News and Information from American Banker

FNB Corp marked the grand opening of its new downtown Pittsburgh headquarters this week. The bank owns and occupies the majority of the 26-story tower in the city's Hill District, a new addition to the city's skyline and one of the few new towers built in the city's business district in recent years. And long-time bank executive Robert Goldstein has died at 84.

The Office of the Comptroller of the Currency is the latest federal banking agency to let go of probationary employees.

The heist is among the largest ever experienced by the crypto industry and highlights concerns many have over the need for better regulation.

The hacker group NoName057 claimed responsibility for DDoS attacks on major Italian banks, citing President Mattarella's remarks on Russia's invasion of Ukraine.

The Ark Invest founder said the fluctuation in the crypto market is healthy. "Bitcoin's in a four-year cycle and we're through a little more than half of it," Wood said.

Senior Republican House Financial Services Committee lawmakers in a letter to the Federal Deposit Insurance Corp. gave a series of recommendations that they said would combat so-called "debanking."

Federal Reserve Vice Chair Philip Jefferson said clearer Fed communication and better text analysis has made monetary policy transmission more efficient, but noted that the central bank must remain diligent in how it communicates forward monetary policy guidance.

The New York-based institution tapped the former Republic First CEO to help oversee its transformation from a predominantly multifamily lender into business bank.

The payments company, which is unifying parts of its operation to deepen its reach with consumers and businesses, saw its stock fall more than 10% after reporting mixed earnings, though analysts are more bullish on the company's future.

President Donald Trump's concerted effort to bring the entirety of the executive branch under his direct control defies tradition, and in some cases, likely the law. Banks have thus far voiced little objection, but they should know how critical the rule of law is to their bottom line.

Too often, banks confronting a problem with their anti-money-laundering compliance opt for quick fixes that fail to address the root of the problem. Building a good corporate risk culture takes time and investment.

The top five banks in this list closed a net total of 518 branches in 2024.

By enabling consumers to link multiple payment options together, the card network can counter similar moves by rival Visa and fintechs such as Curve.

Federal Reserve Vice Chair for Supervision Michael Barr urged the Trump administration to continue reforms initiated under Biden and emphasized the importance of keeping the central bank apolitical.

Letitia James and 22 other attorneys general have filed an amicus brief in a Maryland case challenging the dissolution of the consumer protection agency.

President Donald Trump issued an executive order Wednesday night disbanding of three bank and credit union advisory groups.

Regulators are investigating the technology giants over concerns their financial apps are violating competition rules. That and expanding tech in emerging markets highlight this week's American Banker global payments roundup.

As tech companies launch agentic AI that can execute tasks as well as generate content and reason, banks are putting frameworks and controls in place to start taking advantage.

Calabria left the free-market think tank Cato Institute and is said to be at the Office of Management and Budget, reviewing multiple agencies.

The GAO studied executive compensation on request from Rep. Maxine Waters, D-Calif., ranking member of the House Financial Services Committee, in the wake of the Silicon Valley Bank crisis in 2023.

The New York-based fintech's high-tech initiative is the centerpiece of an initiative aimed at capitalizing on an expected surge in small business lending activity.

Banks are analyzing their regulatory exposure through the lens of "red state" versus "blue state" requirements — a consideration that would have been unthinkable just a few years ago.

When a house is lost, so is much of the collateral on the mortgage. Here's how both lenders and homeowners can bounce back.

Republicans' emerging tax bill could include a measure to subject some credit unions to federal taxes, reigniting a long-simmering conflict between bankers and credit unions.

Deal advisors said the Trump administration's tariff threats and the specter of inflation have given some bankers reason to pause on acquisition plans. Momentum could still mount, but uncertainty in Washington is a detriment early in the new year.

A White House order peeling back agency independence would curtail bank regulation in the near term, but could set the stage for long-term uncertainty and volatility.

First Carolina Bank has completed its acquisition of BMTX, formerly known at BankMobile, and Luvleen Sidhu is stepping away from her position as CEO.

The former Georgia senator and entrepreneur, who promised to combat red tape and fraud in her confirmation hearing, takes office following a 52-45 vote.

A notification from Finastra to victims reveals that a data breach reported late last year compromised some consumer financial information.

A federal magistrate judge is recommending that the Consumer Financial Protection Bureau's small business lending data collection rule be upheld, rejecting a challenge by merchant cash advance lenders.

While Sen. Elizabeth Warren, D-Mass., is continuing to try and save the agency she helped create, Sen. Adam Schiff, D-Calif., who benefited from crypto spending in his primary race, is a new ally.

The industry's top leaders, including The Most Influential Women in Payments, will be on hand to discuss innovation, compliance, risk, crypto and more.

Federal agencies need to speak with one voice when it comes to allowing legitimate crypto businesses full access to financial services.

A federal district court in Texas has stayed an injunction that had prevented enforcement of the Corporate Transparency Act and its reporting requirement.

The executive appointments at the Consumer Financial Protection Bureau top the list of noteworthy moves by President Donald Trump to hit banks in recent days.

The Trump administration's orders to stop supervisory exams at the Consumer Financial Protection Bureau are seen as a potential conflict of interest for Elon Musk, whose company X would have been overseen by the bureau when it launches its payments wallet.

