The Latest

  • Orlando, Florida, USA aerial skyline towards Lake Eola.
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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.

  • Adyen headquarters office building in Amsterdam
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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.

  • The Office of the Comptroller of the Currency's seal hangs on a brick building.
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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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    Mario Tama / Staff via Getty Images
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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.

  • People seen using an ATMs at a Barclays bank.
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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.

  • FDIC Chairman Travis Hill looks off during a Senate Banking Committee meeting.
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    Anna Moneymaker via Getty Images
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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.

  • Leveraging AI to Drive Business Growth
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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.

  • A blue sign shows the PNC orange-and-white logo and the words "PNC Bank."
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    Brandon Bell / Staff via Getty Images
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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.

  • A stone and glass building entrance is shown with the words "Truist Center" above the doorway, and stairs in the foreground.
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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.

  • The dome of the U.S. Capitol building is shown with a U.S. flag flying on the roof.
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    Finn Gomez / Staff via Getty Images
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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.

  • Digital bank, Grasshopper Bank
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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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    Courtesy of Nu Holdings
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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.

  • A Citizens Bank illuminated signage is framed between two walking pedestrians on the street.
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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.

  • Navy Federal Credit Union, Douglasville Georgia location
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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.

  • Federal Reserve Michelle Bowman payments fraud
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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.

  • Marijuana plants growing in an indoor facility
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    Banks keep cannabis at arm’s length over perceived risk: GAO

    Financial institutions cite an evolving regulatory landscape among reasons for their uncertainty in serving the space, according to a wide-ranging report.

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    Andrew Harnik / Staff via Getty Images
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    Q&A

    Bank FOMO fueling AI spending, Accenture exec says

    Most banks have yet to see widespread, sustained value from AI initiatives, because they “have not figured out how to reconfigure the work, fully, around AI yet,” said Accenture’s Mike Abbott.

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    Chime outgrew bank partner model, CEO says

    “There's no question that we haven't been able to move as fast as we would like” with product launches, Chris Britt said Sept. 9. Acquiring Stride Bank will give the fintech “complete control of our destiny.”

  • Pam Kaur, CFO of HSBC
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    HSBC CFO Pam Kaur to step down

    The first woman to serve as finance chief at Britain’s largest bank will leave before next year’s annual general meeting and will not stand for re-election to the lender’s board.