Rajashree Chakravarty

Reporter at Banking Dive

Featured in: Favicon

bankingdive.com Favicon

hrdive.com Favicon

paymentsdive.com Favicon

cfodive.com Favicon

legaldive.com Favicon

yahoo.com (+1) Favicon

flipboard.com Favicon

ciodive.com Favicon

constructiondive.com Favicon

ourcommunitynow.com + 8 more

Articles

BaaS startup Solid files for bankruptcy

1 week ago | bankingdive.com | Rajashree Chakravarty

Banking-as-a-service startup Solid Financial Technologies filed for Chapter 11 bankruptcy protection and restructuring in a Delaware court last week, following a challenging few years. Solid has used equity funding to raise capital for operations But since the last fund-raise in July 2022, the fintech “has not been able to successfully raise additional funds and has faced significant and costly litigation,” the company’s CEO and co-founder, Arjun Thyagarajan, wrote in the filing.
Lawmakers push House bill on reputational risk

2 weeks ago | bankingdive.com | Rajashree Chakravarty

Reps. Andy Barr, R-KY and Ritchie Torres, D-NY, introduced Wednesday a House version of a bill that would phase out reputational risk as a metric in bank supervision. The measure is aimed at addressing “the regulatory abuses that occurred under initiatives like Operation Choke Point,” where federal banking agencies used reputational risk to limit access to financial services to certain industries, according to the press release announcing the bill.
Evolve, Lineage Bank face lawsuit over missing funds

2 weeks ago | bankingdive.com | Rajashree Chakravarty

Evolve Bank & Trust and Lineage Bank are facing a lawsuit accusing the lenders of negligence in monitoring and mismanagement of funds connected to the collapse of fintech Synapse. The proposed class action lawsuit was filed by Dustin Justus in the U.S. District Court for the Western District of Tennessee on Friday. Evolve’s parent company, Evolve Bancorp, was also named in the lawsuit.
Webster Bank risk chief to retire

2 weeks ago | bankingdive.com | Rajashree Chakravarty

Daniel Bley, Webster Bank’s chief risk officer, will retire after 14 years with the lender, the company said last week. Bley will continue in the CRO role until Webster finds a replacement, after which he will move to an advisory role to ensure a smooth transition, Webster said.
Credit union trade group chief to retire

2 weeks ago | bankingdive.com | Rajashree Chakravarty

Jim Nussle, CEO of America’s Credit Unions, announced his retirement after more than a decade of being associated with the credit union movement, the organization said Friday. Nussle did not specify the exact date of his retirement; instead, he wants to provide the board with the flexibility to conduct a thorough search for the next CEO over a period they want, according to the press release.
Virginia banks to combine in $203M deal

2 weeks ago | bankingdive.com | Rajashree Chakravarty

Suffolk, Virginia-based TowneBank has agreed to acquire in-state peer Hampton-based Old Point Financial in a deal valued at roughly $203 million, the companies announced Thursday. The deal will expand TowneBank’s footprint into the Hampton Roads metro area by adding 13 Old Point Financial branches to TowneBank’s 62. The deal – expected to close in the second half of 2025 – received approvals from the boards of both companies but awaits regulatory and Old Point shareholders’ approvals.
Hope Bancorp completes merger with Territorial

3 weeks ago | bankingdive.com | Rajashree Chakravarty

Los Angeles-based Hope Bancorp has completed its merger with Honolulu-based Territorial Bancorp, Hope announced Wednesday. Hope received regulatory nod last month – nearly a year after the lender announced its intention to buy Territorial for $78.6 million in stock. Territorial Savings Bank will operate as Territorial Savings, a unit of Bank of Hope, the company said.
Robinhood to launch banking product

3 weeks ago | bankingdive.com | Rajashree Chakravarty

Stock trading platform Robinhood seeks to dive deeper into financial services with the launch of a banking product later this year. Robinhood Banking, set to be rolled out this fall, will offer checking and savings accounts for its gold members featuring services that aim to solve some of the challenges with legacy bank accounts, said Deepak Rao, vice president and general manager of Robinhood Money.
Tennessee ends Wells Fargo probe after bank scraps net-zero target

3 weeks ago | esgdive.com | Rajashree Chakravarty

This audio is auto-generated. Please let us know if you have feedback. A coalition of states led by Tennessee’s attorney general has ended an investigation into Wells Fargo’s climate goals, as the lender has dropped its target to pursue net-zero financed emissions across its portfolio by 2050.
Tennessee ends Wells Fargo probe after bank scraps net-zero target

3 weeks ago | bankingdive.com | Rajashree Chakravarty

A coalition of states led by Tennessee’s attorney general has ended an investigation into Wells Fargo’s climate goals, as the lender has dropped its target to pursue net-zero financed emissions across its portfolio by 2050. The San Francisco-based bank in February said it was scrapping net-zero financed emissions goals and discontinuing 2030 sector-specific targets on financed emissions that focused on carbon-intensive sectors like oil and gas, power, aviation, steel and automotive production.