The Latest

  • Truist Innovation Technology Center
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    Permission granted by Truist

    Truist opens Innovation Technology Center in Charlotte headquarters

    The 100,000-square-foot space is a physical manifestation of the bank’s technology, touch and trust concept, said Ken Meyer, Truist’s divisional CIO and experience officer.

  • Bank sign
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    Courtesy of U.S. Bank

    U.S. Bank tests well-being guidelines with outside counsel

    The Minneapolis-based bank’s pilot program with seven law firms encourages delaying non-urgent matters that come up during off-work hours to protect personal time and promote work-life balance.

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    Mark Wilson via Getty Images

    Ex-Amazon employee convicted over 2019 Capital One breach

    Paige Thompson was found guilty of seven federal crimes in connection with the 2019 Capital One hack.

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    Courtesy of State Street

    State Street boosts its focus on digital transformation

    The bank’s tech spend is expected to stay level this year. It just wants to use less of it to run the bank day to day and put more toward AI, automation and like technologies, its CIO and CFO said this week.

  • Buffalo, N.Y., skyline
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    Denis Tangney Jr. via Getty Images

    M&T president, COO to step down next year

    Richard Gold will retire as president and COO of the Buffalo, New York-based firm after the first quarter of 2023.

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    Drew Angerer / Staff via Getty Images

    Sen. Warren asks OCC to block TD merger over fraud reports

    Warren cited a Capitol Forum report that alleged the Toronto-based lender signed up customers for costly services without their knowledge or consent.  

  • VyStar Credit Union, Heritage Bank call off merger agreement

    After a series of delays, Heritage and VyStar said they decided to end the $195.7 million tie-up after it became clear that all required regulatory approvals would not be obtained in a timely manner.

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    Chip Somodevilla via Getty Images

    Fed failure in fighting inflation 'not an option,' Powell says

    The Federal Reserve announced a 0.75 percentage point increase in the main interest rate and indicated that policymakers plan more aggressive tightening in coming months.

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    Spencer Platt via Getty Images

    West Virginia may boycott 6 finance firms over fossil-fuel lending stance

    The state’s Treasury is set to place BlackRock, Wells Fargo, JPMorgan Chase, Morgan Stanley, Goldman Sachs and U.S. Bank on a list blocking them from state contracts within 45 days, according to letters seen by Politico.

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    Justin Sullivan via Getty Images

    Canada's VersaBank to buy Minnesota bank in bid to gain OCC charter

    The $13.5 million deal, expected to close by October, represents a trend among financial firms to purchase the coveted OCC bank charter rather than embark on the expensive, arduous journey of applying for one.

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    Justin Sullivan via Getty Images

    Citi CFO sees support for more Fed moves to stave off inflation

    Citi CFO Mark Mason is one of a number of top bank executives who have recently raised the prospect of a U.S. recession.

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    David McNew via Getty Images
    Column

    At Bank of America, flexibility means unit policy fills the vacuum

    The Charlotte, North Carolina-based lender has typically maintained a nonspecific office-return policy at the company level. Divisions like M&A are pushing for better attendance — but not in writing.

  • A map of the western U.S.
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    hansslegers via Getty Images

    Truist, PNC map out push into new markets

    Truist Wealth sets its sights on the Windy City as PNC reorganizes to better manage its expanded footprint in the West after absorbing BBVA’s American arm last year.

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    Mario Tama via Getty Images

    Citi more than doubles Black executive headcount

    “Have we made significant progress, and progress we’re proud of? Yes, absolutely. But to say, ‘We’ve done it, ... that’s not the case at all,” said Erika Irish Brown, the bank’s head of talent and diversity.

  • Citizens Financial Group branch
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    Permission granted by Citizens Financial Group

    Citizens joins Frost Bank in pledge to eliminate NSF fees

    The Providence, Rhode Island-based bank is also curbing savings overdraft protection fees this month and expanding its early wage access.

    Updated June 14, 2022
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    Chris Hondros via Getty Images

    SEC investigates Goldman Sachs' ESG mutual funds

    The agency fined BNY Mellon over ESG misstatements, and another regulator participated in a raid of Deutsche Bank’s DWS over greenwashing claims. ESG investments have nearly tripled since 2020, according to Morningstar.

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    Justin Sullivan via Getty Images

    Federal prosecutors probe Wells Fargo's hiring practices: report

    The investigation comes after the bank paused its policy on diverse hiring. A dozen sources told The New York Times last month Wells Fargo interviewed nonwhite and female candidates for jobs that had already been filled.

  • Consumer Financial Protection Bureau
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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB, alternative lender Upstart end no-action letter

    The bureau had asked for more time to review time-sensitive changes to Upstart’s model. That, and the CFPB’s shift away from the no-action letter program, prompted Upstart to request to cut its agreement short.

  • BMO poaches next chief risk officer from Citi

    Piyush Agrawal, Citi’s global head of climate risk, will join the Canadian bank July 1, ahead of the retirement of its current CRO, Patrick Cronin.

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    Chip Somodevilla via Getty Images

    KC Fed has revoked Reserve Trust's master account, Toomey says

    The senator is seeking answers and “transparency” from the central bank. The Colorado fintech’s online footprint has shrunk. Its master account was central to a GOP boycott of former Fed nominee Sarah Bloom Raskin.

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    Permission granted by Office of the Comptroller of the Currency

    OCC wants to start collecting cannabis, crypto business data from banks

    The regulator’s proposal would put cannabis and crypto on a list that already includes industries such as casinos, liquor stores and check cashers.

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    Mark Wilson via Getty Images

    Senate panel backs Fed nominee Barr in 17-7 vote

    If confirmed, Michael Barr would bring the seven-member Fed board to capacity for the first time in almost a decade.

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    Mario Tama via Getty Images
    Column

    Citi's 7,000 new-hire push should come as no surprise

    The bank warned investors in March that expenses could jump 10% to 12% over first-quarter levels. And it said it would pour some of its retail-exit windfall back into wealth management.

  • Exterior of the Federal Reserve building in Washington, D.C.
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    Anna Hrushka/Banking Dive

    Custodia Bank sues Fed over 'unlawful delay' in processing master account application

    The digital asset bank, which was granted a Wyoming special-purpose depository institution license, has been waiting 19 months for its application to be approved.

  • Headshot of Amy Bonitatibus
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    Retrieved from Wells Fargo on June 08, 2022

    Wells Fargo poaches JPMorgan Chase's retail communications chief

    Amy Bonitatibus will join Wells Fargo as head of communications and brand management Sept. 12. Barri Rafferty, that post’s previous occupant, left the bank May 1.