‘Dysfunction’ brought down Republic First: FDIC OIG

In a site visit five months before the Philadelphia bank’s collapse, the FDIC neglected to downgrade the bank’s CAMELS rating and replaced a recommended consent order with an informal enforcement action.

Simmons First names next CEO, COO

George Makris will return as the $27 billion-asset Arkansas bank’s chief executive after a two-year gap. Meanwhile, the bank hired Christopher Van Steenberg, a First Horizon veteran, as chief operating officer.

Community banks need to step up third-party practices: survey

Community and mid-size banks lack due diligence and rigorous contract negotiations with third-party vendors, including fintechs, leading to potential risks, a Jones Walker survey said.

Underbanked US population grows to 14.2%, FDIC finds

Separately, the unbanked proportion of U.S. households dropped to 4.2% last year, the regulator said in its biennial survey. But racial disparity persists: 32.3% of unbanked households are Black and 33.4% are Hispanic, the FDIC found.

Fed bans California bank’s ex-interim CEO over alleged PPP, EIDL fraud

Anthony R. Gressak III and another Nano Banc board member made false representations on COVID aid applications, the central bank said. Gressak also will pay a $75,000 fine.

Fed’s Waller: Payments industry needs public-private balance

The Federal Reserve must consider when to make up for private sector shortcomings in payments, while keeping its role limited, board governor Christopher Waller said Tuesday.

Comerica sues CFPB over ‘costly’ prepaid card probe

The agency “failed to acknowledge” that Comerica “generally acted with the oversight … or approval of the federal government” in handling a Treasury Department program, the bank said.

Evolve offers Yotta, Juno customers pennies

Depositors affected by the Synapse middleware bankruptcy are pushing back against reconciliation payouts they allege barely scratch the surface of what they’re owed.

Wall Street bonuses expected to grow across all sectors, consultant finds

Investment banking debt underwriters could see a surge in annual payouts up to 35% due to revenues booming on debt issuance growth, a report published by Johnson Associates said.

Dive Deposits: Carver Bank and the return of the thorn-in-the-side investor

Investment fund Dream Chasers again floats two nominees to take board seats at the Black-owned bank. But does its end strategy for Carver align more with Ping An, Blue Hill Advisors or UniCredit?

Execs from 6 banks weigh in on impact of Trump’s election

Leaders at Citi, U.S. Bank, Fifth Third and more reflected on what the industry can likely expect – and what they’re hoping for – out of a second Trump presidency.

Michigan credit union expands Florida footprint with second bank acquisition

The latest transaction by DFCU Financial marks the 20th whole bank-credit union deal announced this year.

Dive Deposits: Morgan Stanley can’t keep everyone

The bank may have developed a reputation for persuading executives to stay. But its co-head of investment management just left to become CEO of an asset management unit at insurance giant Prudential.

Open banking to move toward FDX standard, Jack Henry exec says

Industry collaboration on open banking is likely to move forward, with or without the CFPB’s recent final rule, says the payment processor's head of engineering.

FTX suing Binance, founder for $1.76B

The FTX estate is looking to recoup funds it alleged were “fraudulently” transferred to Binance in 2021.

PNC doubles branch expansion plans

Expanding upon branch growth plans announced earlier this year, the super regional aims to spend an additional $500 million to dig deeper in the Southeast and Southwest.

Navy Federal to pay $95M in CFPB overdraft case

The nation’s largest credit union charged overdraft fees on purchases made with sufficient funds from 2017 to 2021, generating about $44 million per year from “surprise” fees, the CFPB said.

Goldman names 95 new partners, most since 2010

The bank touted the diversity of its new class, which included 26 women. But that’s 27%, short of 29% from two years ago. About 4% of new partners are Black, less than half the 9% from 2022.

How a second Trump term may change bank M&A

Under Trump, bank deal approvals are likely to “speed up markedly and the process will be more clearly delineated,” one analyst predicted.

Powell says he would not resign if Trump asks

The comment — punctuated by the assertion that Trump doesn't have the authority to demote a Fed governor — comes as the central bank cut interest rates by a quarter percentage point.

Paze gets new leader amid slow start

Early Warning Services, the bank-owned company that operates Paze, tapped a new leader last month for the digital wallet operation after slow progress in launching the new service.

Hawaii bank’s shareholders back acquisition by LA-based Hope

Territorial Bancorp reiterated its commitment to the Hope merger and urged its shareholders to vote in its favor after receiving a higher offer from an investor group. 

Stifel rejects CFTC’s WhatsApp settlement offer

The St. Louis-based investment bank has set aside provisions but said it can't “state with certainty that a settlement will be achieved." Stifel accepted a $35 million SEC penalty in September.

6 regulatory moves, people whose days are numbered under Trump

With another Trump presidency set to kick off in January, the clock has turned against several Democratic appointees and agenda items.

Ex-TD financial adviser alleges racism, retaliation

Keron McNeil sued the bank, alleging he was subject to racism and retaliation from a colleague and a supervisor, and that after he brought the issues to HR, he lost his job.