Judge allows New York case against Citi over wire fraud to proceed
The ruling lets state attorney general Letitia James continue arguing Citi should have reimbursed customers for wire fraud, though some claims were dismissed.
Amazon accelerates Indian payments, Stripe plans layoffs
The e-commerce giant has added payment and credit products, though it faces heavy competition from banks and other tech firms. Also, Stripe’s layoffs and other news from the world of payments.
Deposit surge keeps Michigan bank on solidly profitable footing
Mercantile Bank Corp. in Grand Rapids achieved a 20% increase in deposits in 2024, an amount that was ample enough to fund robust loan growth and scale back reliance on costlier wholesale funding.
New York to ban overdraft fees on charges of $20 or less
The New York Department of Financial Services has proposed several changes to overdraft fees including banning banks from charging more than three overdraft or nonsufficient funds fees per consumer per day.
SEC starts crypto task force led by ‘Crypto Mom’ Peirce
Hester Peirce and SEC Acting Chair Mark Uyeda say they want to group to devise a clear compliance framework for digital assets and end regulation by enforcement.
Trump admin may wash hands of some of SEC’s last-minute enforcement flurry
The avalanche of cases announced Friday included charges against a no-longer registered advisor and firm accused of misappropriating more than $20 million from clients.
Comerica expects muted loan growth in 2025, posts Q4 profit
The Dallas-based company expects average loan growth to be flat to up 1% from 2024, driven by the ongoing payoffs of commercial real estate loans, executives said.
Deal in California first CU-bank merger of 2025
Frontwave Credit Union said it would acquire Community Valley Bank in a deal that would expand its footprint in San Diego and nearby counties. It comes on the heels of a record year for CU-bank combinations.
Trump’s sharp turn for US policy faces a slower road in Congress
Senate Republicans would like to do a large bill on immigration and energy first and then tackle tax reform in a second bill. House Republicans prefer one large bill.
Error fees are draining lenders $1M per 1,000 loans
Fees falling outside of tolerances cost the industry more than $1 million per 1,000 loans, according to an ICE Mortgage Technology study from earlier this year.