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Flagstar Bank raids Regions for its director of retail banking; prosecutors allege bank CEO got access to Trump in exchange for approving Paul Manafort mortgage; a potential turning point in fintech regulation; and more from this week's most-read stories.
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Flagstar snags Regions exec to oversee growing branch network

Flagstar Bank, which is in the process of buying more than 50 branches from Wells Fargo, has hired Ryan Goldberg as a director of retail banking.

(Full story here.)
Carl Chaney (second photo)

Recapitalized Florida bank brings in new leadership

Beach Community Bank, which recently added $100 million in capital, hired veteran banker Carl Chaney as its executive chairman.

(Full story here.)
Steve Calk

Manafort mortgage bought bank CEO spot as Trump adviser: Prosecutors

A new court filing suggests that Stephen Calk was named to a 13-member economic advisory team in 2016 in exchange for approving a $9.5 million loan to former campaign manager Paul Manafort.

(Full story here.)
Treasury Secretary Steven Mnuchin
Steven Mnuchin, U.S. Treasury secretary, arrives to a Senate Banking, Housing and Urban Development Committee hearing in Washington, D.C., U.S., on Tuesday, Jan. 30, 2018. Mnuchin said he can extend the debt limit suspension period into February before the government exhausts its borrowing capacity. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

This month could be a turning point in fintech regulation

Online lenders and other firms await news from OCC and Treasury on the future of their supervision, even as they absorb the news that Square had to temporarily pull its industry loan company application.

(Full story here.)
Occupancy and equipment costs have climbed 7% since 2013. It is estimated that banks could save $800 million a year by shifting back-office functions to operations centers in lower-cost markets

Back-office innovations help banks dump costly real estate

Banks could shed as much as 20 million square feet of office space over the next five years as they shift many functions to high-tech operations centers in markets with cheaper rents.

(Full story here.)
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Big shift in store for Walmart's largest banking partner

Woodforest National in Texas has relied heavily on hundreds of in-store branches and overdraft fees to boost revenue. That is starting to change.

(Full story here.)
Aite survey on small business tech needs in banking

Banks play catch-up in fintech for small-business clients

A cash management offering by Mastercard and Strands is the latest example of new answers to commercial clients' demands for better digital services.

(Full story here.)
Supreme Court
The U.S. Supreme Court building stands in Washington, D.C., U.S., on Thursday, July 5, 2018. President Donald Trump said he's narrowed his choice to replace retiring Supreme Court Justice Anthony Kennedy to four people and that he expects to make a decision by Sunday. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Supreme Court shuffle: 5 possible reverberations for banks

A more conservative court will be likelier to rule favorably on issues ranging from the deference for regulatory agencies to what constitutes a fair-lending violation.

(Full story here.)
Andrew Brzezinski, vice president of Fidelity Institutional (second from right) and Massimo Young, head of data solutions at Bank of New York Mellon (third from left).

Why BNY Mellon, Fidelity use AI sparingly

Artificial intelligence is not always the right answer to data problems, executives of the two firms said at the In|Vest conference.

(Full story here.)
Shawn Ahmed, CEO of Pivotus Ventures

Umpqua names CEO, CTO for innovation unit Pivotus Ventures

It will be the third collaboration together for the new CEO and CTO at Pivotus Ventures.

(Full story here.)
Career moves Lawsuits Fintech regulations Fintech Artificial intelligence Flagstar Bancorp Regions Bank
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