Pulaski Savings Bank fails, Millennium Bank assumes deposits

Friday, January 17, 2025

The Chicago-based bank, which failed Friday in the first bank failure of 2025, caused a $28.5 million hit to the Deposit Insurance Fund. The FDIC was appointed receiver and Millennium Bank will assume all deposits.

Citizens' private bank turns profit for the first time

Friday, January 17, 2025

The Providence, Rhode Island-based company launched its private bank in 2023 after a spate of bank failures left holes in the market. "It's not like I'm asking anybody to wait for delayed gratification," CEO Bruce Van Saun said Friday.

Fed pulls out of international climate policy group

Friday, January 17, 2025

Citing concerns about going outside its statutory mandate, the Federal Reserve Board of Governors voted to leave the Network of Central Banks and Supervisors for Greening the Financial System.

Big Tech companies challenge CFPB's attempt to police them

Friday, January 17, 2025

Organizations that represent Amazon, Apple, Meta, PayPal, OpenAI and many other large technology companies accuse the consumer watchdog, which has given itself authority over companies that facilitate at least 50 million consumer payment transactions per year, of regulatory overreach.

FDIC sues 17 former SVB leaders for negligence leading to failure

Friday, January 17, 2025

The lawsuit alleges mismanagement and fiduciary breaches caused SVB's 2023 collapse, costing the Deposit Insurance Fund $23 billion.

The Savings Bank names Raichelle Kallery as its president and CEO

Friday, January 17, 2025

Wakefield, Massachusetts-based The Savings Bank named Raichelle Kallery as its president and CEO; Los Angeles-based Banc of California is donating $1M to launch a recovery fund in response to the wildfires devastating Southern California; Amazon agreed to acquire the Bengaluri-based fintech Axio; and more in this week's banking news roundup.

Honda Auto Finance fined $12.8 million for reporting errors

Friday, January 17, 2025

The Consumer Financial Protection Bureau said American Honda Finance Corp. inaccurately reported 300,000 borrowers as delinquent who had paused loan payments during the pandemic.

Tariffs are nothing new for banks, but that doesn't make them welcome

Friday, January 17, 2025

President Trump has promised to reduce banking regulations, a form of indirect tax or "bank tariff," that will help the banking industry. But, he also plans to impose new tariffs on imports that may adversely impact agricultural and manufacturing industries and thus their banks.

Wells Fargo, Merrill cash-sweep accounts shortchanged clients, SEC alleges

Friday, January 17, 2025

The firms paid $60 million to settle the claims without admitting to or denying the regulator's allegations.

Huntington turns to organic growth as expansion effort clicks

Friday, January 17, 2025

The Columbus, Ohio-based bank's profit more than doubled in the fourth quarter from a year ago, with solid growth in loans and deposits.