The Latest
-
Anna Hrushka/Banking Dive
Fed says 'operational error' caused payment system outage
"An automated data center maintenance process ... was inadvertently triggered during business hours," a Fed spokeswoman specified Thursday. "This was human error," she told The Wall Street Journal.
UPDATED: Feb. 26, 2021 at 6:44 a.m. -
Thrivent becomes 2nd nonbank in a week to eye ILC charter
The purpose-driven nonprofit follows fintech Brex in applying for deposit insurance with the FDIC.
-
PPP changes get mixed reactions from banking industry
"Many lenders are questioning whether the two-week exclusive window for smallest businesses is truly necessary," one bank consultant said.
-
Goldman Sachs CEO David Solomon DJing before the re:Invent keynote
Goldman CEO pushes to end remote-work 'aberration' sooner than later
"This is not ideal for us and it's not a new normal," David Solomon said, decrying a COVID-19 vaccine rollout that he called slower than expected.
-
Permission granted by FDIC
New FDIC CIO: 'Technology is the best enabler of banking the unbanked'
"I think the vectors of success for dealing with the unbanked are going to be digital in nature," said Sultan Meghji, who worked on an aid mission to help implement digital banking in Kenya, Tanzania and Uganda.
-
Courtesy of Wells Fargo multimedia resources
Wells Fargo sells its asset-management unit for $2.1B
The bank will keep a 9.9% equity interest in the spun-off operation after the deal closes. That's expected in the second half of this year.
-
HSBC confirms its aim to sell US retail footprint
The bank wants to invest an additional $6 billion over the next five years in Asia, where it derives half of its revenue and most of its profit. It also wants to shrink its office space by 40%.
-
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
Tether, crypto exchange Bitfinex to pay $18.5M to settle NY probe
Tether will give officials quarterly reports on its reserves and end trading with the state's residents in an agreement that ends a two-year investigation into allegations it hid the loss of $850 million in client and corporate money.
-
M&T Bank to buy People's United in $7.6B all-stock deal
The transaction, expected to close in the fourth quarter, would create a bank with more than $205 billion in assets and provide an entryway for M&T into the Boston market.
-
Retrieved from Gage Skidmore/Flickr.
Smallest businesses get exclusive 2-week PPP window, Biden admin says
The administration also announced changes to the way loans are calculated for businesses without employees, such as sole proprietors, independent contractors and the self-employed.
-
Fintech Brex applies for ILC charter
The FDIC has received more than a dozen deposit insurance applications from proposed ILCs since 2012, to the chagrin of a number of lawmakers and trade groups.
-
Anna Hrushka/Banking Dive
Fed's Brainard pushes banks to undergo climate 'scenario analysis'
The exercise wouldn't be a stress test, she said, adding banks that can't measure, monitor and manage climate-related risks could face outsized losses from environmental shifts and/or a poor transition to a low-carbon economy.
-
Permission granted by Varo Bank
NBA star Russell Westbrook joins Varo Bank as investor, adviser
The new partnership follows the launch of a multimillion-dollar TV and radio ad campaign, as the bank looks to establish itself as a lifestyle brand, a Varo executive said.
-
Moriah Solomon. (2021). [Photograph]. Retrieved from Unsplash.
Prior business relationships influence PPP coronavirus lending, study finds
Three-quarters of "relationship-borrowers" got a PPP loan, compared with 18% of "non-relationship firms," a study by researchers at Washington University in St. Louis, Boston College and the University of Geneva found.
-
Wells Fargo asset cap closer to ending as Fed reportedly OKs overhaul plan
The nation's fourth-largest bank has operated for three years under a $1.95 trillion asset cap set by the Federal Reserve in response to a 2016 fake-accounts scandal that has cost the bank billions of dollars in fines.
-
Yes? No? Investment platform Kalshi will let users bet on event outcomes
Co-founder Tarek Mansour imagined the concept while interning at Goldman Sachs ahead of the Brexit vote. The company completed a $30 million funding round, aims to launch in March and has earned CFTC approval.
-
Citi on the hook for $500M blunder, judge rules
In a 101-page decision in which a judge called the error "one of the biggest blunders in banking history," asset managers are not required to return the money. However, the judge said a freeze on the funds should remain in place.
-
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman launches robo-advisory service for clients with as little as $1,000
Marcus Invest won't let its users buy and sell individual stocks. Rather, customers can put money into one of several portfolios, and the platform will monitor and automatically rebalance users' wealth daily.
-
Citi, Bank of America cut CEOs' compensation
Citi slashed outgoing CEO Michael Corbat's pay — and that of other executive management team members — over the risk management woes that led regulators to fine the bank $400 million in October.
-
Permission granted by Greenwood
Greenwood taps fintech veteran to head compliance, risk
Lynn Tillman-Cherry said she expects the digital bank to adopt a regtech solution for its compliance program, with a focus on emerging technologies such as artificial intelligence.
-
Fotolia
OppLoans rebrands, will go public through merger with SPAC
The Chicago-based loan servicer looks to reach upmarket with a credit-card rollout this year and a payroll deduction secured installment loan, currently in beta.
-
Virginia-based bank provides Bitcoin access at ATMs
Blue Ridge Bank's announcement comes as larger players such as BNY Mellon and Mastercard are showing greater acceptance of digital assets. Bitcoin traded above $50,000 for the first time Tuesday.
-
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
BNY Mellon commits to holding, transferring and issuing crypto
The New York-based bank said Thursday it is developing a client-facing prototype for a multi-asset digital custody and administration platform set to roll out this year.
