Neobank Varo nears profitability
CEO Colin Walsh believes his company is positioned to benefit from consumers that prize the convenience of technology opting for the safety of a “real bank.”
Kasisto, AI provider to banks, brings total funding to $90 million
The company, which counts JPMorgan Chase and TD Bank Group among its customers, has also appointed a new executive chairman.
FDIC proposes new custodial deposit rule, finalizes merger policy
The FDIC’s new custodial deposit rule aims to improve recordkeeping for custodial accounts, while the finalized merger policy would increase regulatory scrutiny for mergers involving the largest banks.
Banks need to be at the center of Harris’ ‘opportunity economy’
Vice President and Democratic presidential nominee Kamala Harris’ pitch for an “opportunity economy” is a sound political and economic vision. But banks must be a partner in making that vision into a reality.
CFPB says banks must prove consumers’ opt-in to overdraft fees
The Consumer Financial Protection Bureau issued guidance reminding banks that they must be able to prove that consumers have opted in to overdraft services in order to charge overdraft fees.
Carver, the struggling NYC-based Black bank, names its next CEO
Donald Felix, who has previously worked at JPMorgan Chase and Citi, will become Carver’s president and CEO on Nov. 1. He succeeds interim CEO Craig MacKay, who’s been running the unprofitable bank for the past year.
Trump family calls banking ‘politicized’ as they launch crypto firm
The comments came during a two-hour chat on X Spaces in which Trump and his sons offered a decentralized finance company as an answer for the de-banked.
Markets hinge on Powell emulating Greenspan to avoid a recession
Bonds and stocks are rallying ahead of a critical Fed meeting. But this time, the central question for Chair Jerome Powell is which approach — reducing rates by 25 basis points or 50 basis points.
Five Star to phase out its banking-as-a-service program by 2025
The New York community bank cited the contribution of BaaS to its core financial results, evolving regulatory expectations, and the cost of talent and technology needed to scale as factors in this decision.
Bank of America names leaders to align wealth, investment bank units
Jim Rourke and Michael Liu will serve as co-heads of private client partnership development, linking Bank of America’s investment bank, Merrill and the firm’s private bank.