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    NCUA closes 2 credit unions in 2 days

    The regulator closed Aldersgate Federal Credit Union and Butler Heritage Federal Credit Union; Aldersgate was placed in conservatorship last month, after operating in an “unsafe and unsound manner.”

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    Matthew Lloyd via Getty Images
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    StanChart hit with $2.7B lawsuit tied to 1MDB scandal

    Liquidators of three 1MDB-related companies claim that Standard Chartered permitted more than 100 intrabank transfers that enabled massive fraud of Malaysia’s sovereign wealth fund.

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    Making sense of the ‘crazy quilt’ of financial regulators

    Federal banking agency job cuts and a deregulatory push have again stoked conversations around consolidation. Merging agency functions could make sense, but here’s why it’s unlikely to happen.

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    "Webster Bank, Hamden, CT" by John Phelan is licensed under CC BY-SA 3.0
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    Webster Bank taps former Ally CRO

    Jason Schugel, whose 15 years at Ally included six as chief risk officer, has been appointed CRO at Webster, effective July 14.

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    FDIC: ‘Suspected fraud’ contributed to Texas bank failure

    The Santa Anna National Bank in Texas was closed by the OCC Friday. The failure could cost the FDIC’s Deposit Insurance Fund an estimated $23.7 million.

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    Ex-TD employee pleads guilty to receiving bribes, forging bank documents

    Between 2022 and 2023, Jhonnatan Steven Rodriguez opened approximately 140 bank accounts for customers who had contacted him via text in exchange for small bribes between $200 and $250.

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    Largest banks sail through Fed’s stress test

    All 22 banks that participated in the Federal Reserve’s stress test passed, although it was less stringent than past years. 

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    Envestnet spins off Yodlee to private-equity firm

    The data aggregator is being sold to STG for an undisclosed amount in a deal set to close in the third quarter.

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    Senate shrinks proposed CFPB cuts in megabill

    One week after the Senate parliamentarian struck down efforts to zero out CFPB funding, lawmakers released a scaled-back proposal.

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    Atlantic Union sells roughly $2B in CRE loans to Blackstone

    The Virginia-based lender closed the sale of the loan portfolio it acquired from its merger with Sandy Spring Bancorp. 

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    Banking conferences yet to come in 2025

    Gatherings can be idea generators, or crucial chances to network — especially amid an environment where political change can yield previously unexpected possibilities and partnerships.

  • Federal Reserve Governor Michelle Bowman stands behind a podium and speaks.
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    Federal Reserve. (2024). [Photo]. Retrieved from Flickr.
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    Fed proposes 27% cut to tier 1 capital requirements

    Changes to the enhanced supplementary leverage ratio would be accompanied by a 5% reduction in total loss absorbing capacity and a 16% drop in long-term debt requirements.

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    Courtesy of Fifth Third
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    Fifth Third names new legal chief, commercial banking head

    The Cincinnati-based lender named Christian Gonzalez as CLO and Vikas Khanna, a 10-year veteran of the bank, as its head of commercial banking. 

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    Ex-Barclays CEO Staley’s lifetime FCA ban to remain

    A U.K. tribunal court Thursday dismissed the former executive's attempt to fight the ban, which came amid revelations of Staley's ties to the late convicted sex offender Jeffrey Epstein.

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    Glacier Bank to broach Texas in $476.2M Guaranty deal

    The acquisition would add 33 locations, including in Dallas and Houston, to the Montana-based lender’s footprint, as well as $3.2 billion in assets.

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    Q&A

    Anchorage CEO: Stablecoins to become ‘core plumbing’ in finance

    “What we’re witnessing now is the early formation of a new financial standard — one that’s faster, more transparent, and natively digital,” Nathan McCauley said.

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    Blueacorn founder guilty on one count, faces up to 20 years

    Stephanie Hockridge “abused the generosity of the American people by stealing money dedicated to the survival of small businesses to fraudulently enrich herself,” one acting U.S. attorney said.

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    Capital requirements, a Fed reno and Trump overshadow Powell hearings

    Sen. Elizabeth Warren urged caution on a move to reduce banks’ enhanced supplementary leverage ratio. The Fed chief appeared unflappable, however, in the face of the president’s calls to cut interest rates.

  • A Banco Santander's logo is seen at a bank's branch before a news conference to announce the 2019 results on January 29, 2020 in Boadilla del Monte, in Madrid, Spain.
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    Santander to sell 7 Pennsylvania branches to NY bank

    Community Bank will acquire the Allentown-area branches and expand its footprint in the Greater Lehigh Valley. The deal is expected to close in the fourth quarter. 

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    Spinwheel raises $30M in series A to boost agentic AI platform

    The latest fundraise will help to develop its product stack that would reduce implementation time frames from over a year to just a few months, CEO and co-founder Tomás Campos said.

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    CFPB terminates BofA consent order 3 years early

    The bureau was to monitor Bank of America for five years in connection with a $12 million penalty it paid for allegedly failing to collect demographic data on mortgage applicants.

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    uschools via Getty Images
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    Fed joins OCC, FDIC in scrubbing reputational risk from exams

    The central bank said it would replace references to the metric “with more specific discussions of financial risk.” Banks can still use the concept in their own risk management policies, the Fed said.

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    The image by Lisa Chamberlain is licensed under CC BY-SA 2.0
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    Ohio’s First Financial to acquire Westfield Bancorp in $325M deal

    The transaction, set to close in the fourth quarter, would expand the Cincinnati’s bank’s presence in the opposite corner of the Buckeye State.

  • The Canary Wharf business district including global financial institutions Citigroup Inc., State Street Corp., Barclays Plc, HSBC Holdings Plc and the commercial office block No. 1 Canada Square, on the Isle of Dogs seen on June 22, 2023 in London, England.
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    Banking industry, big tech unite to forge AI adoption guidelines

    Citi and Morgan Stanley joined forces with AWS, Microsoft and Google Cloud to set open-source controls for secure AI adoption in the financial industry.

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    Nissan applies for ILC charter from FDIC

    The carmaker joins GM, Ford and Edward Jones in awaiting the OK to form industrial banks. The FDIC's acting chair said ILCs could boost creation of new banks. Opponents say the move sidesteps the Fed.