The Latest
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MoCaFi files for bankruptcy
The fintech, aimed at serving the unbanked and underbanked, failed to recover following the loss of a major program that had been “central” to its revenue model, its CEO said.
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Judge quashes DOJ’s Fed subpoenas
The Trump administration’s investigation into Fed Chair Jerome Powell was led by a desire to pressure him to resign or lower interest rates, not by perceived wrongdoing, a judge wrote.
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CFPB again told it must request funds from Fed
In the second court ruling rejecting the bureau’s position on requesting Fed funds, a judge in California called agency Acting Director Russ Vought’s plan a “transparent display of partisanship.”
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Fintechs push 36% state rate caps
While there is a 36% interest rate standard for lending in the U.S., it’s not codified for all consumers. Now, the effort to set one has moved to the states.
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Robinhood takes on premium card issuers
The fintech’s new $695 credit card aims to lure young, wealthy people uninterested in hoarding points or using a card for airport lounge access.
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Regions accelerates plan to build 150 new branches
The bank originally gave itself a seven-year timeline for the strategy, focusing on Florida, Georgia and Tennessee. Now it aims to speed up that plan by two years.
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(2024). [Photo]. Retrieved from Federal Reserve.
Fed’s Bowman previews revised capital requirements
Tweaks to the surcharge for global systemically important banks – and a strategy to keep mortgage lending from migrating to nonbanks – punctuate a framework that’s set to be issued next week.
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Blue Ridge Bank CEO retires
Billy Beale has retired – for the third time in his career, he says. The Virginia lender’s credit chief, Harry Golliday, will become CEO on an interim basis.
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Bank regulators warn of increased cyber risk from Iran war
California and New York agencies urged lenders to practice heightened cyber awareness amid the military strikes on Iran, saying “recent events warrant vigilance.”
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NY’s Esquire Bank makes $348.4M Chicago push
The bank’s holding company will acquire Illinois-based Signature Bancorporation in a move that will boost Esquire’s Midwest commercial-banking and real estate profile and diversify its earnings.
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Scam prevention needs to focus ‘upstream’ from banks: panel
“We need to bring in these social media companies at the point where [scammers are] first contacting consumers, to look at shared liability,” an AARP executive said at a Banking Dive event Wednesday.
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Wisconsin credit union to buy local bank
The fifth tie-up this year between a credit union and a bank comes one day after a trade group launched a major campaign in opposition to such deals.
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Caitlin Mullen/Banking Dive
Citizens charts private bank expansion
The regional bank intends to add at least five private wealth teams this year, as it seeks to differentiate with integrated service for high-net-worth clients, the bank’s president said.
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Upstart to apply for national bank charter
“The time is right to launch the first bank built from the ground up on AI,” Paul Gu, the fintech’s incoming CEO, said Tuesday.
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Courtesy of Revolut Press Kit
Revolut gets full license approval from UK
The company has waited more than four years for regulators to grant the license, which allows Revolut a platform for loans, mortgages, credit cards, overdraft protection and savings products.
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Photo by Bia Santana from Pexels.
Nubank hires TikTok alum as marketing chief
The move comes as the Brazilian neobank seeks the OCC’s green light for a national banking charter in the U.S.
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Too friendly to rob, and other tales from a 200-year-old bank
One of the oldest banks in the country refuses to lose sight of its community identity.
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Caitlin Mullen/Banking Dive
Wells Fargo chases lead bank role for middle-market clients
The lender is refining its products and hiring to cater to lower and upper middle-market companies, a commercial bank executive said.
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DOJ, Halkbank agree to end Iran sanctions case
The Turkish lender would have to hire a monitor to review the bank’s compliance with U.S. anti-money laundering and sanctions policy as part of a deferred prosecution agreement, which a judge must sign.
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Trump issues fraud order after bank execs push national strategy
The president’s order comes a day after industry executives emphasized the need for better coordination among lenders, law enforcement and government at a House subcommittee hearing.
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Jefferies executives respond to Western Alliance suit
The bank’s CEO and president rebuffed statements they called “absurd” and “false and misleading,” adding that Jefferies has no obligation to repay $126 million. The executives also addressed exposure to a second embattled firm.
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West Virginia bank director quits over executive pay concerns
Glen Herrick, who resigned from MVB’s board, cited a “lack of alignment between pay and performance” and a “lack of strategic focus on core profitability.”
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Western Alliance sues Jefferies over unpaid debt tied to First Brands
The Phoenix, Arizona-based lender’s CEO called the investment bank’s decision to cease payments “shocking.” Jefferies said the bank’s lawsuit is “without merit.”
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Morgan Stanley partner Zerohash applies for OCC trust charter
The application comes amid fierce blowback from an organization that criticized the OCC’s “unfettered discretion” on which firms get charters and for which activities.
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Capital One cuts more than 1,100 Discover employees
Numbers shared with the state of Illinois indicate 1,075 people will be let go in May, and another 81 on June 1.
