Pulaski Savings Bank of Chicago is the first bank to fail in 2025. The $49.5 million bank was closed by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC sold the bank's $42.7 million of deposits to Millennium Bank of Des Plaines, Ill. Millennium also agreed to buy about $45 million of the failed bank’s assets. The FDIC estimated that

American Honda Finance in Torrance, Calif., will pay $12.8 million to address claims by the Consumer Financial Protection Bureau that it inaccurately reported that 300,000 borrowers were delinquent when their payments were paused during the pandemic. The CFPB asserted that, because the payments were deferred, the accounts should have been reported as current. The company also failed to conduct appropriate investigations of customer disputes, the bureau claimed. The bureau ordered

The president of Glenwood State Bank in Glenwood, Minn., is leaving to take a job at the Independent Community Bankers of America. Peter Nelson, who is leaving the $556 million-asset bank on Feb. 7, will become the ICBA's senior executive vice president of member engagement. Kari Nelson was named to succeed Peter Nelson as interim bank president. Peter Nelson will remain on the bank's board of directors and serve as

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.