The Latest
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Retrieved from ATPC on July 07, 2021
U.S. Bank's Elavon eyes BNPL arena
The payments processor will likely both build and buy its way into the buy-now-pay-later market, Elavon CEO Jamie Walker said in an interview last week.
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Courtesy of Wells Fargo multimedia resources
Wells Fargo aims to debut revamped mobile app, virtual assistant next year
The bank's digital user interactions trail JPMorgan and Bank of America. But Wells last year brought onboard an executive who helped develop BofA's Erica.
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Permission granted by Citigroup
Citi agrees to undergo racial audit
The bank joins institutions such as BlackRock and Morgan Stanley in agreeing to such a probe. Shareholders held off on the prospect of a racial audit in April, with the motion gaining 38% approval.
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Goldman Sachs CEO David Solomon DJing before the re:Invent keynote
Goldman sweetens the pot for Solomon, COO with stock incentive
Under the deal offered Friday, the CEO — whose pay was cut by 36% last year in connection with the 1MDB scandal — could reap $50 million if the bank's stock jumps another 75% over the next five years.
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Drew Angerer via Getty Images
DOJ, CFPB and OCC link up to crack down on redlining
Jackson, Mississippi-based Trustmark Bank told the agencies it would pay $5 million to settle allegations it engaged in discriminatory lending practices from 2014 to 2018.
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Chip Somodevilla via Getty Images
Fed restricts officials' stock trading with new rules amid scandal
Policymakers and senior staff would have to provide 45 days' notice before buying or selling any allowed securities and are barred from doing so during "periods of heightened financial market stress," the central bank said.
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Courtesy of Ally Financial
Ally to return to credit cards with $750M deal to buy Fair Square Financial
The deal is expected to close in early 2022. The Detroit lender abandoned credit cards in 2019 in favor of point-of-sale lending, then reneged on plans to merge with subprime card lender CardWorks last year.
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Permission granted by Vast Bank
Vast Bank's new platform aims for the 'crypto curious'
"Banks for centuries have been safe keepers and custodians of what people value," said CEO Brad Scrivner. "And in today's world, that's now digital assets."
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H. Armstrong Roberts via Getty Images
Overdraft fees jump to $33.58 record average
The average surcharge for using out-of-network ATMs, however, fell to a 10-year low, according to a Bankrate survey.
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Permission granted by Office of the Comptroller of the Currency
Biden's OCC pick faces a delicate balance among moderates
Sen. Jon Tester, D-MT, said he would "hold off" expressing support "until after I meet with her." One attorney said the OCC pick should "balance mitigating risk with encouraging innovation."
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Retrieved from Novi on May 27, 2020
Facebook's Novi launches digital currency wallet pilot
The announcement was met nearly immediately with pushback from five senators urging that the project be discontinued.
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Chris Hondros via Getty Images
Goldman Sachs, AmEx debut cloud-based payments service for corporate clients
The investment bank is partnering with the world's largest card issuer for businesses in an effort to make payments easier and more efficient for institutional clients.
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Dan Kitwood/Getty Images News via Getty Images
ColumnCelsius, Tether and the 'known known'
Lender Celsius' admission that Tether accepts crypto tokens in exchange for stablecoins should be a bombshell. Rather, it confirms a suspicion regulators held so strongly that they've already penalized Tether for it. Twice.
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N26
German regulator BaFin caps neobank N26's European growth
The limit — to no more than 70,000 new users a month — is "a temporary measure," the neobank's chief growth officer said, meant to allow N26 to focus on strengthening internal processes and frameworks.
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Capital One to acquire healthcare investment bank TripleTree
Capital One's latest move puts the $423 billion-asset bank in the company of several other lenders, including KeyBank and JPMorgan, which have made recent investments in the healthcare space.
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Chris Hondros via Getty Images
ColumnNo profit worries? Earnings week still served up drama
BNPL, crypto, bonuses, regulatory woes and even office layout bubbled up as subplots among Wall Street's heavy hitters.
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Courtesy of Coinbase
Coinbase sees single regulator, new framework for crypto supervision
The approach would keep companies from having to comply with several agencies, which are adapting old laws to new tech, and help maintain the U.S.'s status as a "shaper" of oversight, Coinbase said.
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Megan Quinn/Banking Dive
Treasury goes into damage control on bank data reporting
A blog post on the agency's website seeks to clarify what it calls "pernicious" misinformation disseminated by the measure's opponents.
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Cross-border payments competition heats up
Three bank-backed payments companies are attempting to increase the speed of cross-border payments, jumping into an arena teeming with fintech rivals.
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Lintao Zhang via Getty Images
Quarles' term as Fed vice chair to end without replacement
The central bank's panel on supervision and regulation will meet "as necessary," and rule-writing or policy changes would need "broad consensus" among Quarles and Fed Governors Lael Brainard and Michelle Bowman.
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Umpqua, Columbia to merge in $5.2B, all-stock deal
The transaction, slated to close in mid-2022, would create a $50 billion-asset bank that would operate branches in California, Idaho, Nevada, Oregon and Washington.
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Automation helped Black borrowers get more out of PPP at fintechs, big banks: study
"The human brain is a much scarier black box than any machine-learning algorithm," said Sabrina T. Howell, the paper's lead author. The ICBA, however, disputed some of the study's findings.
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Justin Sullivan via Getty Images
Andreessen Horowitz poaches 2 crypto execs from Facebook's Novi
It wouldn't be the first adversity the social network's digital currency effort has faced — nor the first time this year a pair of executives have fled an established market player in tandem for a more startup-like environment.
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Truist Financial
Truist nets $1.6B profit, marks major conversion milestone in Q3
"We're committed to having a business that has positive operating leverage and has industry leading efficiency," new CEO Bill Rogers said Friday. "I feel more confident about that today than I did the day we announced the merger."
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Jeff Swensen via Getty Images
PNC sees double-digit boon in revenue, deposits and loans
The bump comes during the first full quarter during which BBVA USA assets were included. The bank converted systems and branches in seven states this month to the PNC brand.
