Charlie Javice found guilty of defrauding JPMorgan Chase
Javice sold her student-aid startup, Frank, to JPMorgan in 2021. Two years later, the bank accused her of creating fake profiles to boost the number of customers.
Judge grants CFPB preliminary injunction, halts mass firings
A federal judge granted a preliminary injunction that preserves the Consumer Financial Protection Bureau’s existence, reinstates fired employees, contracts, data and operational capacity.
IRS leverages banking data for criminal investigations
The Internal Revenue Service’s Criminal Investigation unit has a new initiative for engaging with financial institutions to uncover tax and financial fraud.
Australia’s CommBank looks to the U.S. for AI expertise
The bank’s new Seattle hub will focus on artificial intelligence, generative models, and cloud innovation, close to partners like AWS and Anthropic.
Press Release: FDIC Issues Enforcement Orders for February 2025
PRESS RELEASE | MARCH 28, 2025 FDIC Issues Enforcement Orders for February 2025 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in February 2025. There are no administrative hearings scheduled for April 2025. The FDIC issued seven safety and soundness […]
BMO hires Halé Behzadi to oversee California market
BMO hired former CEO of Citi Private Bank Halé Behzadi to accelerate the bank’s growth strategy in California; Pennsylvania’s Linkbancorp received regulatory approval to sell its New Jersey operations to a credit union; Dream First Bank announced plans to gain branches throughout Oklahoma; and more in this week’s banking news roundup.
CFPB will not enforce payday lending rule
In a surprise move, the Consumer Financial Protection Bureau said that it will not enforce or supervise lenders for the final payday lending rule. The bureau also plans to narrow the scope of the rule.
U.S. Bank grows consumer banking partnership with State Farm
The bank now offers personal loans up to $50,000 to State Farm customers, the latest step in its effort to broaden its customer base by teaming up with other companies.
Barr welcomes regulatory rethink but Fed needs to supervise
The Federal Reserve governor said it is healthy to examine the regulatory architecture, but stressed the importance of the central bank having insight into the banking system.
Death by a thousand caps: State laws could kill credit card rewards
A group of states are pursuing similar efforts to cap credit card interchange fees, endangering rewards programs that customers value and raising concerns about an illegal interstate compact.