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Banking Dive
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Washington, District of Columbia 5,275 followers
We provide business journalism and in-depth insight into the most impactful news and trends shaping banking.
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Banking Dive provides in-depth journalism and insight into the most impactful news and trends shaping the banking industry. The daily email newsletter and website cover topics such as commercial banking, payments, technology, risk, regulations & policy, and more. Banking Dive is a leading industry publication operated by Industry Dive. Our business journalists spark ideas and shape agendas for 13+ million decision-makers in the most competitive industries.
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Updates
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JPMorganChase CEO Jamie Dimon on Friday downplayed the likelihood he’ll have a role in the next presidential administration, and seemed to add uncertainty around the remainder of his time at the bank’s helm. “I think the chance of that is almost nil, and I probably am not going to do it,” Dimon responded, when asked about the likelihood of his considering an offer of a role in government. Still, “I always reserve the right – I don’t make promises, because I don’t have to,” he added.
Dimon won’t rule out government role
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Exton, Pennsylvania-based Citadel Credit Union will pay roughly $6.52 million to resolve allegations that it failed to provide mortgage lending services to majority-Black and Hispanic neighborhoods in Philadelphia and several nearby counties between 2017 and 2021, the Justice Department said this week.
Philly-area credit union to pay $6.5M in DOJ redlining settlement
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When Jim Reuter announced his retirement as CEO of Lakewood, Colorado-based FirstBank in February, he said he was “looking forward to pursuing other interests and taking on new challenges.” As it turns out, his other interests include leading another bank.
First Interstate hires 37-year Colorado banking vet as next CEO
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A former executive at Michigan-based Grand River Bank claims he was fired for raising to the Federal Reserve his concerns about a now-shuttered subsidiary.
Michigan bank ex-exec sues for alleged retaliation
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TD will pay $1.8 billion in penalties to the U.S. Department of Justice, while the Financial Crimes Enforcement Network, US Treasury said it will collect $1.3 billion from the bank. The DOJ and FinCEN will install independent monitors to ensure TD’s compliance with the penalties. FinCEN expects its monitor to be in place for four years.
TD hit with asset cap, $3B in penalties over AML woes
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When credit cards couldn’t be used amid widespread power outages, Truist, First Horizon Bank, HomeTrust Bank and other lenders serving western North Carolina sought to make sure their ATMs were fully stocked and functional. “Cash suddenly became very, very important for this area,” said Aaron Slate, Truist's Asheville market president. The need for cash has diminished as power has been restored for many, but business clients have been eager to ensure the availability of funds or secure deferrals on loan payments, bank leaders said.
After Helene, banks aim to meet needs ‘exactly where they’re at right now’
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Wall Street salaries slid again last year as profits tumbled from pandemic highs, but the Office of the NYS Comptroller Thomas P. DiNapoli predicts bonuses will grow 7.4% this year, as profits in the first half of 2024 soared.
NY comptroller projects Wall Street bonus boost for 2024
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HAPO Community Credit Union will acquire Community First Bank, a five-branch bank based in Kennewick, Wash., according to a joint announcement Tuesday. The deal’s announcement breaks the record made just last week by OneAZ Credit Union and 1st Bank Yuma. With nearly three months left in the year, 2024 has brought 18 credit union-whole bank deal announcements, along with three CU-partial bank deals. The prior record, 16 whole-bank deals, occurred in 2022. “This acquisition will enhance HAPO’s capacity to support local economic growth and address the financial needs of residents and businesses more effectively,” said HAPO President and CEO Scott Mitchell in a prepared statement. The deal will create a combined institution with $2.9 billion in assets, $2.5 billion in deposits, $2.2 billion in loans and 25 branches across Washington and Oregon.
Credit union deal record extends
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Crypto.com filed a lawsuit against the U.S. Securities and Exchange Commission Tuesday, contending the regulator “unilaterally expanded its jurisdiction beyond statutory limits.” The exchange’s suit, which adds to the list of crypto firms engaged in legal battles with the SEC, follows its receipt of a Wells notice, which the SEC typically sends a company before doling out an enforcement action. The lawsuit also charges that the SEC “has established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold, whereas identical transactions in bitcoin and ether are somehow not.” The rule is unlawful because it did not go through a notice and comment period as required by the Administrative Procedure Act, Crypto.com contends.
Crypto.com sues SEC
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