shows that among all the choices, faster and instant payments are growing in demand.
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SEC sues Consensys over failure to register as a broker
The crypto firm collected more than $250 million in fees as an unregistered broker, the SEC said. The company sued the SEC in April over the agency’s regulation of the Ethereum blockchain.
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Biggest US banks boost dividends, launch stock buybacks
JPMorgan and Morgan Stanley flag repurchase programs worth $30 billion and $20 billion, while Goldman Sachs bemoans an uptick in the bank’s stress capital buffer.
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FDIC orders Thread Bank to step up BaaS oversight
The Rogersville, Tennessee-based bank must implement a documented risk assessment of its fintech partners, the agency said. The bank’s board also must approve risk tolerance thresholds.
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Supreme Court ends Chevron deference
The decision is likely to influence how banking regulators make their rules, and the amount of legal challenges that follow those rules, attorneys said.
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Citi urges court to dismiss ex-employee’s retaliation lawsuit
Kathleen Martin sued the bank, claiming she was fired for refusing to misreport data to the OCC. Citi claims she was fired for lacking “the requisite leadership and engagement skills” her role demands.
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JPMorgan, BofA, others eye $46M interest rate swaps settlement
Ten banks, including Goldman Sachs, Citi, Morgan Stanley and UBS, are seeking to end an eight-year case, brought by several pension funds, alleging market manipulation.
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VersaBank’s cross-border acquisition of Minnesota lender gets final nod
Canada’s Office of the Superintendent of Financial Institutions approved the transaction this week, after the Fed and OCC green-lighted the tie-up.
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Coinbase sues SEC, FDIC to see probe-related documents
The crypto firm wants to know how the SEC, for one, first began deciding which tokens would and would not be considered securities.
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M&T’s ex-CFO is leaving the bank
Darren King is departing “for personal reasons” after 24 years, a spokesperson for the Buffalo, New York-based bank said.
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Biggest banks would see $685B in losses in Fed stress test
All 31 banks passed, prompting trade and lobbying groups to push back on Basel — and JPMorgan to say the Fed's buffer calculations were wrong.
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Chuck morphs into a new Alloy Labs-backed effort
Community banks partnered with Alloy Labs and Payrailz a few years ago on a project called Chuck, in a bid to rival Zelle, but that effort has been subsumed by a stealthy successor.
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Crypto firm Abra settles with 25 states for operating without a license
Abra agreed to repay customers some $82 million in crypto. CEO Bill Barhydt said all but $2 million, yet to be claimed, has been repaid.
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Evolve data breach adds to woes of Synapse partner
Customer data was released to the dark web, the bank said Wednesday, two weeks after the Fed handed Evolve an enforcement action regarding its partnerships.
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Indiana’s United Fidelity Bank hit with Fed order
The move follows an enforcement action the Office of the Comptroller of the Currency issued in October to address capital planning, risk management and contingency funding, among other issues.
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CFPB extends compliance timeline for small-biz lending data rule
The 290-day extension mirrors the amount of time the contentious rule was held up in court by a temporary injunction.
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Funding Circle sells its US unit, returns SBLC license
iBusiness Funding, a subsidiary of Ready Capital, agreed to acquire the fintech for roughly $42 million. In March, Funding Circle's CEO said it was exploring the sale of its U.S. unit.
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Moelis banker who was filmed punching woman leaves his job
A woman who said she was the recipient of the punch said Jonathan Kaye seemed agitated before the scuffle began. A spokesperson for the banker said Kaye felt threatened.
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GM subsidiary withdraws ILC charter application
The move comes just one business day after the FDIC approved its first ILC charter in four years. GM's application received approval from a Utah banking regulator June 14.
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OCC looks to revamp bank recovery planning standards
Proposed changes would require banks with $100 billion in assets, rather than $250 billion, to create a plan to respond to the financial effects of severe stress.
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BlackRock becomes first firm on Indiana treasurer’s ESG watchlist
“Contrary to the Treasurer’s assertion, BlackRock has been singularly focused on delivering performance” for the state’s pension fund, a firm spokesperson told ESG Dive.
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Bank of America zeroes in on innovation with business banking app
The team behind the bank’s CashPro app aims to stay a step ahead of rivals, in part by working closely with clients on improvements, said Jennifer Sanctis, the app’s product head.
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Tracker
Credit unions have been buying up banks. Here’s a running list from 2024.
Not only are the acquisitions coming at a record pace. The institutions being bought are bigger than ever before. M&A attorneys give clues as to why.
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Thrivent receives ILC charter
Following its approval for deposit insurance, the financial services company plans to convert Thrivent Federal Credit Union into online-only Thrivent Bank.
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Riverview Bank taps M&A expert as next CEO
Nicole Sherman has led 10 mergers in her career. She will replace acting head Dan Cox, who took over in September, when former CEO Kevin Lycklama was fired.