London bank bonuses plunged across the board in 2022 M&A drought
The highest tier of vice presidents made 13% less, and all but the most junior associates saw their total compensation fall, according to a survey of about 250 U.K. bankers by global recruitment consultancy Dartmouth Partners.
Republicans file amicus in CFPB constitutionality case
In an amicus brief submitted to the Supreme Court Tuesday, the bicameral group of 132 Republican members of Congress argued that an appeals court was right to rule last year that the Bureau’s funding system is unlawful.
JPMorgan adds Silicon Valley Bank veteran John China in startup, VC growth quest
JPMorgan Chase hired Silicon Valley Bank veteran John China to co-lead the business of banking venture capitalists and startups, part of the firm’s growth strategy for the sector.
The more things change, the more big banks stay the same
The biggest of the big banks don’t like the Federal Reserve’s new vision for bank capital, but the changes will hurt their regional peers more. Once again, the advantage lies with the megabanks.
CFPB eyes deferred interest as part of medical financing crackdown
At a hearing Tuesday, consumer advocates called for a ban on deferred interest credit cards, and CFPB Director Rohit Chopra echoed their concerns. The agency signaled that actions to combat unfair fees in the medical realm could be coming soon.
Federal Reserve ends consent order regarding 2019 Capital One breach
The announcement resolves the final outstanding order between Capital One and prudential regulators over its 2019 cyber incident.
BofA ordered to pay $250 million over assorted consumer abuses
The Consumer Financial Protection Bureau ordered Bank of America to repay $100 million to customers who were charged multiple penalty fees when their accounts did not have enough money to cover payments, as well as those who did not receive the credit card rewards they were promised. The bank was also fined for opening a […]
Community bank cooks up a niche in quick service restaurants
Sonata Bank is piloting a mobile bank account with fringe benefits for employees of franchise restaurants.
SECU’s new CEO talks branches, lending and a ‘measured’ approach to tech
Leigh Brady recently took over as chief executive of SECU, the second-largest credit union in the U.S. Don’t look for any mergers under her leadership, Brady said, but she will focus on branch expansion and improving its use of technology.
CLO market set for $20 billion reset spree in sign of thawing
Resetting allows CLOs to essentially cut the costs at which they borrow, leaving more money for holders of the riskiest and highest-returning part of the structure, the equity portion, after other note holders have been paid.