Organization Root Tag

The U.S. bank was unable to fully sell a block of shares in Australia's Goodman Group it had underwritten for China's sovereign wealth fund.

The building at 420 Montgomery St. could be put on the market as soon as this month, the Wall Street Journal reported.

The availability and visibility of Bank On-certified accounts, which aim to expand banking access, is contributing to a decrease in the percentage of U.S. households that are unbanked, according to bankers and government officials.

The order stemmed from a cybersecurity breach in 2022. The Office of the Comptroller of the Currency also lifted the bank's "troubled condition" status.

Federal Reserve Gov. Christopher Waller said the central bank's last framework review was too focused on the post-global financial crisis period and difficult to explain.

Citigroup now operates Grupo Financiero Citi México and Grupo Financiero Banamex in Mexico. The New York-based bank is planning an initial public offering of Banamex as soon as regulators and market conditions allow for the public offering.

Oden, head of U.S. wealth, private banking, asset management and premier banking at HSBC, was one of the first in the industry to build an online wealth management platform.

The Consumer Financial Protection Bureau has long been a target for conservative ire, but dismantling it would require Congress' cooperation.

The Boca Raton, Florida company is seeking to attract deposits with a product that more closely resembles the strategy many fintechs typically employ.

"Delete CFPB. There are too many duplicative regulatory agencies," Musk wrote in a post on X. 

The National Credit Union Administration lacks the authority to regulate third-party vendors that supply vital services to the industry. This creates a major risk to credit union customers and the broader U.S. economy.

The use cases are growing and banks don't want to risk being left behind, especially with younger customers who are more open to the technology.

Reps. Andy Barr, R-Ky., and French Hill, R-Ark., leading Republicans on the House Financial Services Committee, pushed back against Federal Deposit Insurance Corp. Chair Martin Gruenberg's characterization of the Synapse collapse in his July brokered deposits proposal.

Andy Sieg, head of Citi's wealth business, says retention bonuses are part of his growth strategy.

Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.

While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.

In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.

A sale would mark a swift retreat from the intensely competitive credit card business, where Ally competes with giant players such as Capital One.

The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.

The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.