President Donald Trump's new executive order could have dramatic implications for bank regulation by subjecting agencies to White House political control.

The $35 billion transaction has faced pushback from critics on antitrust grounds since it was announced a year ago. The vote today puts the deal one step closer to closing.

The distributed ledger developer announced the grant program in tandem with its real-world asset token standard.

The amended language in the bank's terms and conditions will halt payments to social media sellers. It comes as banks on the P2P app face increased political pressure to step in and stop payments to scammers on the platform. 

The company sells capital markets technology to small banks that have growing international processing needs, betting the lack of client overlap prevents a big bank/small bank competition.

The Federal Reserve's top regulator said banks drop customers they see as too risky, and anti-money-laundering actions are "just straight-up-the-middle risk management and banking."

Executives from Circle, Coinbase and Custodia Bank are among those cheering the Trump administration's pro-crypto moves.

Acting Comptroller of the Currency Rodney Hood suggested Tuesday that regulators should consider raising the dollar amount for mandatory suspicious activity reporting and revising the Herfindahl-Hirschman Index to advance bank mergers.

Federal Reserve Gov. Michelle Bowman — who is viewed as a leading contender to be the next vice chair for supervision at the central bank — said changes to the post-financial crisis framework should be a focal point of the Fed's regulatory policy review.

The three-year-old Newport Beach-based institution, which secured $500 million in investor pledges to acquire peers, says more dealmaking may be in the works.

Banking regulation doesn't need to mimic the hyper-partisan nature of today's politics. A balanced FDIC board would confer legitimacy on any efforts by the Trump administration to overhaul financial-services regulation.

A just-released McKinsey report predicts strong growth for market data providers, but analysts note that big tech companies are encroaching.

The fees are controversial for card networks and consumers, but the impact on banks has been muted. Here's why that could change.

An overhaul of the bank regulatory system is past due, but the urge to start tearing up the rule book must be resisted in favor of precision and the thoughtful application of some basic principles.

Small lenders produced net interest margin expansion in the fourth quarter, thanks in large part to interest rate cuts in the second half of 2024. Festering inflation, however, threatens to lead to rate increases that could stall their momentum.

The Trump administration has installed Jeffrey Clark at the Consumer Financial Protection Bureau. Clark, a former environmental lawyer in the Justice Department in the first Trump administration, was indicted as part of the president's efforts to overturn the 2020 election.

U.S. District Judge Amy Berman Jackson agreed to temporarily block the Trump administration from firing more CPFB employees and said the White House could not delete or destroy any of the bureau's data or databases.

Sean Desmond, the new CEO of nCino, hinted at some of the products under development in an interview with American Banker.

Federal Reserve Chair Jerome Powell said reserve banks will no longer factor "reputational risk" into master account decisions. The crypto industry is encouraged by the commitment, but says more changes are needed.

Provident Bank announces its new chief lending officer; the SEC's acting chairman asks a federal court to delay scheduling cases involving a rule on climate-related disclosure; the merger deadline for Capital One Financial's proposed acquisition of Discover Financial Services is extended; and more in this week's banking news roundup.

The probes come at the request of Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., respectively the ranking members of the Senate Banking and Senate Finance committees.

Consumer and employees groups are seeking a restraining order against CFPB acting Director Russell Vought, arguing that he was unlawfully installed and has "no power to direct" the bureau.

The rollout of new technologies in point-of-sale retail payments in the U.S. has historically been slow, and consumer adoption of those new payment flows can be even slower. Can consumers' propensity for self checkout help push adoption?

The San Francisco-based bank announced that another consent order with the Office of the Comptroller of the Currency has been terminated. The six-year-old order was related to the bank's risk compliance management and certain loan practices.

A proposal to tie cancellation of private mortgage insurance policies to automated valuation models would add unnecessary risk to mortgage portfolios and would result in less, not more, affordable housing.

The biggest decline was a 9.9% drop in deposits quarter-on-quarter as of Dec. 31.

The Trump administration's nominee to lead the Consumer Financial Protection Bureau, Jonathan McKernan, is seen as an institutionalist with a deep knowledge of policy. But whether he keeps the bureau shuttered or rebuilds it is uncertain.

On Thursday night, the Trump administration fired dozens of employees at the Consumer Financial Protection Bureau, according to an email obtained by American Banker. Most of the workers targeted had been hired by former CFPB Director Rohit Chopra.

CEO Cameron Bready told analysts that the company's changes in management structure, product reorganization and strategic retrenchments will show up in earnings later in 2025.

An order permitting CSBH LLC in Powhattan, Virginia, to acquire a controlling stake in Industry Bancshares promises to give the Texas company a fresh start in one of the country's most attractive banking markets.

Serious delinquencies on auto loans rose to almost 3% in the fourth quarter of 2024, according to the New York Fed. Researchers blame the affordability problem on soaring car prices.

The payment card industry must upgrade encryption before quantum computers render current security methods obsolete, FS-ISAC warned.

The mayor and city council of Baltimore, along with a Maryland-based economic justice group, are suing the bureau and its acting director, claiming that the recent decision to "defund" the CFPB will leave it unable to support communities.

