The Latest

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    WestStar stretches New Mexico presence with Southwest Capital deal

    The transaction, set to close in the first quarter of 2027, gives Southwest Capital a landing spot after a previous tie-up with a credit union collapsed.

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    Caitlin Mullen/Banking Dive
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    Bank of America plans to double AI budget next year

    The bank’s co-president Wednesday pointed to “clearly identifiable” gains from AI, as questions swirl around how soon returns on investment will be seen.

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    "E. Barrett Prettyman US Courthouse" by Cliff is licensed under CC BY 2.0
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    Dive Deposits: The NCUA is not the Fed, DOJ says

    An appeals court should reverse the reinstatement of two fired NCUA board members because the law doesn’t explicitly forbid the president from ousting them, the Justice Department argued.

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    Fintech Avant applies for OCC charter

    A charter from the Office of the Comptroller of the Currency would allow the Chicago-based fintech to expand its credit products, diversify beyond them, and reduce its cost of funds, the CEO said.

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    Florida de novo opens its doors

    The $43 million raised from local investors “demonstrated how much the community was needing this,” Portrait Bank founder and CEO Erik Weiner said.

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    Alamy
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    Ally bets on loyalty perks to boost consumer bank strategy

    The digital lender aims to drive relevancy with customers’ everyday spending through the addition of a rewards program, Ally’s president of consumer banking said.

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    Boston’s Beacon names next CEO a year after merger

    Sean Gray served as chief operating officer at Beacon and as president and COO of predecessor Berkshire Bank. Beacon CEO Paul Perrault retired Monday.

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    Adyen snaps up Klarna CFO

    Niclas Neglén will begin at the Dutch payments processing firm Feb. 1. The move gives Adyen a permanent successor to Ethan Tandowsky, the company’s previous CFO, who left Aug. 31.

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    OCC conditionally approves 3 national trust charters

    Bastion Platforms Trust Co., Agora National Trust Bank and Catena Trust Bank applied for charters in March, April and May, respectively.

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    New Orleans de novo aims to challenge bigger-bank dominance

    Nola Bank is Louisiana’s first new lender since 2010 and is pursuing minority depository institution status, executives said.

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    Column

    Dive Deposits: Barclays employees, union push back on RTO clampdown

    A workers union wants exemptions and/or a one-off payment for employees with long commutes and those who provide long-term care. The bank is requiring U.K.-based staff to come in three days a week.

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    3 takeaways from stress test changes and a new SVB review

    Fed Vice Chair for Supervision Michelle Bowman outlined three potential changes to stress-test calculations and an assessment of the central bank’s performance amid the 2023 collapse of Silicon Valley Bank.

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    FDIC’s Hill pushes faster merger review process

    One element of the proposal would allow some acquisitions to be processed in as few as five days. The agency also proposed a rule intended to reinforce parity between state-chartered and national banks.

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    Synapse victims look to small-claims court

    The Consumer Financial Protection Bureau has allocated more funds to repay fintech users harmed in the Synapse crisis. But there’s no timeline for when that money would be disbursed.

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    State regulators float AI framework for banks, examiners

    The Conference of State Bank Supervisors issued discretionary guidance that proposes eight questions examiners should consider and three tiers of risk banks face by using artificial intelligence.

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    PNC, Regions, Citizens execs eschew M&A ‘distraction’

    Executives at regional lenders cited AI priorities, systems conversions and strategic initiatives as reasons to avoid pursuing deals despite regulatory tailwinds.

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    Caitlin Mullen/Banking Dive
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    Truist to exit near-prime auto lending, sell $5.5B in loans

    New CEO Mike Lyons has added “a lot of urgency and intensity” around a strategic review the bank is conducting, CFO Mike Maguire said Tuesday.

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    Crypto’s Clarity Act stumbles

    A hotly debated measure to regulate digital assets failed in the Senate amid conflict-of-interest concerns related to President Trump. Regulators now may have to forge the blueprint for the sector.

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    Enova scraps Grasshopper deal

    The Chicago-based fintech withdrew its applications from the OCC and Fed, and its CEO decried the absence of “clear standards” for bank licensing, in addition to “political pressure.”

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    Brazil’s Nubank launches in the US

    The debut, ahead of full OCC approval but through a partner bank, coincides with the rollout of a multicurrency digital account for cross-border transactions.

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    Alamy
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    Citizens Bank accuses SoFi of poaching 30 mortgage employees

    Six Connecticut-based Citizens employees resigned in a 49-minute span after their manager signaled his exit, the bank said. An additional talent migration in Texas shows a “pattern of racketeering,” Citizens said.

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    SMBC revs up recruiting in Charlotte

    To add 2,000 jobs over the next six years, the Japanese bank is visiting college campuses near the North Carolina city to build its talent pipeline and offering experienced workers the chance to put their stamp on something new.

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    Treasury slaps Russia’s VTB with more sanctions

    The restriction is meant to curb correspondent banking relationships Russia’s second-largest lender has with sanctioned Iranian banks. VTB has preexisting sanctions from 2022’s Ukraine invasion.

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    How Navy Federal harnesses AI to confront scam activity

    A top anti-fraud executive at the credit union says thwarting scams requires “totally different” tools than fraud, and AI is providing both new threats and novel solutions.

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    Fed, Bowman sued over capital-requirements process

    The advocacy group Better Markets alleged the central bank’s supervision chief met with bank CEOs to guide public comments in a way that would emphasize support for the proposals.