The Federal Reserve is seeking comment on a proposal that it said would modernize rules for mutual banking organizations and increase their flexibility to raise capital. The proposal would update rules that have not been changed since they were established in 1993 and have proven to...
Lineage Bank, which was a partner bank for Synapse, the banking-as-a-service (BaaS) provider that went bankrupt in 2024, has reached a consent order with the Federal Deposit Insurance Corporation (FDIC). According to the consent order dated June 24 and announced by the FDIC in a Friday (July 31) press release,...
Chime Financial plans to lay off about 150 people, or 10% of its workforce, Bloomberg reported Friday (July 31), citing a memo to employees from Chime CEO and Co-Founder Chris Britt. Reached by PYMNTS, Chime declined to comment on the report. In an excerpt from...
The Office of the Comptroller of the Currency (OCC) has issued a revised compliance guide for the community bank leverage ratio (CBLR) framework. The updated guide is designed to help community banks understand the revisions to the optional CBLR framework that went into effect July 1, the OCC said in a...
Fifth Third Bank sent personalized welcome packages to Comerica customers this week and plans to complete the transition of current Comerica accounts to comparable Fifth Third products on Sept. 8, the bank said in a Thursday (July 30) press release. These moves follow Fifth Third’s...
Artificial intelligence (AI) will play a key role in Lloyds Banking Group’s new strategic plan that runs through 2030. The U.K.-focused financial services provider aims to achieve a return on tangible equity of greater than 18% in 2028 and about 20% in 2030, according to...
Six years after its founding, banking infrastructure company Increase is now a bank. Increase Bank, announced in a news release Wednesday (July 29), is designed to combine a “modern bank core” with regulated banking services to help companies build financial products with more speed, precision,...
Germany’s financial regulator wants to pay closer attention to the banking sector’s artificial intelligence (AI) use. This move by the Federal Financial Supervisory Authority (BaFin), announced Wednesday (July 29), comes after the watchdog was granted new powers under the European Union’s AI Act. “We will...
The U.K.’s open banking system has now powered more than 1 billion payments. That’s according to an announcement Tuesday (July 28) from Open Banking Limited, which also noted a second milestone: the system has now logged 100 billion API calls across its member banks since the debut of...