Bank of America, JPMorgan, Wells Fargo make Juneteenth a bank holiday

The Latest

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  The coming 30% trading slump isn't bad, bank execs say. Last year was just 'exceptional.'

  A trio of C-suite inhabitants from Citi, JPMorgan Chase and Morgan Stanley confirmed this week what some had warned for months: that some gains they saw at the height of the pandemic were unsustainable.

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  CFPB to resume Military Lending Act exams, reversing Trump-era policy

  Without exams since 2018, the bureau has been relegated to using formal investigations to monitor compliance with the law, which the agency said Wednesday leads to "wasteful inefficiencies."

  Regulations & Policy

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  Capital One launches early access to direct deposit

  The McLean, Virginia-based bank joins Fifth Third in offering the feature, which is already commonplace among neobanks.

  Retail

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  Goldman's Marcus finds its next CFO within

  Liz Ewing, who most recently served as chief of staff for Goldman CFO Stephen Scherr, joined the bank in 2011 and has co-managed its regulatory policy team.

  Retail

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  Morgan Stanley, Bank of America CEOs break relative silence on office returns

  "[By] Labor Day, I'll be very disappointed if people haven't found their way into the office and then we'll have a different kind of conversation," James Gorman said at a conference Monday.

  Retail

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  Column

  Banks' pandemic-era flexibility reaches its pivot point

  JPMorgan's call for employees to save texts, Goldman and Wells' vaccination status policies, and the boundaries of State Street's digital unit reinforce commitment to baseline legality.

  Regulations & Policy

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  American Express launches business checking accounts

  The card network's subsidiary, Kabbage, rolled out a soft launch of the checking account product last summer, before AmEx acquired it.

  Commercial

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  National banks outpace regionals in digital satisfaction: J.D. Power study

  Bank of America bested JPMorgan Chase in mobile app satisfaction among national banks. Regions Bank and Huntington Bank took the highest marks among regionals in online and mobile app satisfaction, J.D. Power found.

  Retail

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  MoneyLion discloses CFPB, SEC, state probes ahead of $2.4B merger

  The CFPB has sent the fintech three civil investigative demands in as many years concerning its membership model and the company's compliance with the Military Lending Act. MoneyLion said it intends to cooperate fully.

  Regulations & Policy

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  Citi's new 5% cash-back card adapts to users' changing spending habits

  Days after Wells Fargo launched a product to compete with the world's top card issuer, Citi rolled out its own offering in a signal that the card space is ready to rebound from a relatively muted 2020.

  Retail

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  Basel suggests strictest risk weighting for crypto

  The development comes as State Street launches a digital unit and one retirement account provider lets employees designate some of their 401(k) to crypto.

  Regulations & Policy

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  Sunwest Bank launches new account opening portal to boost geographic reach

  The portal allows the bank to expand its services to commercial clients outside of the four states where it has a physical presence, said Dwight Flenniken, Sunwest's chief marketing officer.

  Commercial

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  Goldman Sachs, Wells Fargo ask US staff to report vaccination status

  Goldman is requiring its employees to record the date they received their shots and the manufacturer of the vaccine, but they won't have to show proof. Wells stressed that response is voluntary.

  UPDATED: June 11, 2021 at 10:43 a.m.

  Regulations & Policy

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  Regions Bank agrees to buy home improvement lender EnerBank for $960M

  The tie-up, set to close in the fourth quarter, spotlights the Alabama-based bank's focus on smaller, nonbank acquisitions. Regions opted in 2019 not to renew a home improvement lending partnership with GreenSky.

  Retail

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  AmEx, Synchrony bid to wrest Amazon card portfolio from JPMorgan Chase

  The nation's largest bank reportedly could get a 15% premium on top of the balance, which is north of $15 billion in loans.

  Payments

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  Why some lenders are going all-in on video banking

  OceanFirst Financial plans to extend its video banking services to mobile devices, while U.S. Bank recently added video to its co-browsing service.

  Commercial

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  Wells Fargo to launch 2% cash-back offer, ax stagecoach logo on card

  The bank intends to triple its spending on a marketing campaign that includes pitches in the opening and closing ceremonies of this summer's Olympics.

  Payments

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  Walmart partners with PayNearMe, Green Dot to launch faster cash bill-pay in August

  Consumers can expect to face a fee of $2.99 per bill, but that amount can vary by company and industry — from zero if the biller absorbs the cost, to as high as $5.99, a PayNearMe executive said.

  Payments

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  Citi eyes expanded US branch footprint alongside Asia pivot

  The bank's strategic revamp and risk control overhaul will take years, CEO Jane Fraser said, adding that Citi's Latin America unit saw a bump once it narrowed its focus to Mexico.

  Retail

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  Challenger bank Dave to go public through $4B SPAC deal

  Victory Park Capital, the Chicago-based investment firm sponsoring the merger, provided a $100 million credit facility to Dave in January, the fintech said.

  Retail

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  JPMorgan Chase, Citi to resume political donations

  The two firms, which were among the first to halt donations following the Jan. 6 insurrection, differ on whether they will give to any of the 147 Republican lawmakers who voted to challenge the results of the 2020 election.

  Regulations & Policy

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  Goldman Sachs taps Visa for cross-border payment upgrade

  The investment bank is signing onto existing Visa programs, including a business-to-business network that reaches 97 countries.

  Payments

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  Goldman reverses stance on arbitration proposal

  The bank in April narrowly rejected shareholders' push for a report on how mandatory arbitration affects staff. A 2010 lawsuit claims Goldman denied women equal pay and promotions they had earned.

  Regulations & Policy

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  Second Circuit overturns challenge to OCC fintech charter

  The three-judge panel said the New York Department of Financial Services, which successfully challenged the charter in 2019, failed to show how it had suffered "actual or imminent injury" from the charter.

  Regulations & Policy

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  Mastercard bets on matchmaker of small banks, fintechs

  Six-month-old Synctera drew $33 million from investors, including the card network. Synctera aims to make money by smoothing the way for fintechs to offer services using community banks' banking licenses.

  Payments

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