The rescissions are not final and will allow the bureau to evaluate whether each of the items was statutorily prescribed, CFPB Acting Director Russ Vought said.| Banking Dive
A 200-person workforce would allow the bureau to fulfill statutory obligations “and better aligns with the new leadership’s priorities and management philosophy,” attorneys for the agency said.| Banking Dive
Sen. Ruben Gallego, D-AZ, led lawmakers accusing the bureau of “lip service” over its refocus toward “threats” to service members and veterans, in its “abrupt” reversal on a $95 million penalty against the credit union.| Banking Dive
The bureau’s chief legal officer defended Acting Director Russ Vought’s decision to decline funding from the Federal Reserve, saying the move did not constitute an illegal withholding.| Banking Dive
The agency’s one-page filing dismissed the complaint with prejudice, meaning it cannot be revived in the future.| Banking Dive
The split ruling vacates a preliminary injunction that prevented Trump administration officials from cutting 95% of the bureau’s employees.| Banking Dive
Bank failures last year forced CROs to take on higher corporate profiles and sharpen their skill sets.| Banking Dive
The nation's largest bank is giving a handful of top executives “broader experience” by reassigning them to roles in new businesses ahead of CEO Jamie Dimon’s eventual retirement, an analyst said.| Banking Dive
Roughly 100 employees will be offered six-month transition assignments, Reuters reported. About 60% of First Republic branches are a five-minute walk from a Chase location, according to Bloomberg.| Banking Dive
The nation’s second-largest bank is set to reach 90 of the nation’s top 100 markets by the end of 2025 and muscle in on deposit share in cities like Milwaukee and New Orleans.| Banking Dive
The fintech aims to bring a “private banking experience” with the checking and savings account products it's launching this fall, a Robinhood executive said.| Banking Dive
A judge stayed a court case challenging the rule after the bureau said it would “reexamine” the matter and find a “well-reasoned approach” that “aligns with the policy preferences of new leadership.”| Banking Dive
The lender allegedly discouraged residents of Black-majority neighborhoods from applying for mortgages. Fairway said the complaint “appears to be intentionally inflammatory in nature.”| Banking Dive
In finalizing the new rule to oversee digital wallet providers Thursday, the Consumer Financial Protection Bureau said it made important changes to its initial proposal.| Banking Dive
The bureau identified the redlining case against Townstone Financial as “abusive” and “unjust” and plans to make the company whole by returning the $105,000 penalty it paid.| Banking Dive
The federal government is tying up loose ends to address high-profile crypto crimes of yesteryear.| Banking Dive
Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.| Banking Dive
Prosecutors plan to recommend a sentence of 12 years, and $19 million in penalties, as long as Kwon doesn’t commit any more crimes.| Banking Dive
The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.| Banking Dive
JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light on regional banks.| Banking Dive
The nation's largest bank is bringing 85% of First Republic employees over with its purchase of the failed bank, leaving about 1,000 without offers.| Banking Dive
The Lebanon-born banker was seen as an early front-runner to succeed Noel Quinn. Elhedery took a sabbatical in 2022, reportedly learning Mandarin, and was named CFO when he returned.| Banking Dive
One of the fintech’s co-founders criticized the measure, saying an attached initiative to extend “golden share” voting rights to longtime investors should have been separate.| Banking Dive
The regulator took issue with Gemini's high-yield Earn product, which was terminated this week. Gemini has faulted Genesis for pausing withdrawals, which has kept investors from accessing millions.| Banking Dive
The company agreed to stop selling its interest-bearing account in the U.S. and launch a new one tailored to the Securities Act of 1933. Half of the settlement money will go to the SEC. The other $50 million will be split among 32 states.| Banking Dive
The crypto exchange said it would restrict U.S. customers from certain trading but communicated with users on an app set to automatically delete messages, the CFTC alleged.| Banking Dive
The collapse of FTX triggered a run that forced the bank to sell debt at a loss to cover a sharp uptick in crypto-related withdrawals. The bank also wrote off its purchase of Diem technology and tabled its digital currency launch.| Banking Dive
The SEC announced separate charges Wednesday, accusing both executives of defrauding investors.| Banking Dive
Each of the affected banks has made a marked shift this year: Farmington is exiting the crypto space, and Silvergate has cut 40% of its staff, citing current “economic realities.”| Banking Dive
The U.K.-based bank became the latest to exit the United Nations-backed Net-Zero Banking Alliance, as an exodus of U.S. banks has spread.| Banking Dive