While executives this week signaled they could accept policies that put pressure on the economy, analysts said the lighter regulatory touch is unlikely to offset Trump's tariff regime.

The heads of both the House and Senate banking committees introduced a Congressional Review Act resolution to undo the Consumer Financial Protection Bureau's overdraft rule, a measure that only needs a simple majority in both chambers to pass.

North American banks face heightened anti-money laundering scrutiny and a few related variables will determine whether or not this leads to more mortgage sales.

Plenty, a finance app for couples, shifted from subscriptions to an investment advisory fee-based model to differentiate from other couples-focused fintechs.

While Freddie Mac's weekly survey showed 30-year rates falling, other indicators paint a mixed picture for mortgage lenders and borrowers.

The rule requiring businesses to report their beneficial ownership is deeply flawed. Enforcement should be suspended until it can be revised to place fewer burdens on law-abiding people and companies.

Foreclosure filings increased 7% in January from December, which could be a housing market starting to experience trouble, or a post-holiday return to normal.

The Federal Deposit Insurance Corp. and other independent agencies will likely need to identify positions not explicitly required by law under a new Trump administration executive order aimed at downsizing the federal workforce.

For the first time since the Eaton Fire erupted more than a month ago, Altadena has a bank branch that's open for business.

A House Financial Services Committee spokesperson said the committee will hold its required semiannual hearing with the Consumer Financial Protection Bureau director after nominee Jonathan McKernan is confirmed rather than with interim director Russell Vought.

The money-transfer company's move came after the U.S. State Department last week renewed sanctions against the island nation. That, plus Klarna and Standard Chartered get bullish on crypto; Trump's not the first politician to rail at pennies; and other international payments and fintech news.

FIS' debit-processing bank clients will soon be able to integrate Affirm's pay-over-time products into existing digital banking infrastructure. For Affirm, it means even more potential BNPL transactions.

The governance platform is meant to prevent hallucinations, errors, bias and other problems, and to track model activity to make sure nothing goes awry.

Citi's head of wealth said the firm is already working with a quarter of the billionaires in the world through its private bank. Now it just needs them to entrust it with managing more of their money.

During congressional testimony, Federal Reserve Chair Jerome Powell said he supports changes to the supplemental leverage ratio to make it easier for banks to intermediate the Treasury market.

Michael formerly led tech groups at Citi, JPMorgan Chase and Lloyds.

The Trump administration has taken the first steps toward turning the U.S. into the world's crypto "capital" — but is it willing to go all the way?

The bank-owned payments app saw the number of total transactions jump 24% compared with 2023. Small business transactions increased 32%.

Large banks are starting to disclose the compensation they awarded to their CEOs last year. Early signs point to a bounceback after CEO pay fell in 2023.

The White House has tapped former Federal Deposit Insurance Corp. Director Jonathan McKernan to lead the Consumer Financial Protection Bureau and attorney Jonathan Gould to lead the Office of the Comptroller of the Currency late Tuesday.

CEO-designate Gunjan Kedia said payments growth is critical to the Minneapolis-based regional's overall success. Dealmaking will take a back seat to organic growth for the time being, she added.

In comments to reporters, Sen. Elizabeth Warren, D-Mass., underscored what she said was a conflict of interest between Elon Musk's DOGE's actions at the Consumer Financial Protection Bureau and his business interests with X Money.

Joseph Otting, who is leading Flagstar's turnaround, said potential buyers may be interested in acquiring the regional bank once it gets past certain challenges.

The superregional in Pittsburgh said banks large enough to attract its attention have yet to put themselves on the sale block. PNC's finance chief said, "We just have to be ready if and when those windows open."

Eric Council, Jr. will spend two years in prison for an identity theft scheme that led to a false post by the SEC on X that bitcoin ETFs had been approved.

In his semiannual testimony before the Senate Banking Committee Tuesday, Federal Reserve Chair Jerome Powell said the effective shuttering of the Consumer Financial Protection Bureau leaves no federal regulator in charge of policing large banks for consumer protection law compliance.

The Office of the Comptroller of the Currency announced Tuesday it had withdrawn from an international body devoted to combatting climate-driven financial risk, saying it fell outside the agency's statutory remit.

As it closes in on a New York listing, the Swedish fintech partners with the largest merchant acquirer in the U.S. by payment volume.

A stop-work order from the Consumer Financial Protection Bureau's newly appointed acting director Russell Vought has created uncertainty about the future of consumer-oriented enforcement activity.

Lawmakers, citing past failures, say FDIC staffing shortages weaken oversight.

The Navy has told members not to use the virtual agent from China, and Congress is trying to forbid it among all government workers amid concerns about security.

Speaking to reporters from the Oval Office, the president was asked if he wanted to eliminate the bureau. "I would say, yeah," Trump replied. "Because we're trying to get rid of waste, fraud and abuse."

The government-sponsored enterprises were not meant to remain in conservatorship permanently, but privatizing them once again must include a new set of rules that minimize market disruptions and maximize their focus on making homeownership affordable.

Following President Donald Trump's executive order to protect banking services for crypto firms, lawmakers ask if banks or regulators are to blame.

A survey of senior bank officers at community banks by fintech firm IntraFi found bankers nearly evenly divided on the idea of merging federal bank regulators, while an overwhelming 93% support maintaining agency independence.

