The Latest

• 

  Senate confirms Bowman as Fed supervision czar

  The 48-46 party-line vote hints at partisan rancor and concern by Democrats about deregulation and the central bank’s independence.

  Regulations & Policy

• 

  Chime seeks $832M in next week’s Nasdaq IPO

  After filing S-1 paperwork last month, the San Francisco-based fintech plans to offer 32 million shares priced between $24 and $26 per share.

  Fintech

• 

  Payments firms account for bulk of fintech revenue

  Of the $378 billion in global fintech revenues in 2024, $126 billion came from payments firms, according to a new report. The sector is poised for more growth with AI innovation.

  Payments

• 

  Fed lifts Wells Fargo’s asset cap

  The regulator’s board Tuesday lifted the $1.95 trillion asset cap the bank has operated under since 2018, but certain provisions of the consent order remain.

  Updated June 4, 2025

  Regulations & Policy

• 

  Citi drops firearms restriction in a bow to conservative pressure

  The bank updated a 7-year-old policy, enacted after the Parkland school shooting, over concerns about “fair access” months after Republicans accused some institutions of political de-banking.

  Commercial

• 

  BlackRock removed from Texas divestment list

  Texas’ comptroller said BlackRock is no longer considered to be “boycotting” fossil fuels and its change in climate alliance participation was “directly related” to the state’s divestment list.

  Regulations & Policy

• 

  JPMorgan’s Lake to get expanded role as international exec leaves

  When Sanoke Viswanathan, JPMorgan Chase’s CEO of international consumer and wealth, exits the bank in September, Marianne Lake will take on his duties.

  Commercial

• 

  BofA’s head of branches: ‘Proximity is still important to people’

  Customers may or may not visit a branch, but the bank’s presence affirms its commitment to a community, and “there’s a brand value” in that, the executive said.

  Retail

• 

  DOJ seeks early end of Lakeland’s redlining consent order

  The New Jersey bank settled redlining allegations in September 2022 and entered into a five-year consent order. The Justice Department wants to terminate it two years ahead of schedule.

  Retail

• 

  Citi exec tapped for Treasury terrorist financing role

  Jonathan Burke has served as Citi’s global head of banking sanctions compliance since December 2023, according to his LinkedIn profile.

  Risk

• 

  Wells Fargo offloads $4.4B railcar business

  The bank will sell its rail operating lease assets to a joint venture between GATX and Brookfield Infrastructure.

  Commercial

• 

  Q&A

  Citi marketing chief looks to ‘reenergize’ the bank’s brand

  “We're not just producing content and putting out a 50-page white paper,” said Alex Craddock, Citi’s chief marketing and content officer. “We're really thinking a lot more strategically.”

  Commercial

• 

  CFPB files for summary judgment in open banking case

  The Consumer Financial Protection Bureau and its former court foes are now in agreement: an open banking rule shouldn't be considered lawful.

  Regulations & Policy

• 

  Column

  Dive Deposits: For Wells Fargo and NatWest, it’s the summer of looking forward

  Both banks would probably argue they’ve been future-focused for years. But with the U.K. divesting from NatWest, and Wells’ asset-cap days waning, policymakers, too, are pivoting from 2008 and 2016.

  Regulations & Policy

• 

  Regulatory clarity ‘foundational’ for crypto: Gemini CFO

  Newly minted Gemini CFO Dan Chen emphasized the importance of clear regulatory frameworks as the Trump administration continues to woo the crypto industry.

  Regulations & Policy

• 

  Barclays mobilized over $687M in climate tech investments since 2020: report

  The British bank’s climate investment arm has a mandate to invest £500 million into equity capital in climate tech startups between 2020 and 2027.

  Risk

• 

  Wells Fargo clears penultimate consent order; asset cap remains

  The 2015 order brought by the OCC was the 13th closed since 2019 and the seventh this year. CEO Charlie Scharf indicated Wednesday the bank is inching closer to freedom from the $1.95 trillion asset cap. 

  Commercial

• 

  Seacoast bets big on The Villages in $710.8M deal

  The acquisitive bank will buy VBI, which touts a more than 50% deposit share in Florida’s largest retirement community, in a transaction set to close in the fourth quarter.

  Commercial

• 

  Column

  Dive Deposits: RBC has its eyes on the end of summer with RTO push

  The Canadian bank wants its hybrid employees in the office four days a week starting in September, something it's been laying groundwork for since 2023.

  Regulations & Policy

• 

  Ex-Goldman exec gets 2-year sentence over 1MDB scandal

  Prosecutors sought leniency for Tim Leissner based on his cooperation, which the bank pushed back on, saying the former executive’s efforts are “deserving of sanction, not praise.”

  Commercial

• 

  Baltimore drops lawsuit over CFPB’s move to return funds

  Bureau leadership found there was no mechanism to transfer money the Federal Reserve had given the agency. Consumer advocates warned they could sue again if the CFPB tries again to defund itself.

  Regulations & Policy

• 

  SEC drops Binance lawsuit

  The regulator sued the world’s largest crypto exchange, its founder and its U.S. affiliate in 2023.

  Technology

• 

  UBS to sell hedge fund business to Cantor Fitzgerald

  The Swiss lender’s O’Connor unit, with $11 billion in assets under management, will return to the purview of Bill Ferri, a UBS veteran and O’Connor founder who’s now at Cantor Fitzgerald.

  Commercial

• 

  Bank profits rise in Q1

  The FDIC’s 4,462 insured banks saw a 1.16% return on assets and net income of $70.6 billion in the first quarter.

  Commercial

• 

  Wells Fargo’s Scharf assured over asset cap’s potential end

  “We’re not done, but we’re a hell of a lot closer to the end than the beginning, at this point,” the CEO said Wednesday.

  Commercial

More stories