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6 days ago | 
bankingdive.com | Rajashree Chakravarty
Wells Fargo will sell its entire portfolio of rail operating lease assets, composed of nearly 105,000 railcars valued at roughly $4.4 billion, to the newly formed joint venture between GATX Corp. and Brookfield Infrastructure. Additionally, Brookfield Infrastructure intends to acquire Wells Fargo’s rail finance lease portfolio, composed of about 23,000 railcars and 440 locomotives, GATX said Thursday.
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1 week ago | 
bankingdive.com | Rajashree Chakravarty
The Office of the Comptroller of the Currency has terminated a 2015 consent order against Wells Fargo related to its previously held financial subsidiaries, the company confirmed Thursday. The latest termination is the 13th consent order closed by regulators since CEO Charlie Scharf took the helm of the bank in 2019 and the seventh since the start of this year.
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1 week ago | 
bankingdive.com | Rajashree Chakravarty
Stablecoin issuer Circle Internet Group filed S-1 paperwork with the Securities and Exchange Commission Monday for an initial public offering. The New York-based fintech intends to raise $624 million through the sale of its 24 million shares of Class A common stock at a price range of $24 to $26, at a nearly $6 billion valuation, according to the amended SEC filing. Circle plans to list its shares on the New York Stock Exchange under the ticker symbol CRCL.
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1 week ago | 
bankingdive.com | Rajashree Chakravarty
Oklahoma City-based BancFirst has agreed to buy in-state peer American Bank of Oklahoma, a Collinsville-based privately held community lender. The acquisition will add roughly $385 million in total assets, $280 million in loans and $320 million in deposits to BancFirst’s $14 billion in assets, the larger lender said last week. The transaction is expected to close in the third quarter, according to the press release. The financial terms of the deal were not disclosed.
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2 weeks ago | 
bankingdive.com | Rajashree Chakravarty
Commissioner Kristin Johnson intends to step down from her role at the Commodity Futures Trading Commission this year, the fourth commissioner to announce her pending departure from the agency in the past two weeks. Johnson’s term has ended and she has notified President Donald Trump about her plan to exit, she said in a statement Wednesday.
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2 weeks ago | 
bankingdive.com | Rajashree Chakravarty
Catena Labs, co-founded by Circle co-founder Sean Neville, recently raised $18 million to build an artificial intelligence-native bank designed to serve the emerging AI economy. An AI-native financial institution refers to a bank that is built around AI, not added as an afterthought. Catena has not yet released a product, but has published an open-source agent commerce kit that outlines protocols for “agentic commerce,” or AI-driven e-commerce.
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2 weeks ago | 
bankingdive.com | Rajashree Chakravarty
The Commodity Futures Trading Commission will soon shrink to a two-member team after two commissioners announced their exits last week. Commissioner Christy Goldsmith Romero announced Friday she would leave the commission May 31 and retire from federal service. Fellow Commissioner Summer Mersinger announced two days earlier she also would leave the CFTC at the end of the month. Mersinger, a Republican, will become chief executive of the Blockchain Association, the organization confirmed Wednesday.
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2 weeks ago | 
paymentsdive.com | Rajashree Chakravarty
The Consumer Financial Protection Bureau has amended its January consent order against money transfer platform Wise, shrinking the nearly $2.5 million penalty imposed over remittance violations. The amended consent order issued Thursday and signed by Acting Director Russell Vought requires the London-based fintech's U.S. unit to pay $45,000 to the CFPB — down from the $2.025 million it was ordered to pay on Jan. 30.
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3 weeks ago | 
bankingdive.com | Rajashree Chakravarty
The Consumer Financial Protection Bureau has amended its January consent order against money transfer platform Wise, shrinking the nearly $2.5 million penalty imposed over remittance violations. The amended consent order issued Thursday and signed by Acting Director Russell Vought requires the London-based fintech's U.S. unit to pay $45,000 to the CFPB — down from the $2.025 million it was ordered to pay on Jan. 30.
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3 weeks ago | 
bankingdive.com | Rajashree Chakravarty
The Federal Reserve has dropped an enforcement action against Perry County Bancorp and its subsidiary, Du Quoin State Bank. The termination, made public Tuesday, came roughly two years after the Fed issued an enforcement action against the Du Quoin, Illinois-based lender in April 2023. At the end of 2022, Du Quoin was one of 18 U.S. banks to post a negative tangible common equity ratio because of unrealized losses in its available-for-sale securities portfolio, according to S&P Global.
