The Latest
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JPMorgan shareholders veto proposal to split CEO, chair duties
Still, the measure garnered support from 42.7% of voters — notably more than the 33% and 31% of Goldman Sachs and Bank of America shareholders, respectively, that backed similar proposals this year.
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CFPB sues SoLo Funds, alleging it concealed costs from borrowers
The fintech's tip structure inflates the APR on loans, but most loans aren't funded unless a tip is included. And the option not to donate was hidden, the regulator argued.
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Varo Bank faces lawsuit over March data breach
The lawsuit accuses the online bank of failing to protect personal information stored within its network, including customer phone numbers and the last four digits of Social Security numbers.
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Dimon lays out ‘dark ruminations,’ swipes at regulators at investor day
The JPMorgan CEO's retirement timeline swirled at the event, as did the bank's stance on AI, employees' well-being and cyber risk.
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SouthState to acquire Independent Bank in $2B deal
The transaction, expected to close in the first quarter of 2025, is set to expand SouthState’s footprint in Texas and Colorado.
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Sorry, Cash App. Gen Z still wants bank branches.
Young consumers are open to using the peer-to-peer payments app as their primary bank, but many say they won’t switch because they value having a physical branch.
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FDIC’s Gruenberg offers to resign
The regulator's chief pledged to lead the agency until a successor is confirmed, "including the transformation of the FDIC’s workplace culture."
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Citi ATM fee waivers discriminate by race, lawsuit says
The plaintiffs allege Citi unlawfully granted fee waivers to people using out-of-network ATMs only if their accounts were held at nonwhite-owned banks, according to the suit filed Friday.
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WaFd to sell CRE loans to Bank of America in $2.9B deal
Regulators have pledged to look more closely at banks whose CRE portfolios are more than triple their capital, and at portfolios that have grown 50% or more in the past three years. WaFd has done both, Bloomberg reported.
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Goldman exec Mintzberg named next Grayscale CEO
Peter Mintzberg adds his name to a growing list of Goldman departures. He is set to join the crypto asset manager Aug. 15.
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(2024). [Photo]. Retrieved from Federal Reserve.
Fed’s Bowman questions regulators’ reform prioritization
During a Friday speech, Federal Reserve Governor Michelle Bowman also took aim at regulators’ proposed changes to merger reviews, which are likely to make the M&A application process “slower and less efficient.”
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Arizona credit union to acquire bank
Pima's acquisition of Republic Bank of Arizona, expected to close in the second half of the year, would give the Tucson-based credit union a foothold in the Phoenix area.
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NYCB’s COO resigns
Julie-Ann Signorille-Browne led the bank’s integration with Flagstar and, later, the integration of assets and liabilities NYCB bought from the failed Signature Bank.
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Senators prod Fed’s Barr on executive bonus rule
“Your statutory deadline passed 13 years ago,” Sen. Elizabeth Warren told Michael Barr, the Fed’s vice chair for supervision, on Thursday. “I hope you do not allow Chair Powell to stop you from following the law.”
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Citi ex-treasurer Verdeschi in line for Schwab’s CFO role
The move marks a landing spot for one of a number of longtime Citi veterans who've stepped aside during the bank's reorganization.
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Supreme Court upholds CFPB’s funding structure
The 7-2 ruling puts an end to a case that threatened the bureau's existence and pushed at least one district judge to pause a CFPB rule pending the high court's opinion.
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GOP lawmakers urge withdrawal, reissue of capital requirements proposal
Michael Barr, the Federal Reserve’s vice chair for supervision, said bank regulators are still focused on substantive changes to the proposal, and haven’t yet given thought to “the procedural question.”
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Zhanna Hapanovich
Alerus Financial to buy Minnesota bank in $116M deal
The combined company will have roughly $5.5 billion in assets after the transaction, which is expected to close in the fourth quarter.
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Citi’s reorg czar is leaving
Titi Cole, arguably the bank’s highest-profile Black woman, will lead a nonprofit. Citi’s tech chief is out, too. But the bank is hiring a PwC executive to fill both gaps.
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Lawmakers castigate Gruenberg over FDIC’s toxic culture
The FDIC chairman faced multiple calls for his resignation Wednesday at a House panel hearing where he said four agency employees have been let go this year over misconduct.
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Fed, OCC to hold meeting July 19 on Capital One-Discover deal
At $35.3 billion, the acquisition is well above the size that typically sees a public hearing by regulators. Agencies are eyeing tougher merger scrutiny, but that idea has received partisan backlash.
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Spencer Platt / Staff via Getty Images
NYCB to sell $5B in mortgage loans to JPMorgan Chase
The transaction is set to finalize in the third quarter. NYCB has pledged to cut its commercial real estate exposure to about $30 billion as it revamps its balance sheet.
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Elevated scrutiny begets clarity, better business: Unit Finance CEO
Regulatory scrutiny of third-party partnerships has had banks and fintechs on edge. But with scrutiny comes recognition that such tie-ups are important, Itai Damti explained.
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Customer satisfaction with online-only banks dwindles, study finds
Though online-only direct bank customers have a higher satisfaction rate than traditional banks, that rate declined this year, particularly for those with checking accounts, J.D. Power reported.
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Brex CFO mulls long-term IPO scenario but keeps eye on costs
The prevailing attitude among companies seeking to go public is to achieve profitability beforehand, Ben Gammell said.
