The Latest
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Stifel hires 13 from SVB for life science, healthcare team
“Our clients are doing crazy, fun, innovative things,” one new Stifel hire said. “We get to provide a lot of hopeful value to help these clients be successful.”
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Sponsored by GoWest Credit Union Association
The smart sale: some banks choose mission over margin
If a bank has to sell, a credit union partner might be worth considering.
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QNB to buy smaller Pennsylvania bank for $41M
The transaction, expected to close as soon as the fourth quarter, will create a company with about $2.4 billion in assets and a combined market cap of $173 million.
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FinWise faces court action over data breach affecting 689K users
Plaintiffs argue the Utah bank and a fintech partner kept data unencrypted. A former employee accessed the data, but FinWise said it didn’t discover the breach until a year later.
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FIS acquires fintech Amount
The Chicago-based fintech, which provides banking technology, expands the portfolio of services FIS can offer banks and credit unions.
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Revolut to invest $13B in global expansion
The U.K. bank is eyeing 30 new markets by 2030, and 100 million global customers by 2027.
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CFPB ends U.S. Bank, Apple consent orders early
The bureau contends the bank and tech giant have paid their penalties in separate cases related to unemployment benefits restrictions and the launch of the Apple Card, respectively.
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Axos acquires industrial equipment lender
The San Diego-based challenger bank first entered the equipment lending space in 2016 with its purchase of Pacific Western Equipment Finance from Pacific Western Bank.
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Citi deploys agentic tools to in-house AI platform
The bank began initial rollout of agentic capabilities to 5,000 of its workers this month, according to a Monday announcement.
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Payment players offer fraud fixes to Fed, OCC, FDIC
EWS, Nacha and the Financial Technology Association told regulators that collaboration, information-sharing and more consumer education are needed to tackle payments fraud.
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OCC bans five from TD, Wells, PNC
Five former bank employees have been penalized in cases that involve alleged PPP fraud, misappropriation and theft.
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Senate report on SVB rips KPMG, reveals CFO role
The Senate subcommittee’s report stems from a 28-month investigation that reviewed nearly 100 hours of briefings and interviews with auditors and regulators.
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Tennessee bank aims to raise up to $103.7M in IPO
Commercial Bancgroup wants to list on the Nasdaq. It’s putting more than 3.7 million shares on the public market and is expected to fetch up to $27.75 per share.
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Comerica names next risk chief
Kristina Janssens, a nine-year Flagstar veteran, had been Comerica’s chief compliance officer since 2023. Her predecessor in the risk role left for USAA in May.
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Fed’s Miran calls for slashing main interest rate to avert job loss
Federal Reserve Gov. Stephen Miran brushed aside concerns that he has weakened the central bank’s independence by not resigning as the top White House economic adviser.
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First Interstate CEO: Colorado ‘a better opportunity’ after PNC move
Jim Reuter – who spent 37 years at FirstBank, most recently as CEO – said PNC’s acquisition of the Colorado bank creates opportunities for other local lenders to snag customers and talent.
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BofA unit to pay $5.56M to settle market manipulation case
The resolution with the Justice Department includes disgorgement and victim compensation, and doesn’t include a determination of liability.
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BMO taps insider as next CFO
Rahul Nalgirkar, CFO of the bank’s U.S. operations, will succeed Tayfun Tuzun, who is set to retire early next year. Like Tuzun, Nalgirkar is a Fifth Third alum.
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SMBC to boost stake in Jefferies to 20%
The Japanese bank will pay roughly $912.8 million to buy shares. But it will also offer Jefferies $2.5 billion in new credit facilities. The banks plan to launch a joint venture in Japan in 2027.
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Trump takes Cook firing to Supreme Court
Chief Justice John Roberts asked the Fed governor for a response by Sept. 25. The U.S. solicitor general, meanwhile, argued lower courts have “interfere[d]” with President Trump’s right to remove Cook.
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15 senators accuse Wells Fargo of union busting
Union-busting accusations against Wells Fargo have persisted since workers started to unionize in 2023.
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Fed bans ex-First Horizon, M&T bankers
One former banker allegedly obtained customer data and gave it to a third-party impersonator who initiated fraudulent wire transfers. Another allegedly used customer data to run up $25,000 in debit charges.
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3 major banks turn to predictive insights to boost trust
Bank of America, U.S. Bank and Wells Fargo allow users to analyze estimated spending, scheduled transactions and deposit data.
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NYDFS wants crypto-curious banks to use blockchain analytics tools
The tools can help when banks evaluate exposure to money laundering and sanctions activity or consider the risks associated with offering a particular crypto product, the regulator said.
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Old IT systems weigh down bank modernization
Banks are struggling to differentiate their digital products due to outdated tech, clearing the way for customer churn.
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Wells Fargo execs settle suit over diverse hiring practices
The bank and shareholders expect to file a motion for preliminary approval of the settlement by Oct. 13, according to court documents.