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.

Cross River drops lawsuit against Fiserv subsidiary

The Fort Lee, New Jersey-based lender dismissed its lawsuit against First Data Merchant Services, which was filed in October 2023, without disclosing a reason. 

FTC sues fintech Dave over alleged misleading marketing, undisclosed fees

The Federal Trade Commission filed a complaint Tuesday claiming the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving them the ability to opt out of it.

First Wells Fargo contract negotiations set to begin

Wells Fargo Workers United members in Albuquerque are sitting down this week with representatives from their employer to set off inaugural contract negotiations, 11 months after voting to unionize.

Fed aims to make instant payments the norm

“It's going to be up to us to move instant payments from being novel to being normal,” Federal Reserve Financial Services’ chief payments executive told attendees at an industry conference last week.

Visa lawsuit may complicate DOJ’s scrutiny of Capital One-Discover deal, analysts say

If the Justice Department were to block the Capital One-Discover deal while also going after Visa, “they’d be intellectually inconsistent,” a George Mason University law professor said.

Flagstar taps CIO, credit review chief

The bank has brought on a number of new executives this year and also completed the sale of its mortgage business to Mr. Cooper on Friday.

Mid Penn Bancorp to acquire in-state peer in $127M deal

The lender will acquire William Penn Bancorp in an all-stock transaction expected to close in the first half of 2025 to expand in the greater Philadelphia metro area.

Stablecoins face obstacles to widespread adoption

The digital currencies could simplify cross-border payments, but consumers are wary of using them, payments and fintech executives say.

Capital One warns of possible CFPB enforcement action

The bureau notified the lender last month it’s considering action after customers sued Capital One, claiming it never told savings account holders they could get a higher yield if they switched to another product.

JPMorgan to pay $151M over flawed investment disclosures, more

The Securities and Exchange Commission issued five enforcement actions against the bank, including allegations that some JPMorgan advisers’ recommendations went against the best interests of clients.

CFPB fines VyStar $1.5M over 2022 outage

The order requires the Jacksonville, Florida-based credit union to reimburse fees and costs to members from the botched rollout of an online banking system.

Kraken cuts staff, appoints co-CEO and CFO

The crypto exchange has cut about 400 employees, sources told The New York Times, in an effort to be “leaner and faster.” The move comes alongside changes in the company's C-suite.

Warren blasts DOJ over TD settlement

Penalties imposed fell short and prosecutors’ “legal gymnastics” allowed the bank’s “reckless leadership” to skirt responsibility, the Democrat said.