There’s an open door — but not quite open season — for ILCs
The Federal Deposit Insurance Corp’s decision to scrap Biden-era rules restricting industrial banks raises hopes for firms seeking to establish ILCs, but that doesn’t mean the entry of the largest retailers and tech firms — whose entry to the industry banks most fear — is imminent.
Synovus weighs potential merger after drawing takeover interest
The Columbus, Georgia-based bank is working with a financial adviser and has recently held merger talks with at least one rival, people familiar with the matter said.
Capital One took $4.3B loss in connection with Discover deal
After closing its landmark acquisition of Discover in May, Capital One must reckon with the high costs of integration before it can start reaping the benefits.
PNC to offer crypto services through Coinbase partnership
The Pittsburgh bank is working with the cryptocurrency platform to let PNC customers buy, sell and hold cryptocurrencies.
Open AI CEO Altman warns of ‘impending fraud crisis’
Sam Altman, the founder and CEO of OpenAI, said the rapidly growing capabilities of AI are rendering many of banks’ fraud prevention measures useless and warned of an “impending fraud crisis” if banks don’t update their processes.
Old National plucks its new president from KeyBank
The Evansville, Indiana-based bank has hired Tim Burke to oversee commercial and community banking, along with wealth, credit and marketing.
KeyCorp raises NII and loan outlook after ‘solid’ quarter
After edging past Wall Street’s estimates, the Cleveland-based bank expressed higher hopes for its loan book as well as the macro environment.
JPMorgan’s challenges if it offers crypto as collateral
The bank is reportedly considering allowing bitcoin and ethereum to back loans. Volatility in digital assets would make it a difficult market, according to payment experts.
Synchrony wades into BNPL with Amazon
The credit card issuer renewed and extended its 15-year partnership with Amazon and touted fresh partnerships with Walmart and PayPal as wins, but lowered its full-year guidance due to lower purchase volumes and higher payment rates.
Michigan’s Mercantile strikes deal for deposit-rich seller
Eastern Financial Corp. provides a rich source of low-cost deposits that the larger Mercantile Bancorp can put to work in funding its much stronger loan growth.