Mike Santomassimo is at least the sixth ex-colleague of CEO Charlie Scharf to join the bank’s leadership team in the last nine months.

The national conversation around systemic racism has compelled large banks to withdraw support from the “disparate impact” proposal. But community banks maintain that the proposed reforms would reduce frivolous claims.

The New York bank has also joined a steering committee helping to develop a global accounting standard that financial institutions can use to measure their impact on global warming.

Wells Fargo buys $14B of delinquent mortgages tied to pandemic; CFPB launches investigation of Quicken Loans real estate affiliate Rocket Homes Real Estate; Truist accelerates cost-cutting plans; and more from this week’s most-read stories.

Some 3,400 additional staffers in the treasury management group will be required to get pre-clearance before making trades. The policy change was driven in part by increased regulatory scrutiny, the bank said.

Fintechs like Greenlight and gohenry have drawn millions of teens with features like savings goal tracking and customizable debit cards.

Bank of America was the latest large bank to report a second-quarter drop in the key earnings metric after a March surge in credit line utilizations gave way to rapid payoffs in May and June.

The energy sector, retail and hospitality are among the industries that are faring poorly during the pandemic. The bank expects loan losses to remain elevated well into 2021.

Net charge-offs fell at Citigroup and Wells Fargo, thanks to forbearance and federal stimulus. Leaders of those banks are warning that delinquencies could rise once the benefits of those programs wear off.

Megabanks like JPMorgan Chase boosted loan-loss provisions to record levels in the second quarter in preparation for what could be a wave of loan defaults.