The U.K. regulator clarified that such behavior at financial firms could ultimately lead to a ban from the sector.
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Jim Richards, who served as the bank's head of anti-money-laundering compliance, says the Federal Reserve is wrongfully denying him compensation that was designed to keep him employed at Wells Fargo.
May 9
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New Jersey-based ConnectOne Bancorp received FDIC approval for its merger with First of Long Island Corp; lending-services fintech Oportun makes changes to its board of directors; Associated Banc-Corp's Steven Zandpour will succeed David Stein as head of consumer and business banking; and more in this week's banking news roundup.
May 9
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While Vista Bank is focusing on organic growth in Florida, it's positioning itself as a Texas buyer.
May 9
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The Trump administration says it will nominate Jonathan McKernan to serve as Treasury undersecretary for domestic finance. McKernan has already been nominated as the next director of the Consumer Financial Protection Bureau.
May 9
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The man who blew the whistle over the incident says the bank fired him in retaliation for reporting what he called a "significant security breach."
May 9
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The Conference of State Bank Supervisors says the OCC's 2011 preemption rules are out of step with Supreme Court rulings and unfairly disadvantage the state banking system.
May 9
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Incentive pay for investment bankers at major firms is expected to fall this year by 13% from 2021 levels, according to a consulting firm's report. But stock traders may reap the rewards of market volatility.
May 9
Efforts to shoehorn the Credit Card Competition Act into pieces of popular legislation need to be defeated. The proposed law would harm the small businesses and consumers it purports to help.
A U.K. judicial body says the card networks have breached competition laws, while Belgian regulators are examining Wordline for potential anti-money-laundering violations.
The U.K. regulator clarified that such behavior at financial firms could ultimately lead to a ban from the sector.
Big banks with the strongest financial performance varied in asset size, geographies and services.
Each of the top-performing banks with more than $50 billion of assets used their own mix of revenue streams to drive performance.
Among banks with between $10 billion and $50 billion of assets, those that targeted narrow lending markets rose to the top.
Congress is considering major changes to federally supported student loan programs. If lawmakers aren't careful, they could close off a vital pipeline of talent that feeds vital public systems.
Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.
The U.K. regulator clarified that such behavior at financial firms could ultimately lead to a ban from the sector.
Congress is considering major changes to federally supported student loan programs. If lawmakers aren't careful, they could close off a vital pipeline of talent that feeds vital public systems.
Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.
Alan Childs pleaded guilty to using straw borrowers and falsified loan records to help a timber businessman secure millions in fraudulent loans.
Bankers are concerned about stablecoins gaining traction due to the passage of the GENIUS Act, and also continue to sound the alarm about the failure to resolve check fraud disputes, according to the latest quarterly survey from IntraFi.
Pulaski Savings Bank's failure will cost the FDIC's Deposit Insurance Fund 57.6% of its total assets.
Most Influential Women in Payments honorees say the dramatic expansion in technology presents new opportunities and challenges as employers evolve away from traditional business models.
Honorees from American Banker's Most Influential Women in Payments discuss spotting tangible uses for innovation, rather than buying into hype.
Each year, American Banker recognizes the women who are advancing the payments industry in banking, retail, acquiring, processing and more.
- Richard Cordray, the first director of the Consumer Financial Protection Bureau, says the Trump administration seems intent on shutting the agency down, even though it has a legal mandate to exist.Sponsored by IntraFi
- Crypto-as-a-service, stablecoins and tokenized deposits all present opportunities for banks, according to Nathan McCauley, co-founder and CEO of Anchorage Digital.Sponsored by IntraFi
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Investors seemed to agree with CEO Barry Sloane's argument that strong earnings will outweigh a jump in nonaccrual loans.
May 7
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While other European-based banks have retreated from the United States, Santander is doubling down by building out its nationwide digital-banking platform. "Unequivocally," said U.S. CEO Christiana Riley, "the opportunity … is so clear."
May 7
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Federal Reserve Chair Jerome Powell declined to say whether he would depart the central bank after his chairmanship ends next year, as is typical with Fed chairs who are not reappointed. He also pushed back on criticism from one potential replacement.
May 7
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The payment company joins other firms that are expanding apps in Europe, where Apple has agreed to ease access to supporting technology. Plus, the U.K. plans a new crypto crackdown.
May 7
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The Treasury secretary tells the House Financial Services Committee that he is vetting candidates to fill the role and says acting Chair Travis Hill has been effective.
May 7