The bank is looking to expand in areas such as Boston, Charlotte, Minneapolis, Philadelphia and Washington D.C. — but aims to close another 30 First Republic locations.| Banking Dive
The bank will enter Nebraska, Wisconsin, Alabama and Louisiana, to expand its footprint to 39 states. Meanwhile, it will continue a consolidation strategy aimed at closing two branches for each one it opens.| Banking Dive
An 11-point memo directs the agency’s staff to bring redress directly to affected consumers, “rather than imposing penalties on companies in order to simply fill the Bureau’s penalty fund,” the CFPB’s legal chief wrote.| Banking Dive
Marianne Lake, CEO of consumer and community banking at JPMorgan Chase, worries most about an uneven playing field, where “as a result of regulation or legislation, effectively, winners and losers are being picked,” she says.| Banking Dive
The bank is simplifying its business into four spheres, but the changes will mean inevitable reductions for "duplicated" senior roles, CEO Georges Elhedery warned.| Banking Dive
Nexo said last month it would cease U.S. operations after hitting a “dead end” in talks with regulators. One of company’s founders Thursday said he is “confident that a clearer regulatory landscape will emerge soon.”| Banking Dive
The U.K. crypto lender was reportedly in talks with regulators for 18 months to comply with U.S. financial laws.| Banking Dive
SEC Commissioner Hester Peirce dissented on the agency's enforcement, calling it something a “paternalistic and lazy regulator” would do.| Banking Dive
The regulator alleged high-value U.S. customers were secretly allowed to trade on Binance platforms after the company said otherwise, and that controls allowed customers’ funds to commingle.| Banking Dive
Silvergate CEO Alan Lane’s response to a December letter regarding the bank's FTX ties was “evasive and incomplete,” a bipartisan group of U.S. senators wrote Monday.| Banking Dive
The regulator also approved a policy update to consider small business and residential loan originations, in addition to deposits, when evaluating a merger’s competitive effects.| Banking Dive
The Merrill president will join Citi in September after a required six-month leave, in a move CEO Jane Fraser said "sends a strong signal about the potential of our wealth proposition."| Banking Dive
Rodney Hood said he “will work diligently to promote a regulatory environment that is effective without being excessive.”| Banking Dive
Zelle operator Early Warning Services rushed the platform to market to compete with the likes of Venmo and CashApp but without effective safeguards, the agency said.| Banking Dive
DeFilippo’s appointment comes after British peer HSBC also named a woman as U.S. CEO, and after U.S. Bank announced its next CEO will be a woman.| Banking Dive
The Securities and Exchange Commission has added another suit to its list of ongoing legal complaints against cryptocurrency firms.| Banking Dive
The super-regional lender’s president, Gunjan Kedia, will become the second woman leading a top-10 American bank when she replaces Andy Cecere on April 15.| Banking Dive
"Today we are seeing what can happen when a bank is overreliant on a risky, volatile sector like cryptocurrencies,” Sen. Sherrod Brown, D-OH, said in a statement.| Banking Dive
The Securities and Exchange Commission sued the crypto firm in November for allegedly operating an unregistered securities exchange. A judge denied Kraken’s motion for dismissal Friday.| Banking Dive
Judge Katherine Polk Failla granted Coinbase an interlocutory appeal, leading to a stay, so another court can decide one of the most pressing questions in crypto.| Banking Dive
Depositors affected by the Synapse middleware bankruptcy are pushing back against reconciliation payouts they allege barely scratch the surface of what they’re owed.| Banking Dive
The allegations come from Yotta Technologies, a fintech that says its customers are currently locked out of more than $100 million in funds.| Banking Dive
Trump’s nominee, Paul Atkins, served as a commissioner at the SEC under former President George W. Bush.| Banking Dive
The super-regional is at an “inflection point” after recent acquisitions and tech updates, CEO Andy Cecere said at the bank’s investor day. One analyst, however, is calling for “a new set of eyes at the top.”| Banking Dive
The green light came as the Fed proposed requiring banks with $250 billion to $700 billion in assets to carry long-term debt that could be converted into equity in the event of failure.| Banking Dive
The Treasury Department will not renew its Direct Express debit card contract with Comerica, the Dallas bank disclosed Friday. Rather, that partnership is going to BNY, sources told American Banker.| Banking Dive
Gensler becomes the second Democrat-appointed chief of a U.S. financial regulator, in a three-day span, to telegraph his departure timeline.| Banking Dive
“Rules of the road” for bank-fintech tie-ups could help banks that partner with fintechs better manage third-party risks, he said.| Banking Dive