JPMorgan shuffles executive management; Lake to retire
The largest U.S. bank by assets named two co-presidents as part of its latest executive management changes. Marianne Lake, who was widely viewed as a contender to succeed CEO Jamie Dimon, will retire from the company.
Key inflation metric flashes red at 4.1%
The Bureau of Economic Analysis’ personal consumption expenditures inflation report for May showed that inflation had risen 4.1%, meeting elevated expectations and casting further doubt on the prospects of near-term interest rate cuts from the Federal Reserve.
The national bank charter is under assault? The facts suggest otherwise
Despite claims to the contrary, the national bank charter is not only alive and well, but is being aggressively defended by an Office of the Comptroller of the Currency that seems hostile toward state-level regulation.
Happen Bank completes rebrand; switches stock listing
The company, formerly known as LendingClub, moved from NYSE to Nasdaq as it officially launched its new name as a full-fledged digital bank.
OCC preemption moves could be headed for Supreme Court
Critics of the OCC’s broad preemption stance say the OCC is resurrecting an approach Congress curtailed after the financial crisis, setting up another Supreme Court test over the balance between federal banking powers and state consumer protections.
Deal would merge 2 banks in Michigan’s Upper Peninsula
Keweenaw Financial plans to acquire neighboring Range Financial in a transaction that would create an institution with nearly $1.7 billion of assets.
Truist sued for denying loan to DACA recipient
In 2024, a Honduras-born man who was buying a motorcycle was turned down for a loan. Two years later, Truist Financial is facing a discrimination lawsuit — and the plaintiff’s lawyer says many lenders are vulnerable to the same accusations.
Banks ace stress test, but no capital changes at stake
The nation’s largest banks saw their aggregate capital levels decline the least since the stress testing regime was reformed in 2020. Even so, the Fed will keep stress capital buffers unchanged as it weighs structural changes to its annual capital test.
Ameris Bancorp targets Nashville for its next market expansion
The Atlanta-based parent company of Ameris Bank plans to open a commercial banking office in Tennessee’s largest city by the end of the year, as part of its organic growth strategy.
Morgan Stanley’s Vince Lumia: AI may let advisors triple their client loads
The head of client segments in Morgan Stanley’s wealth division acknowledges AI could one day be the primary source of financial advice for mass affluent clients. Morgan Stanley advisors working with wealthier investors will have to up their games.