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The company rewarded Charlie Scharf after profit recovered and shares advanced more than most of its rivals last year. Still, Wells has nine public regulatory orders that remain in place, including a costly Federal Reserve-imposed asset cap.

Mike Roffler takes over at a time when the San Francisco bank’s focus on mortgage lending is expected to come under pressure from rising rates.

West Virginia’s legislature has approved a proposal that could restrict the state’s work with financial institutions that have limited their business with coal and oil companies. 

Lake Shore Savings Bank said in a regulatory filing that during the incident, employees temporarily lost access to internal systems and data. It is one of several financial institutions that have disclosed cybersecurity attacks in 2022.

Gauntlet, a financial-risk modeling platform for crypto lending, raised a new round of funding that pushed its valuation to $1 billion.

The West Virginia Democrat released a statement Monday saying that Sarah Bloom Raskin, President Biden's nominee to serve as the Federal Reserve's top regulator, "failed to satisfactorily address my concerns" and that he would not support her. Manchin's "no" vote puts her confirmation very much in doubt.

The bank announced the departure of two longtime directors and the addition of four new board members. CEO Jerry Plush is becoming chairman as part of the shake-up.

On Dec. 31, 2021. Dollars in thousands.

On Dec. 31, 2021. Dollars in thousands.

Amid concerns that fees for overdrawn accounts lead to financial exclusion, the National Credit Union Administration is focusing its attention on such policies this year.

JPMorgan Chase said it will remove a ban on hiring unvaccinated individuals starting next month, a sign that the nation’s largest bank is putting the pandemic behind it.

Under procedural changes recently adopted by the Consumer Financial Protection Bureau, the director could pursue more enforcement actions administratively without federal court approval. Financial firms may have a harder time defending themselves as a result.

The San Francisco bank promoted its president, Mike Roffler, to the top job. He succeeds founder Jim Herbert, who has been on medical leave and now becomes executive chairman.

European banks operating in Russia are preparing to separate those business from their main computer systems to reduce their vulnerability to cyberattacks following the invasion of Ukraine.

The fintech will work with the bank’s largest clients to spread their cash among U.S. branches of non-U.S. institutions, helping them obtain higher yields while diversifying counterparty risk.

Citigroup, the U.S. bank with the largest presence in Russia, will broaden its withdrawal beyond previously announced plans to dispose of consumer operations there.

In a survey last month, only one in 10 chief executives identified mergers as their top priority, while 77% pointed to organic growth. The sparse interest in dealmaking may be due to volatile markets, along with slower approvals from regulators.

Russia's invasion has disrupted life at Lithuanian startup Paysera, which has a dozen employees in Ukraine, including Yevhen Matasar, who fled from Kyiv to a nearby town where he still does some programming when he can. "This is a very difficult situation … it's helpful to be able to continue to work," Matasar said.

Daily edition for March 14, 2022

President Biden's executive order on cryptocurrency assets and a central bank digital currency marks the beginning of the administration's efforts to integrate crypto technology into the financial regulatory apparatus. That process has important implications for banks in the near term and down the road.