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Two of the three highest-ranking executives assigned to address deficiencies in TD’s regulatory compliance management framework have left the bank in a matter of days.

Earlier this year, Discover Financial Services increased the amount it was setting aside to resolve the card misclassification issue, and the company “expects all payments under the settlement agreement to be covered” by the $1.2 billion reserve, the regulatory filing said. But on top of that sum, the company has warned that it could face further financial impact related to the issue. 

In a letter sent last week, Democratic Sen. Elizabeth Warren slammed Federal Reserve Board Chair Jerome Powell for the perceived level of access he gives bank executives, highlighting his 19 private meetings with JPMorganChase CEO Jamie Dimon since February 2018; 10 with BlackRock CEO Larry Fink; and seven with Goldman Sachs CEO David Solomon.

Digital native Jenius Bank -- backed by Japanese megabank Sumitomo Mitsui Banking Corporation – SMBC Group -- launched its first product, a personal loan offering, just shy of a year ago. Its second product, a high-yield savings account with a 5.25% annual percentage yield, was rolled out in November. "We kept it simple, and we only have two basic products: the simplest savings account on the planet and the simplest personal loan on the planet," said Jenius Bank President John Rosenfeld. "And that was really by design. We’re not gonna put a bunch of bells and whistles."

Nearly a year after the launch of Roger, Citizens Bank of Edmond’s neobank for military recruits, the bank will launch a large-scale marketing effort in August led by Director Marcus Castilla, a retired Army lieutenant colonel and husband of CEO Jill Castilla. 

"Oddly enough, in becoming digital, banks have become functionally correct and emotionally devoid," said Accenture's global banking lead Michael Abbott. "The big opportunity for technology is to put humanity back into the experiences again."

Several of the nation’s largest banks, including JPMorganChase, Bank of America, Wells Fargo, Goldman Sachs and Morgan Stanley, announced increased quarterly dividends Friday in response to Federal Reserve Board stress test results disclosed earlier in the week.

A Federal Deposit Insurance Corporation (FDIC) consent order issued to Rogersville, Tennessee-based Thread Bank specifically calls out the lender’s banking-as-a-service business, with the regulator ordering Thread Bank to ensure its third-party risk management program addresses the level of risk and complexity of fintech partners in the bank’s BaaS program.

Mike G. Silver, a consumer finance attorney for Husch Blackwell who spent a dozen years at the Consumer Financial Protection Bureau, said he thinks the overturning of the Chevron doctrine could impact the CFPB less than other agencies, because the consumer watchdog has a shorter history and smaller body of regulation than other federal regulators.