A rally outside the Consumer Financial Protection Bureau headquarters in Washington Monday afternoon boasted 17 lawmakers and roughly 600 attendees, organizers said, who were decrying Trump administration efforts to effectively shutter the bureau.

India's central bank said it would issue domains ending in .bank.in, potentially conflicting with industry-led efforts to promote .bank domains.

It was the largest U.S. transaction ever to instantly settle, following The Clearing House's new transaction ceiling that went into effect Sunday.

The Ontario-based lender announced a partnership that represents the first dividend from its recent acquisition of a Minnesota-based community bank.

A federal appeals court in Texas has delayed the implementation of the Consumer Financial Protection Bureau's small-business data reporting rule slated to go into effect in July. How the Trump administration proceeds from here could be instructive on its approach to other CFPB rules.

The digital banking software provider recently received $160 million in funding and hopes to grow its bank client list as it upgrades product offerings.

The Canadian bank plans to exit its 10.1% interest in the brokerage firm, allowing it to shore up capital and strategically shrink to adhere to penalties related to its historic compliance failures.

McKernan, a member of the Federal Deposit Insurance Corp.'s board of directors, offered measured resistance to Biden-era bank regulation and led on a number of issues including cracking down on the influence of asset managers who hold stakes in FDIC-insured banks.

Acting Consumer Financial Protection Bureau Director Russell Vought ordered bureau employees to "stand down" and perform no work, effective immediately.

Ramp, NerdWallet and Rocket all released commercials at this year's Super Bowl where the Eagles defeated two-time reigning champions the Chiefs.

Courts are litigating the question of whether Elon Musk has the authority to assign DOGE employees to positions that grant them access to sensitive data.

After nearly 10 years of banking my business, BofA debanked it because of overzealous anti-money-laundering enforcement. The Trump administration must bring back common sense to Bank Secrecy Act compliance.

Leading Republican lawmakers released two similar stablecoin bills last week, legislation that the White House wants finished quickly. Here are four issues banks need to watch as the bills move forward.

President Donald Trump has recruited Fiserv CEO Frank Bisignano and PayPal co-founder Elon Musk to streamline parts of the government. Their styles and experience could not be more different.

Since August, Truist, KeyCorp and Goldman Sachs have granted one-time stock awards to certain executives they want to keep in place. One analyst wants shareholders to reject the bonuses, while consultants say there are valid reasons for banks to make the awards.

Russell Vought, the Consumer Financial Protection Bureau's new acting director, ordered staff to stop all work and closed the agency's headquarters for a week.

A group of 19 state attorneys general have sued the Trump administration, alleging the Department of Government Efficiency's move is illegal. The injunction is pending a hearing Feb. 14.

Newly-confirmed Office of Management and Budget Director Russell Vought, a key architect of Project 2025, has been charged with overseeing an agency Republicans have vowed to eliminate, according to a Wall Street Journal report.

Hood, who chaired the National Credit Union Administration from 2019 until 2021, has been selected by Treasury Secretary Scott Bessent to serve as acting comptroller of the currency. Hood replaces acting OCC head Michael Hsu, who has led the agency since 2021.

Representatives of the first nonbranch team at the bank to unionize alleged in a charge filed with the National Labor Relations Board that actions to stymie collective bargaining constitute unfair labor practices.

Titi Cole, a former executive at Citigroup, is now on the company's board of directors; Citizens Financial Group has formed a trust subsidiary as part of its wealth management and private bank expansion efforts; shareholders of Atlantic Union Bankshares and Sandy Spring Bancorp approved the two companies' planned merger; and more in this week's banking news roundup.

Banks are expecting increased M&A activity across the financial sector, but are concerned about acquisition by credit unions and tech integration challenges.

The Columbus, Ohio-based bank has unveiled a product that lets adults who need help managing their finances and guarding against fraud give limited account access to someone they trust.

The buy now/pay later lender outperformed nearly every analyst estimate in its fiscal second-quarter earnings report. CEO Max Levchin said the company is five months out from positive GAAP operating income.

The Consumer Financial Protection Bureau, now led by Treasury Secretary Scott Bessent, agreed to temporarily halt enforcement and litigation over its medical debt rule, handing the banking industry an immediate reprieve.

By repealing the Biden administration's artificial intelligence safety guidelines, President Trump has created a chance for the banking industry to demonstrate that it can be a leader in protecting consumers.

Employers added fewer workers than anticipated last month, but upward revisions to previous estimates drove down the jobless rate. The report gives no clear directive to the Federal Reserve, which put rate cuts on hold last month.

More state legislatures are exploring how to regulate earned wage access products, and interest rate caps are central to that discussion. New York state's pending legislation is taking a novel approach.

Until last month, Altadena was a flourishing melting pot. Now, with thousands of houses burned and no functioning banks, residents wonder if it will ever be the same.

President Donald Trump huddled with Republican lawmakers on Thursday and discussed ending some of the biggest tax provisions that impact Wall Street.

The Federal Reserve is no longer exploring the idea of creating a new liability for interbank settlements. Instead, it is looking for ways to improve existing systems.

TD and Bankwell are among those hiring people who know how to implement and scale artificial intelligence among many use cases.

