The Latest
-
AML bill would root out shell companies, curb banks' compliance costs
Financial institutions are required to collect beneficial ownership information from companies and report them to FinCEN, a task that can come at a high cost for banks.
-
Square's city tax lawsuit is rooted in its status as 'fin' or 'tech'
The company alleges it was overtaxed because San Francisco classified it as a financial services company rather than an information business. Square has twice filed applications to open a bank.
-
Candidate O'Rourke urges banks to curb gun financing in Twitter post
A growing number of banks are using lending to encourage and promote social and environmental causes.
-
MasterCard eyes faster cross-border payments with blockchain deal
B2B cross-border payments accounted for $125 trillion in revenues in 2017, and fintechs are prompting the dominant SWIFT network to hastily adapt to the market.
-
OCC signs off on Fifth Third's switch to national bank
The Cincinnati-based bank becomes the first in nearly a year and a half to switch to a national charter.
-
Breach isn't pulling Capital One off its cloud course
Executives continue to cite the "all-in" mantra after the bank saw millions of customers' data exposed this year.
-
California lawmaker pulls cannabis banking bill ahead of vote
The state is expected to post $3.1 billion in licensed cannabis sales this year. But as long as pot remains a Schedule 1 drug under federal law, many banks are reluctant to accept those deposits.
-
Couple spends errant BB&T windfall, gets $107K overdraft fee and theft charges
Over three weeks in early June, two Pennsylvania residents bought a camper, a car trailer and a race car, put a down payment on an SUV, paid bills and gave $15,000 to friends who said they needed it.
-
Stripe rolls out credit card for corporate clients
The launch comes just a week after the company announced it would offer lending through Stripe Capital.
-
JPMorgan Chase's WePay launches same-day deposits
The free service gives Chase an edge on fintech competitors such as Stripe and Square, which both charge fees for faster processing.
-
LGBTQ-focused credit union gets charter approval in Michigan
Superbia, which aims to open its online doors next year, looks to tap into the U.S. LGBTQ community's nearly $1 trillion in buying power.
-
Wells Fargo launches food, beverage and agribusiness group
The launch comes at a time when the country’s largest banks are scaling back on their agricultural lending portfolios, a result of significant drops in farm income and the escalating U.S.-China trade war.
-
Chime's SpotMe covers banking customers who overdraw up to $100
Users can sign up for the program if their Chime direct deposits total $500 or more per month. But the negative balance the bank will cover depends on a user's account history.
-
Deep Dive2020 election: Where the candidates stand on banking
More than 20 candidates are vying for the presidency in 2020, and all of them have something to say about banking.
-
BB&T, SunTrust branch sales could mark opportunity as merger nears
The banks have said the merger would result in 740 branches located within two miles of one another, a prospect that has drawn concern from lawmakers.
-
Wells Fargo would benefit from a female CEO, headhunter says
News of a woman breaking the industry's glass ceiling may help solve an image problem for a bank reeling from numerous scandals.
-
National Climate Bank could mobilize $1T, report finds
A national bank that finances clean energy tech and infrastructure could generate up to $1 trillion over 30 years with just $35 billion of federal funds.
-
Fintech startup Stripe launches lending arm
The company joins a burgeoning marketplace. Nearly one-third of loan applicants turned to online lenders last year, a Federal Reserve study says.
-
TD Bank aims to help finance workers return from career breaks
The bank is set to kick off its first 16-week program in the New York City area in January 2020.
-
Quarles pushes two options to boost stress capital proposal
The Fed's vice chair for supervision said he hopes to integrate the changes into the next round of stress tests, set for June 2020.
-
Credit union regulator to clarify bank acquisition rules
Credit unions have acquired 21 U.S. banks since 2018, a sharp uptick over the 12 they acquired in the prior five years, according to S&P Global data. But a trade group says that doesn't serve credit unions' mission.
-
Treasury unveils plan for Fannie and Freddie, leaving timeline, details vague
Officials with several agencies are set to discuss their plans during a hearing next week before the Senate Banking Committee.
UPDATED: Sept. 6, 2019 at 10:30 a.m. -
OCC fintech charter remains in limbo after judge tosses second challenge
Tech companies appear reluctant to commit to the charter while another regulator's suit is pending.
-
Banks have more to lose from data breaches than other companies
An Experian survey revealed 83% of consumers expect to be notified within 24 hours if the breached company is a bank. That compares with 75% for a government agency, 73% for a health care organization and 61% for a retailer.
-
'Responsible' loans jump 40% as banks take green, social stances
Banks are rethinking their lending policies with regard to coal, carbon and private prisons as consumer desire for transparency grows.
