Banner year for CU-bank tie-ups extends with deal in Maryland
Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank.
OCC highlights growing pressures in ‘sound’ banking system
The OCC’s 2024 annual report said that while the federal banking system remains stable, it faces challenges such as rising credit costs, declining net income and increasing nonperforming loans.
BNY expands employee benefits, boosts minimum wage to $25 per hour
BNY announced expanded employee benefits and a boost in its minimum wage for all U.S.-based employees; Synovus has added former FIS executive Greg Montana to its executive board; National Bank Holdings sold off a fifth of its securities portfolio; and more in this week’s banking news roundup.
Technology, fees and a mega-merger: top payments news of 2024
The Capital One-Discover merger, the war against Visa and Mastercards’ swipe fees and budding payment technologies were most popular with American Banker readers in 2024.
Banks fleeing X may soon turn to Bluesky
Financial institutions that build a presence on the social media platform could gain a first-mover advantage and a communications channel with potential customers, experts say.
CFPB sues BofA, JPM and Wells over Zelle fraud
The Consumer Financial Protection Bureau sued three of the largest U.S. banks for fraud perpetrated on the bank-owned payment network Zelle, alleging shoddy safeguards and millions in consumer losses.
Trump’s appointment of Sacks bodes well for smarter fintech regulation
By naming David Sacks as his “AI & Crypto Czar,” Donald Trump has sent a strong signal that forward-thinking regulation of the most vibrant sector of the financial services industry could be on the way.
Exclusive: Deposit-insurance reform picks up steam with Waters bill
The proposal has similar elements to Republican-led legislation, including a piece of a measure from Vice President-elect JD Vance.
Inside the growing, bipartisan demand for CEO accountability
The Federal Deposit Insurance Corp.’s decision to weigh civil lawsuits against Silicon Valley Bank executives to recover losses to its Deposit Insurance Fund isn’t rare in itself, but the bipartisan nature of the move and size of the failed institution suggest a current that isn’t changing with the presidential administration.
Chopra calls on FDIC to step up AML enforcement after TD case
TD Bank Group’s money-laundering-related crimes have sparked questions of how banks should be penalized for moving dirty money. CFPB Director Rohit Chopra said the FDIC should do more.