The 30-year fixed rate mortgage continues to slip away from the 7% mark, Freddie Mac said, but experts still expect them to stay higher for longer.

The lack of a government requirement has slowed adoption in the U.S., but there are signs demand is picking up.

Oil and gas companies are borrowing to invest in more drilling and new processing facilities to meet rising global needs for U.S. fossil fuels. Several banks said energy loan demand is expected to strengthen further this year.

Registration is now open for American Banker's annual Best Banks to Work For awards.

The time is ripe for Congress and the president to shrink the Federal Deposit Insurance Corp.'s board of directors back down to its original three members, removing the Consumer Financial Protection Bureau's seat.

Despite crypto-friendly signals coming from Washington, getting a bank account still appears to be a challenge for crypto businesses and investors.

With the Federal Reserve eyeing changes to its annual examination of large bank resilience, this year's test could be the last of its kind.

The $4 trillion-asset company is looking to grow its deposit franchise by building a presence in new markets. The 24-branch addition in Alabama is its latest part of that push.

Luke Pettit could have an expanded role compared to previous assistant secretaries for financial institutions as President Donald Trump eyes Treasury lead for deregulatory agenda.

Founder Ken LaRoe says his decision to step back from daily management chores will help the Orlando, Florida-based Climate First Bancorp maintain its independence.

The Federal Reserve governor said regulators have stifled the banking system's ability to experiment with emerging technologies.

Congressional representatives push to ease regulatory hurdles for de novo banks, citing barriers to entry for small lenders.

Elizabeth Warren, Shontel Brown and Patty Murray are among those questioning Elon Musk's team's ability to access sensitive data and install email services in government agencies.

Federal Deposit Insurance Corp. acting Chair Travis Hill released a trove of internal supervisory correspondence from the agency to banks regarding proposed cryptocurrency business lines or relationships, initiatives Hill said were "universally met with resistance" by the agency.

Secretary of State Marco Rubio said the U.S. will ban certain Cuban payments, mirroring Trump's pressure on cross-border payments during his first administration.

Cincinnati-based processor has agreed to buy a London technology firm that uses artificial intelligence to build advanced models to manage fraud risk.

While Republicans and Democrats found some agreement that consumers of all stripes should be included in the banking system, they differed wildly on who is to blame for banks dropping customers.

As the Federal Reserve's overnight reverse repurchase agreement program nears zero, pressure could mount on the central bank to slow or stop its asset runoff as it fights inflation.

Just days after UMB Financial completed its acquisition of Heartland Financial, CEO Mariner Kemper spoke about how the deal came together and the combined bank's future.

Trump's executive order to create a U.S. sovereign wealth fund raises important questions — as yet unanswered — around funding, governance, political interference and the purpose that such a fund would serve.

Current and retired federal employees say Treasury officials granted Elon Musk improper access to federal financial records, violating privacy laws.

The reality of banking is that some customers are riskier and more labor-intensive than some banks want to tolerate. If Congress doesn't like where banks draw the line, it needs to understand what moving it will entail.

Potential cybersecurity and data privacy violations are among the many dangers of giving the Tesla CEO free rein over systems and data used for Social Security benefits and tax refunds. 

Committees in both the House and Senate will hold hearings this week about debanking — a term that means different things to different people.

Sen. Tim Scott, R-S.C., the chairman of the Senate Banking Committee, said they would try to pass crypto and stablecoin bills in the first 100 days of the Trump administration.

American Banker's prestigious list of the best credit unions to work for. Applications are open now.

The credit union suffered a ransomware attack in June 2024 that affected nearly all of its banking systems.

The senators introduced legislation that would limit the interest rate card issuers are able to charge holders for the next five years.

The president's rough-and-tumble trade negotiations have throttled financial markets, causing investors to flock to the safety of dollars and Treasuries. But some economists say this style of policymaking could have hurt the U.S.'s safe haven status in the long run.

The finance arm of the Detroit automaker has resubmitted its application for an industrial loan company charter to the Federal Deposit Insurance Corp. after withdrawing its prior application last year.

Small lenders beset by the fallout from high interest rates took losses in the fourth quarter when they unloaded underperforming securities and loans. But they are reinvesting the proceeds into higher-yielding assets.

The Federal Reserve Board lifted two enforcement actions against the megabank dating back to 2011. But the Fed's seven-year-old asset cap remains in effect.

The House Financial Services Committee released a draft resolution under the Congressional Review Act to cancel the Consumer Financial Protections Bureau's rule limiting bank overdrafts to $5 in most cases.

With analysts citing pressure from fintechs, CEO Alex Chriss says artificial intelligence is expanding the company's payment and marketing tools as PayPal battles Stripe, Block and other rivals.

Desmond will be succeeding Pierre Naudé in leading the bank technology provider.

Long-term partnerships between banks and fintechs are the real future of financial services. Pharmaceutical firms' relationships with contract research organizations offer a useful model.

Donald Trump's second administration is widely expected to be far less skeptical of bank mergers than the Biden administration has been, but industry experts say that political opposition to big bank mergers and business considerations will still be roadblocks.

A bill offered by Rep. Roger Williams, R-Texas, would repeal Dodd-Frank Section 1071 and eliminate any data-collection requirements for the Consumer Financial Protection Bureau.

