The Latest
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How the role of chief risk officer at banks is evolving
Bank failures last year forced CROs to take on higher corporate profiles and sharpen their skill sets.
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FDIC’s Gruenberg to step down Jan. 19
The embattled Democrat has served on the agency’s board for nearly two decades. His second stint as FDIC chair was marred by allegations that the agency fostered a toxic culture.
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FCA: Staley misled regulators about his relationship with Epstein
Former Barclays CEO Jes Staley challenged his ban from the British financial sector Monday in a preliminary court hearing.
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CFPB’s Chopra urges deposit insurance reform
Following a recent Oklahoma bank failure, the CFPB director said it is time for Congress to remove or “at least dramatically increase” the limits of federal deposit insurance.
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JPMorgan unveils green financing ratio following shareholder proposal
The bank said it spent $1.29 on green solutions for every dollar spent on high-carbon activities in the disclosure prompted by a proposal submitted by NYC Comptroller Brad Lander.
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Banks’ CEO succession plans lacking: analysis
Over the past decade, half of the CEO transitions that occurred among banks with between $20 billion and $250 billion in assets were abrupt or unplanned, said leadership advisory firm Russell Reynolds.
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Senators bemoan FDIC’s slow roll after sexual harassment allegations
Seven Republican senators wrote two letters to FDIC Inspector General Jennifer Fain asserting that it’s been more than a year since bombshell toxic-culture allegations rocked the agency, yet victims still haven’t gotten justice.
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Dimon needles Trump after he’s left out of Cabinet
After wishing the president-elect well and thanking him for a “very nice note,” JPMorgan Chase CEO Jamie Dimon said, “Also, I haven’t had a boss in 25 years and I’m not about ready to start.”
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French Hill courts House panel’s top post with community banking plan
The House Financial Services Committee Republican touched on mergers, tailored regulations and changes to failed bank resolutions in a document issued Thursday.
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Trump SDNY pick Clayton led SEC effort to ease IPO rules
The incoming administration says it wants former SEC Chair Jay Clayton to head the U.S. attorney's office in the Southern District of New York, installing someone regarded as a steady hand.
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18 AGs sue SEC over crypto actions
A group of attorneys general led by Kentucky’s Russell Coleman allege the agency and its commissioners “sought to unilaterally wrest regulatory authority away from the States” through crypto enforcement.
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Truist names next chief risk officer
Brad Bender, previously the bank’s interim chief information officer, will succeed 42-year veteran Clarke Starnes, effective immediately. Starnes will retire but stay on as a senior adviser through April.
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‘Dysfunction’ brought down Republic First: FDIC OIG
In a site visit five months before the Philadelphia bank’s collapse, the FDIC neglected to downgrade the bank’s CAMELS rating and replaced a recommended consent order with an informal enforcement action.
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Simmons First names next CEO, COO
George Makris will return as the $27 billion-asset Arkansas bank’s chief executive after a two-year gap. Meanwhile, the bank hired Christopher Van Steenberg, a First Horizon veteran, as chief operating officer.
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Community banks need to step up third-party practices: survey
Community and mid-size banks lack due diligence and rigorous contract negotiations with third-party vendors, including fintechs, leading to potential risks, a Jones Walker survey said.
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Underbanked US population grows to 14.2%, FDIC finds
Separately, the unbanked proportion of U.S. households dropped to 4.2% last year, the regulator said in its biennial survey. But racial disparity persists: 32.3% of unbanked households are Black and 33.4% are Hispanic, the FDIC found.
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Fed bans California bank’s ex-interim CEO over alleged PPP, EIDL fraud
Anthony R. Gressak III and another Nano Banc board member made false representations on COVID aid applications, the central bank said. Gressak also will pay a $75,000 fine.
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Fed’s Waller: Payments industry needs public-private balance
The Federal Reserve must consider when to make up for private sector shortcomings in payments, while keeping its role limited, board governor Christopher Waller said Tuesday.
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Comerica sues CFPB over ‘costly’ prepaid card probe
The agency “failed to acknowledge” that Comerica “generally acted with the oversight … or approval of the federal government” in handling a Treasury Department program, the bank said.
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Evolve offers Yotta, Juno customers pennies
Depositors affected by the Synapse middleware bankruptcy are pushing back against reconciliation payouts they allege barely scratch the surface of what they’re owed.
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Wall Street bonuses expected to grow across all sectors, consultant finds
Investment banking debt underwriters could see a surge in annual payouts up to 35% due to revenues booming on debt issuance growth, a report published by Johnson Associates said.
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Column
Dive Deposits: Carver Bank and the return of the thorn-in-the-side investor
Investment fund Dream Chasers again floats two nominees to take board seats at the Black-owned bank. But does its end strategy for Carver align more with Ping An, Blue Hill Advisors or UniCredit?
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Execs from 6 banks weigh in on impact of Trump’s election
Leaders at Citi, U.S. Bank, Fifth Third and more reflected on what the industry can likely expect – and what they’re hoping for – out of a second Trump presidency.
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Michigan credit union expands Florida footprint with second bank acquisition
The latest transaction by DFCU Financial marks the 20th whole bank-credit union deal announced this year.
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Column
Dive Deposits: Morgan Stanley can’t keep everyone
The bank may have developed a reputation for persuading executives to stay. But its co-head of investment management just left to become CEO of an asset management unit at insurance giant Prudential.