The Latest

The American Bankers Association says a proposal to replace its own financial security identifier with one owned by Bloomberg exceeds the agencies' statutory authority and could disrupt financial markets.

The top five banks in this list closed a net total of 148 branches in this time period — and 492 branches in the past 12 months.

Diane Offereins retired from a top job last year amid scrutiny of the card network's charges to merchants. Now she's suing Discover over its decision to cancel unvested stock worth $7 million.

The card brands and tech giants are expanding their payments reach in one of the world's largest markets, while facing a multi-billion-dollar class action complaint by British businesses over fees. That and more in American Banker's weekly global roundup.

The Canadian bank expects to spend more than $3 billion on U.S. regulatory penalties in connection with its anti-money-laundering problems. "It's easy in a bank of our size to sometimes not look at accountabilities as clearly as we should," CEO Bharat Masrani said.

From Citigroup's positive earnings butting up against fines from the Office of the Comptroller of the Currency to First Guaranty's 15% layoff, here are earnings highlights to be mindful of.

Membership requirements, expense and the nonprofit ethos largely keep credit unions from participating in the banking-as-a-service space. But a few, such as North Bay Credit Union in California, have carved out a niche.

Patrick Harker, the longest serving regional reserve bank president, will leave office in June 2025. Directors at the Fed bank have started the search for his replacement.

REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022's record of 16 deals.

The Federal Reserve Bank of Atlanta president said the two mandates are in balance for the first time since 2021, although he is "not quite prepared" to declare victory over inflation.