What magstripe card extinction means for banks
With swipe payments heading toward the exit in a few years, issuers have an opportunity now to prepare.
Capital One-Discover deal gets approval from Fed and OCC
The $35 billion transaction has faced opposition since it was announced last February.
Press Release: FDIC Announces Three Orders Against Discover Bank, Greenwood, Delaware
PRESS RELEASE | APRIL 18, 2025 FDIC Announces Three Orders Against Discover Bank, Greenwood, Delaware WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the issuance of three orders against Discover Bank, Greenwood, Delaware (Bank). Specifically, the FDIC issued an Amended and Restated Consent Order requiring corrective action, an Order for Restitution requiring a […]
CFPB faces contempt motion for latest firing notices
A federal judge will determine if the leadership of the Consumer Financial Protection Bureau should be held in contempt after firing 90% of the bureau’s staff and dismantling all offices.
CFPB guts staff as White House tries to dismantle agency
The Consumer Financial Protection Bureau is laying off more than 1,400 employees just days after a panel of judges said the bureau couldn’t fire employees without an assessment of whether the workers are unnecessary to perform the bureau’s legally mandated duties.
Huntington’s outlook is sunny after results top expectations
The Ohio-based regional bank is poised to outperform in the second quarter after coming close to “hitting on all cylinders” during the first three months of the year, CEO Steve Steinour said.
Oregon credit union to buy bank; Citizens taps Azra Pravdic
Marion and Polk Schools Credit Union announced plans to buy Lewis & Clark Bank in Oregon City; Citizens Financial Group tapped veteran McKinsey banker Azra Pravdic to join its executive committee; the Federal Reserve Board approved United Community Banks’ merger with ANB; and more in this week’s banking news roundup.
State Street keeps full-year guidance despite tariff turmoil
The investment and custody bank beat Wall Street estimates on net income but missed on revenue expectations. An increase in fee revenue offset stagnant net interest income. Management expects more of the same for the rest of the year.
Citi must keep climate grants frozen for now: Appeals court
The New York megabank, which is stuck in the middle of a legal battle between climate groups and the Trump administration, had been ordered earlier this week to disburse billions of dollars in grants made during the Biden administration.
Fed’s Barr: Core providers need to step up cybersecurity
Federal Reserve Gov. Michael Barr — who recently stepped down as the central bank’s Vice Chair for Supervision — urged banks and regulators to use emerging technologies to keep pace with bad actors.