The Bank of America branch in Altadena burned down last month. Now the bank must determine whether customers' prized possessions survived.

A former senior advisor at the Federal Reserve Board was arrested and charged with economic espionage for conspiring to steal trade secrets and sell them to China for $450,000.

Christiana Riley, regional head of Banco Santander's North America region, has succeeded Tim Wennes as CEO of Santander U.S.

The cybersecurity job market is growing fast, but aspiring professionals face barriers to entry, from experience requirements to employer demands.

Nine bank branches, many belonging to top U.S. banks, were affected by the recent Los Angeles wildfires.

Fairfax-based MainStreet Bancshares is pivoting to the niche business as a means to boost its Avenu banking-as-a-service platform, which has failed to hit deposit and revenue targets.

Treasury Secretary Scott Bessent, who was named to be acting director of the Consumer Financial Protection Bureau, has told the agency's staff to put a halt to all rules, enforcement actions and hiring.

The president has named Treasury Secretary Scott Bessent to run the Consumer Financial Protection Bureau on an acting basis after firing CFPB Director Rohit Chopra over the weekend.

The wholesale and non qm lender said it's placed Serene Vernon on administrative leave and elevated capital markets officer John Hamel to the role of president.

As Elon Musk and his associates gain access to internal computers, Oregon Democratic Sen. Ron Wyden slammed the move and said it poses a national security risk. Musk said the Treasury system isn't adequately fighting fraud and is also attempting to shut down USAID.

The devastation of communities across Southern California will, inevitably, cause tremendous stress on the banks that serve them. This should be a wake-up call for regulators to take climate risk more seriously.

The partnership with Visa Direct sets X Money up with infrastructure to be a global payments powerhouse, but getting consumers to actually use it will be an even bigger challenge.

The Consumer Financial Protection Bureau's Rohit Chopra in a letter to President Donald Trump confirmed that his "term as CFPB Director has concluded."

State banking associations across the country said that Michelle Bowman should be the Federal Reserve vice chair for supervision, not least because she already sits on the Fed board and could start immediately.

Jon Weiss, Wells Fargo's co-CEO of corporate and investment banking resigned from his position with plans to retire; A new CFPB report says military service members paid more for auto loans and add-on products; City National Bank's Kelly Coffee is leaving the bank after her 2023 demotion; and more in this week's banking news roundup.

The cryptocurrency exchange made the move to follow the Markets in Crypto-Assets Regulation, which tightens rules for digital assets in the European Union.

The company's software automatically monitored and negotiated bank fees on customers' behalf, with recent expansions into buy now/pay later bill management.

Small lenders across the country filled leadership positions, including The Peoples Savings Bank in Ohio, which promoted from within to name its first woman CEO.

The Providence, Rhode Island-based regional bank plans to create a new senior executive role that will focus on corporate strategy, rather than directly replace Johnson as chief experience officer.

The Trump administration's Office of Personnel Management sent a memo of frequently asked questions encouraging civil servants to go on vacation and even take a second job, which in some instances is contrary to longstanding agency conflict-of-interest rules.

Catastrophic weather events illustrate the risks and opportunities for banks.

In a Friday speech, Federal Reserve Board member Michelle Bowman said regulation and supervision should be aimed at expanding banking access, not limiting it.

AI isn't inherently good or bad; its value depends entirely on how it's used. For financial institutions, this means shifting the focus from internal productivity gains to customer outcomes.

The cannabis industry and its financial partners see potential gains under Trump, either in the form of direct changes in policy, economic incentives or the nascent effort to curb debanking.

Federal Reserve Gov. Michelle Bowman is widely seen as the president's most likely choice for vice chair for supervision, a position soon to be vacated by Michael Barr. But while Bowman is the administration's most straightforward option, it's not the only one being considered.

The card network will provide payments support for the social network's financial app, potentially contributing to its ability to scale.

Money remittance provider Wise said it "strongly disagrees" with the Consumer Financial Protection Bureau's characterization that it advertised inaccurate fees and did not properly disclose exchange rates.

More than 80% of bankers surveyed said they increased their tech budgets to invest more in security, data analytics and AI.

The Dallas bank made some headway on its goal to slim down its multifamily loan portfolio, but $17 million in bad loans led to a bottom-line loss in the fourth quarter.

The Long Island-based company, which is in the middle of a makeover, saw its stock price rise sharply after reporting a net loss that was less than what analysts expected.

Russell Vought, should he be confirmed by the full Senate, would join a short list of those able to lead the CFPB, as his predecessor Mick Mulvaney did, per the requirements of the Vacancies Act.

The Chinese startup roiled markets with its AI assistant, which appears to be a less expensive answer to ChatGPT. Banks have reasons to be cautious about this particular model but also to hope it will bring down AI's costs.

The credit card issuer's earnings missed Wall Street estimates, but it reported improvement in sales, delinquencies and charge-offs. Management said unclear political direction and cloudy monetary policy could threaten an already conservative outlook for 2025.

The group was still the most active such gang last year, but its activity appears to have been severely hampered by law enforcement.

Non-stablecoin cryptocurrencies have no inherent value, so creating a federal "reserve" of them is absurd on its face. Chinese hacking of bitcoin will have no significant economic impact.

