The Latest

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  Ex-Richmond Fed supervisor pleads guilty to insider trading

  Robert Brian Thompson made more than $500,000 in profits over trades made just before New York Community Bank reported an unexpected loss in January, the SEC said.

  Regulations & Policy

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  Texas bank holding company cited by Fed

  Industry Bancshares must strengthen board oversight and enhance risk management practices, the central bank said, weeks after the FDIC hit three of the company’s banks with consent orders.

  Regulations & Policy

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  How the role of chief risk officer at banks is evolving

  Bank failures last year forced CROs to take on higher corporate profiles and sharpen their skill sets.

  Risk

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  FDIC’s Gruenberg to step down Jan. 19

  The embattled Democrat has served on the agency’s board for nearly two decades. His second stint as FDIC chair was marred by allegations that the agency fostered a toxic culture.

  Regulations & Policy

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  FCA: Staley misled regulators about his relationship with Epstein

  Former Barclays CEO Jes Staley challenged his ban from the British financial sector Monday in a preliminary court hearing.

  Regulations & Policy

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  CFPB’s Chopra urges deposit insurance reform

  Following a recent Oklahoma bank failure, the CFPB director said it is time for Congress to remove or “at least dramatically increase” the limits of federal deposit insurance.

  Regulations & Policy

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  JPMorgan unveils green financing ratio following shareholder proposal

  The bank said it spent $1.29 on green solutions for every dollar spent on high-carbon activities in the disclosure prompted by a proposal submitted by NYC Comptroller Brad Lander.

  Regulations & Policy

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  Banks’ CEO succession plans lacking: analysis

  Over the past decade, half of the CEO transitions that occurred among banks with between $20 billion and $250 billion in assets were abrupt or unplanned, said leadership advisory firm Russell Reynolds.

  Risk

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  Senators bemoan FDIC’s slow roll after sexual harassment allegations

  Seven Republican senators wrote two letters to FDIC Inspector General Jennifer Fain asserting that it’s been more than a year since bombshell toxic-culture allegations rocked the agency, yet victims still haven’t gotten justice.

  Regulations & Policy

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  Dimon needles Trump after he’s left out of Cabinet

  After wishing the president-elect well and thanking him for a “very nice note,” JPMorgan Chase CEO Jamie Dimon said, “Also, I haven’t had a boss in 25 years and I’m not about ready to start.”

  Regulations & Policy

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  French Hill courts House panel’s top post with community banking plan

  The House Financial Services Committee Republican touched on mergers, tailored regulations and changes to failed bank resolutions in a document issued Thursday.

  Regulations & Policy

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  Trump SDNY pick Clayton led SEC effort to ease IPO rules

  The incoming administration says it wants former SEC Chair Jay Clayton to head the U.S. attorney's office in the Southern District of New York, installing someone regarded as a steady hand.

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  18 AGs sue SEC over crypto actions

  A group of attorneys general led by Kentucky’s Russell Coleman allege the agency and its commissioners “sought to unilaterally wrest regulatory authority away from the States” through crypto enforcement.

  Payments

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  Truist names next chief risk officer

  Brad Bender, previously the bank’s interim chief information officer, will succeed 42-year veteran Clarke Starnes, effective immediately. Starnes will retire but stay on as a senior adviser through April.

  Commercial

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  ‘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.

  Retail

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  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.

  Commercial

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  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.

  Technology

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  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.

  Retail

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  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.

  Regulations & Policy

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  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.

  Payments

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  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.

  Payments

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  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.

  Fintech

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  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.

  Commercial

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  Column

  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?

  Retail

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  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.

  Commercial

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