Bank of America in Charlotte, N.C., was fined $150 million by regulators based on claims it double charged overdraft fees, opened unauthorized card accounts, and withheld card-related bonuses from some customers. The $2.4 trillion-asset company will pay $90 million in penalties to the Consumer Financial Protection Bureau and $60 million to the Office of the Comptroller of the Currency. It will also pay more than $80 million to customers. The

Peoples Bancorp in Marietta, Ohio, has set the stage for CEO succession. The $8.8 billion-asset company said in a press release that Chuck Sulerzyski will also retire as president and as a director on March 31, 2024. Tyler Wilcox, Peoples’ executive vice president of community banking, will succeed Sulerzyski and join the board on April 1. Wilcox was named chief operating officer, a transitional role until the takes the helm.

Global Credit Union in Anchorage, Alaska, has cut 185 jobs in five states, or roughly 8% of its workforce. The $11.7 billion-asset credit union told the Credit Union Times that the layoffs reflect reduced loan volume tied to elevated interest rates. Most of the cuts were lending-related, though the credit union plans to cut some technology and project management positions. The credit union has operations in Alaska, Arizona, California, Idaho

Quontic Bank Holdings in New York faces limitations on distributing capital under an enforcement action with the Federal Reserve. The parent of the $584 million-asset Quontic Bank entered into a written agreement that requires Fed approval before it can pay dividends, repurchase stock or make any other capital distributions. Fed approval is also required before the company incurs, increases or guarantees debt. Quontic must provide a written plan for maintaining

Community bankers have become more pessimistic about the economic outlook, according to a quarterly survey by the Conference of State Bank Supervisors. The CSBC said in a press release that its Community Bank Sentiment Index fell by 10 points to 73 in the second quarter – its lowest level since the index launched in 2019. Roughly 95% of the bankers surveyed said they believe the economy is already in a

The California Bankers Association didn’t have to look far to find its next CEO. The association said in a press release that Kevin Gould had also become its president. Gould, who joined the CBA in 2002, was director of state government relations. “As an experienced association executive who has been with the CBA more than 19 years, Kevin is uniquely qualified to lead the association,” Stan Ivie, the association’s chairman

First Commonwealth Financial in Indiana, Pa., is the latest bank to disclose that customer data was compromised by the zero-day vulnerability in the MOVEit file transfer. The $11.1 billion-asset company said in a regulatory filing that a vendor used the application in one of its offerings. “Based on the investigation to date, it is likely that certain of the bank’s customers who use debit cards had personal information copied through

Ramp, a finance automation platform, has acquired Cohere.io, an AI-focused customer support platform. Ramp did not disclose the price it paid for Cohere.io. Cohere.io’s customers include Ramp, Deel, Loom and SecureFrame. The AI-focused company has raised more than $3.5 million in venture funding from investors such as Initialized Capital. At Ramp, Cohere.io's team will lead AI projects designed to save time and money. An initial project will include making workflows