WaFd in Seattle is getting out of mortgage lending. The $27.7 billion-asset company said in a press release that it recorded a $5.4 million restructuring expense tied to exiting the single-family mortgage lending market. The move, expected to take place between now and June, will save WaFd about $17 million annually. WaFd will cut about 8% of its workforce as a result of the move. The company will retail all

The Federal Deposit Insurance Corp. filed a lawsuit against 17 former executives and directors of Silicon Valley Bank that alleges gross negligence and breaches of fiduciary duty tied to the bank's March 2023 failure. The lawsuit, filed in U.S. District Court for the Northern District of California, is seeking billions of dollars from the defendants, including former CEO Gregory Becker and five other executives. The suit alleges that the executives

The Consumer Financial Protection Bureau ordered Block, which operates Cash App, to refund customers $75 million to $120 million and pay a $55 million fine to the bureau's victims' relief fund. The CFPB said in a press release that it had determined that Block had weak security protocols for Cash App that put users at risk. “Cash App created the conditions for fraud to proliferate on its popular payment platform,”

Some customers at Capital One Financial in McLean, Va., and BOK Financial in Tulsa, Okla., have experienced issues accessing their accounts. Capital One acknowledged following social media complaints that it had experienced a "tech outage" that impacted "a variety of functions." Downdetector.com, a site that tracks user complaints about digital services, reported that 2,000 reports began coming in around 6 a.m. EST on Thursday. The frequency of reports began to

First Bancshares in Bellevue, Ohio, has begun a search for its next CEO. The parent company of the $306 million-asset First National Bank of Bellevue said that Dean Miller plans to retire as president by the end of this year. The company hired York and Associates to help find Miller's successor. Miller plans to stay on the company's board as executive chairman.

Block will pay an $80 million fine to settle claims by 48 state regulators that the fintech behind Cash App violated the Bank Secrecy Act and anti-money laundering laws. The company will also take corrective action to address the violations, including hiring an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML program. The company has nine months to submit a report to the states, which include Arkansas, California,

Palmetto State Bank in Hampton, S.C., has a new leader. The $597 million-asset bank promoted Andy Westbrook to serve as its CEO. Westbrook, who was president and chief operating officer, will remain president. "With a wealth of experience in financial management and strategic planning, Andy brings invaluable expertise to our leadership team," the bank said in a LinkedIn post. "His dedication to excellence and deep understanding of the industry will

The Office of the Comptroller of the Currency has fined three former Wells Fargo executives an aggregate of $18.5 million tied to the San Francisco company's 2016 fake-accounts scandal. The OCC fined Claudia Russ Anderson, Wells' former community bank group risk officer, $10 million and issued her a lifetime ban from working in the banking industry. The regular claimed that she failed, from 2013 to 2016, to credibly challenge an