The Rutherford-based Blue Foundry Bancorp reported an eighth consecutive quarter of red ink, but a widening margin and positive loan growth trends hint at better times ahead.

CEO Michael Miebach says the card network's business in areas such as debit cards will enable it to compete if the mega merger results in the loss of Capital One's debit business.

Pressing tech items across banking include the Federal Deposit Insurance Corp.'s impending Synapse rule and Regions Bank's play for an open banking future.

President Trump's executive order is meant to roll back his predecessor's emphasis on diversity and inclusion, but it could also complicate the Federal Deposit Insurance Corp.'s efforts to correct its own workplace-harassment problems.

Capital One's five-day interruption, President Trump's planned dismantling of the Consumer Financial Protection Bureau and more this month.

A trio of high-profile lawsuits issued at the tail end of the Biden administration indicate that the agency cares more about pursuing a political agenda than it does about helping American consumers.

During fourth-quarter earnings calls, bank leaders said they don't expect borrower demand to pick up until the second half of 2025. But to the extent there's optimism, it involves business lending.

Truth.Fi will offer ETFs, cryptocurrencies and crypto-related securities.

The Federal Reserve chair said banks are well situated to handle risks related to crypto customers, but added that regulatory scrutiny of banks' direct engagement with the assets will be greater than for simple custody arrangements.

In the fourth quarter, UMB Financial's earnings outpaced Wall Street's estimates — but the bank it's acquiring, Heartland Financial, fell short of them.

M&A, economic growth and artificial intelligence are among the leading issues banks will encounter this year, economists said.

The Czech Republic's central bank plans to shift billions of reserves to bitcoin. Plus Australia and the Netherlands crack down on BNPL, and other news from the world of payments.

A survey by American Banker indicates that check fraud is the top fraud concern for banks, especially smaller ones. This is driving spending to prevent it.

The nation's central bank held interest rates steady in its first decision of the year.

The Reno, Nevada-based buyer said it would pay $64.6 million in cash and stock for Cornerstone Community Bancorp, and it expects to close the transaction in the second half of the year.

The National Treasury Employees Union told employees not to respond to the mass email asking federal workers to resign. The chief of staff at the Consumer Financial Protection Bureau said it is reviewing the directive.

Effective bank leaders recognize that the success of any team relies not just on those in the spotlight but also on the numerous unsung heroes working behind the scenes.

Executives at the Wilmington Delaware-based bank are optimistic about 2025. Its results in the final three months of last year were hurt by an "isolated" incident in its 26-year-old ATM servicing business.

Kedia is scheduled to become the first woman to run the nation's seventh-largest bank by asset size. Some analysts expressed surprise over the timing of the announcement.

Analysts say the termination of a 2022 consent order with the CFPB is a sign that the bank's days under an asset cap may be numbered. But the consumer bureau, still led by Director Rohit Chopra, says Wells is still being scrutinized as a repeat offender.

Synchrony Financial's fourth-quarter earnings results missed analysts' forecasts and investors pummeled the stock due to a jump in charge-offs.

USAA claims to have developed the mobile capture deposit technology and has already successfully sued Discover and Truist, among others.

John Asbury, who is CEO of Atlantic Union Bankshares, said credit unions that compete head-to-head with for-profit banks should lose their tax-exempt status. He also called for bank regulation based on complexity rather than size.

The FEMA-operated program has over 4.7 million policies in force, and lawmakers have kept it intact via dozens of short-term extensions since 2017.

The chair of the Senate Banking Committee said the Trump administration will soon address the future of the Consumer Financial Protection Bureau director. "I think we're going to be happy with the answer they give us and the person they give us as well," the Republican from South Carolina said.

A partnership with fintech Apiture will give the bank new online and mobile banking services by the end of 2025.

Asheville, North Carolina-based HomeTrust Bancshares is pulling back from the region, selling its two Knoxville branches for an undisclosed sum. Apex will assume the branches' deposits, valued at an estimated $42 million.

Fifteen banks have failed since 2019, with the most recent one occurring on Jan. 17.

There are reasons to be cautious about how a strategic reserve of the cryptocurrency is established, but the economic arguments for including it in the federal government's portfolio are strong.

Circle and other payment executives say Trump's stated support for digital assets will remove hurdles that have held back support from merchants and consumers.

The final vote was 68-29 in favor of Senate the confirmation of the billionaire hedge fund manager.

Neeraj Singh joins the Buffalo, New York-based bank after a four-year stint at USAA, which has seen an exodus of top executives.

The megabank is simplifying the management structure of its private bank. Regional leaders will now report directly to Andy Sieg, head of wealth.

The Michigan-based institution lowered overdraft and nonsufficient fund fees to 99 cents amid a torrent of regulatory rulemaking and action related to overdraft.

Financial services providers in the region say they're ready to do their part rebuilding Southern California after a series of devastating fires. For many regional and community banks, initial fire-damage surveys identified limited impact.

President Donald Trump and the first lady released their own cryptocurrencies. Experts compare them to Beanie Babies and dogecoin.

Once a helpful tool for law enforcement, CTRs have become next to useless in the fight against money laundering. It's time to retire them in favor of more modern and effective measures.

