The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Capital One, accusing the bank of misleadingly advertising high interest rates on its savings accounts while offering significantly higher rates on different accounts. This episode of Banking on Disruption Daily also covers significant leadership changes at JPMorgan Chase, where Jennifer Peepsack has been promoted to President and Chief Operating Officer, succeeding Daniel Pinto. The reshuffle comes as JP Morgan plans to expand its digital-centric consumer banking efforts internationally. Additionally, President Joe Biden has signed an executive order to accelerate the development of artificial intelligence infrastructure across the U.S., a move that has sparked discussions about its implications for innovation. Finally, Glacier Bancorp continues its expansion strategy with a $245.4 million acquisition of Bank of Idaho Holding Company, further solidifying its presence in the rapidly growing Idaho market.

Takeaways:

• JPMorgan Chase has promoted Jennifer Peepsack to President and COO as part of a leadership reshuffle.
• The CFPB has filed a lawsuit against Capital One for allegedly misleading advertising practices.
• President Biden signed an executive order to accelerate AI infrastructure development across the United States.
• Glacier Bancorp is acquiring Bank of Idaho for $245.4 million to expand its market presence.
• The CFPB aims to halt Capital One's practices and seek restitution for affected consumers.
• JPMorgan plans to expand its operations, including a digital-centric consumer bank outside the United States.

Companies mentioned in this episode:

• Capital One
• JP Morgan
• Glacier Bancorp
• Bank of Idaho Holding Company
• Community Financial Group
• Heartland Financial USA