The Latest
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JPMorgan’s Dimon: Lake chose retirement after board named co-presidents
The CEO didn’t say what prompted last month’s appointment of Doug Petno and Troy Rohrbaugh as co-presidents, but referred to it as “a natural change” in the bank’s succession planning process.
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First Hawaiian to buy California’s TriCo in $2B deal
The acquisition, set to close by year-end, marks a return to the mainland for the Hawaiian lender, which was once part of BNP Paribas’ U.S. network.
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Regulators issue guidance on lending to unauthorized workers
Financial institutions should “identify, measure, monitor and control these risks” in a way that that assesses “a borrower’s willingness and capacity to repay,” regulators said.
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Permission granted by Texas Capital
Texas Capital picks U.S. Bank alum as chief digital, information officer
Mo Jamous will lead the Dallas-based bank’s AI initiatives and strengthen its technology platform.
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OCC shutters smallest US bank
Customers of Kentland Federal Savings and Loan Association of Kentland, Indiana, automatically became customers of nearby but unrelated Kentland Bank, which was appointed receiver by the FDIC.
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CFPB, union agree to give Trump pick a say on staff-cut plan
Brian Johnson, the nominee to lead the CFPB, would get 60 days to review the workforce reduction plan if the Senate confirms him, a district judge said Thursday.
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FedNow advances over hurdles
The Federal Reserve’s instant payments system is adding banks and accounts, but building more use cases to spur uptake remains a challenge.
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Deutsche Bank fined $2M by Australian regulator
It’s the second fine this year for the German bank, though it did not admit guilt or liability.
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Caitlin Mullen/Banking Dive
Valley Bank exec: AI is changing build-versus-buy question
The New Jersey-based lender is using tiered employee access to control AI costs while pursuing internal efficiencies and relationship-building use cases, its chief operating officer said.
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Circle gets OCC’s full trust bank charter nod
The company’s CEO, Jeremy Allaire, said the development “marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system.”
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Fed faults Iowa bank holding companies
TS Banking Group and its bank holding company subsidiary TS Contrarian Bancshares must strengthen capital at two subsidiary banks, the central bank ordered.
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Louisiana bank buys financial consulting firm
Business First Bancshares, parent company of b1BANK, is a serial acquirer. This marks its seventh deal since 2020.
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Fed stands out among bank enforcement action decline: Brookings
Enforcement action activity by federal banking agencies has fallen over the past decade, according to a study published Wednesday.
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Activist investors push Alabama bank to use its built-up equity
United Bancorporation of Alabama has teased the prospect of M&A, but since a $123 million cash infusion, its expenses have ballooned and deposits have stagnated, investors said.
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Cash App triggers $45M settlement
Block misled consumers about the safety of using the financial app and failed to help users who were fraud victims, 46 states alleged.
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Courtesy of PNC
PNC’s new mobile banking app built on personalization
The Pittsburgh-based bank wanted to debut a customizable app with more features and functionality “without making it heavy,” said Alex Overstrom, the lender’s head of retail banking.
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Retrieved from OCC.
Sony receives OCC’s conditional approval for trust charter
The Japanese conglomerate aims to launch Connectia Trust, which will issue and manage stablecoins, in 2027. Banking trade groups and consumer advocates voiced their objection months ago.
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Axos to buy Arc Technologies
The deal marks Axos’ fourth purchase announcement in a year.
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Courtesy of Starling Bank
Starling to whittle headcount by 3%
The London challenger bank is cutting jobs to eliminate duplication and accelerate product delivery, a spokesperson said.
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Courtesy of Fiserv
Fiserv president exits
As Stripe alum Dhivya Suryadevara announced her resignation Tuesday, Fiserv elevated two executives.
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Massachusetts lender to acquire NH bank for $160M
The acquisition is set to expand Hometown’s footprint in New Hampshire and add $743 million in assets.
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Caitlin Mullen/Banking Dive
U.S. Bank pursues Gen Z with payments-first strategy
By treating payments as the entry point to banking relationships, the Minneapolis-based lender is cultivating a low-cost funding base in a fiercely competitive deposit environment, said executive Arijit Roy.
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Bank7 to buy 71% of Century Bank, maybe
Century said it’s not involved in the share sale. But after its largest shareholder defaulted on loans at another bank with Century shares as collateral, the sale is partly up to the courts.
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Klarna applies for ILC charter
CEO Sebastian Siemiatkowski called a U.S. banking license a "natural next step, giving customers tools to borrow responsibly and build financial confidence."
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Fed dings small Kansas lender for third time since 2023
Lenexa, Kansas-based Small Business Bank must address being “significantly undercapitalized” within 30 days, the central bank wrote.