Biometric payment terminals were on full display at the National Retail Federation's Big Show in New York. American Banker's Joey Pizzolato tried terminals from Ingenico and JPMorgan Payments. What he found might surprise you.

Banks and credit unions also extended financial relief to Californians affected by the fires, which have killed 28 people and burned thousands of homes.

The Senate Banking Committee and House Oversight Committee will hold hearings next week on banks dropping customers, an issue that has gained currency from crypto enthusiasts in recent months.

The Raleigh, North Carolina-based company reported a double-digit increase in net income for the fourth quarter and continues to see upside in its Silicon Valley Bank unit.

Just weeks after closing its purchase of Independent Bank Group, SouthState reported higher than expected earnings per share for the fourth quarter.

The acquisition adds mortgage warehouse lending to Minnesota's Stearns Bank, the latest to offer the service during a multiyear period that has seen several new entrants and exits.

The Green Bay, Wisconsin bank lost $164 million after selling $2 billion of loans and securities for a loss. Asset quality remains strong while the balance-sheet restructuring tees Associated up for a strong rebound this year, executives say.

Bankers applauded the news, which means that it's possible for crypto-custody efforts at depository institutions to scale.

The new policy will "make America the world capital in artificial intelligence and to dominate and to lead the world in AI," said David Sacks, recently appointed AI czar, as the president signed the order.

The subcommittee to be chaired by Sen. Katie Britt, R.- Ala. will oversee servicing and HUD at a time when Republicans are resurfacing legislative proposals they now have more power to advance.

Christopher Mufarrige is named acting director of the FTC's Bureau of Consumer Protection; TD Bank promotes Andrew Stewart, Nadir Johnes and Jo Jagadish; PayPal's John Kim is leaving the company; and more in this week's banking news roundup.

The Supreme Court nullified one of two nationwide injunctions on the Corporate Transparency Act, a law requiring corporations to disclose their beneficial owners. A separate injunction in another circuit remains in effect, however. 

The executive order also calls for regulations to be written for the digital asset industry.

Steve Squeri told analysts his firm is prepared to compete with small-business technology providers like Ramp and Brex. He also weighed in on the potential payments behemoth that would result from Capital One's purchase of Discover.

FX professionals have long recognized that the most commonly used spreadsheet program struggles to keep up with an evolving marketplace. It's time to bring artificial intelligence into the mix.

Experts say the Trump administration is waiting for Scott Bessent to be confirmed as treasury secretary and for other appointees to clear the Senate before naming acting heads at federal banking agencies.

Greg Baer, head of the Bank Policy Institute, echoed the president's assertion that unchecked supervisors are urging banks to drop risky clients .

Executives at JPMorgan Chase, BNY and others discussed whether AI will kill jobs and how to work with fintechs at the World Economic Forum annual meeting.

A document circulated by the House Ways and Means Committee makes a number of suggestions for cutting federal spending, including revoking the federal tax exemption for credit unions and eliminating the Federal Deposit Insurance Corp.'s orderly liquidation authority.

After the tumult of buying PacWest Bancorp, Banc of California is not only profitable again but surpassing Wall Street's expectations.

The Dallas-based bank's fourth-quarter earnings beat analysts' forecasts. Texas Capital raised its estimate for 2025 adjusted fee income to $270 million.

Valley National Bank and Dime Community Bancshares expect a better balance of deposit costs to help boost their net interest margins in 2025.

The settlement detailed the missteps PayPal took in the lead-up to the attack and highlighted common risks — both on compliance and security — banks face.

The case against Yellowstone Capital, which state officials alleged deceived small-business borrowers, has brought attention to the industry.

Banks' AI deployments will now be supervised by states and the companies themselves, experts say.

A Government Accountability Office report Thursday said emergency actions taken by federal regulators in the wake of Silicon Valley Bank's failure were justified and appear to have stemmed further disruption, but noted those actions could contribute to moral hazard.

The technology vendor is going outside the company to hire PNC vet Michael Lyons to replace Trump administration-bound Frank Bisignano, leaving the Pittsburgh-bank without its heir apparent for the top role.

The Bethesda, Maryland, company projects increases in loans and deposits as its C&I lending strategy gears up. Criticized and past-due loans appear to be declining even with a jump in nonperforming assets.

Scott Turner, President Trump's pick to head the U.S. Department of Housing and Urban Development, faced opposition from Democrats on the Senate Banking Committee, but his nomination was nonetheless approved by a vote of 13-11.

The Virginia-based bank said the Federal Reserve signed off on its acquisition of Sandy Spring Bancorp in Maryland. The transaction was the third-largest bank deal announced in 2024. It could be finalized as soon as April.

The Consumer Financial Protection Bureau found that auto lenders' use of reposession agents spiked to nearly 70% in 2022, up from 31% in 2018, resulting in higher costs for consumers.

The era of unchecked AI enthusiasm is giving way to a more measured and deliberate approach. Organizations are beginning to see AI not as a panacea but as a powerful, albeit complex, tool that requires thoughtful implementation.

The top five banks and thrifts have combined deposits of more than $7.5 trillion in Q3.

The president has signed dozens of executive orders touching a wide range of government functions, but banking policy has largely gone untouched — so far.