The Latest

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    Courtesy of State Street

    State Street arm vows voting action on companies with all-male boards

    The Boston-based bank's investment arm wants companies on major indexes in the U.S., Canada, Europe and Australia to have women make up 30% of their boards by next year.

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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo joins Bank of America in overdraft-stemming moves

    The San Francisco-based lender said Tuesday it would eliminate non-sufficient fund fees and provide a 24-hour grace period on overdrafts. Bank of America earlier in the day said it would cut overdraft fees to $10 from $35.

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    Permission granted by Citigroup

    Citi to exit retail banking in Mexico

    Santander has emerged as a potential bidder for the business, which represents $44 billion in assets and Citi's largest branch network, Bloomberg reported. Citi will hold on to its institutional business in the country.

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    Chip Somodevilla via Getty Images

    Powell hints at Fed's inflation moves, CBDC paper, ethics rules in hearing

    The oft-delayed digital currency white paper is coming "within weeks," Powell said, but is "an exercise in asking questions and seeking input ... rather than taking a lot of positions."

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    Alex Wroblewski via Getty Images

    Dimon: 'We're not going to pay you not to work in the office'

    JPMorgan's CEO said the bank's policy toward COVID-19 vaccination would vary by locality. The bank hasn't threatened termination, as Citi has. But Dimon told CNBC, "To go to the office, you have to be vaxxed."

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    Anna Hrushka/Banking Dive

    Richard Clarida, Fed's outgoing vice chair, resigns

    His last day is Friday, less than three weeks before his term was slated to end. An amended disclosure last week revealed Clarida sold a stock fund and re-bought it three days later, ahead of a Fed interest-rate move.

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    Drew Angerer via Getty Images
    Column

    Bank of America's bonus do-over

    A purported 40% bump to the bank's bonus pool could set the tone among Wall Street rivals. It also may be a belated olive branch for last year, when bonuses stood pat despite a 20% revenue boost in 2020.

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    Retrieved from Ono Kosuki from Pexels.

    ATMs may have peaked in 2019, research finds

    A Euromonitor International executive predicts the once-revolutionary dispensers may be gone within 25 years — a consequence of reduced demand and higher costs for servicing the machines.

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    Justin Sullivan via Getty Images

    Citi moves ahead with Jan. 14 vaccine mandate deadline

    Office workers who don't upload their COVID-19 vaccination card or request an exemption by that day will be placed on unpaid leave Jan. 15 and terminated Jan. 31, Bloomberg and The New York Times reported.

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    Delmaine Donson via Getty Images

    Nebraska agency denies GreenState Credit Union bank deal

    The credit union, established under Iowa laws, does not meet the definition of a "financial institution" that can participate in cross-industry acquisitions or mergers in Nebraska, a hearing officer ruled.

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    SHansche via Getty Images

    Neobank Starling halts advertising on Facebook, Instagram

    The U.K.-based fintech's CEO, in a blog post, said the company would not post ads on Meta platforms until the social media giant addresses its scammer infestation.

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    Chopra screen grab/Banking Dive, data from Screen grab

    Credit bureaus increasingly fail on consumer complaint response, CFPB finds

    Equifax, Experian and TransUnion reported relief in response to less than 2% of covered complaints filed in 2021, compared with 25% in 2019, the bureau reported Wednesday.

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    Chip Somodevilla via Getty Images

    Clarida stock-trading controversy deepens

    An amended financial disclosure shows the Fed vice chair sold an exchange-traded fund Feb. 24, 2020, then re-bought it Feb. 27, calling into question a previous characterization of the move.

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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo chief risk officer to retire in June

    "Living through a pandemic teaches you things, and I've realized that now is the time to do some things I want and need to do outside of my career," Wells CRO Amanda Norton wrote in a memo Tuesday.

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    Pablo Blazquez Dominguez via Getty Images

    Santander finds itself in a Citi moment with $175M error

    In looking to claw back duplicate payments, Santander may find varying levels of cooperation from other banks. The incident may also prompt regulators to examine the lender's risk management framework and history.

  • 5 banking trends to watch in 2022

    A reversal on in-office work from a hard-liner like Goldman Sachs may represent a pivot point in the acceptance of remote policies. But other narratives, such as small-scale niche M&A, mark a continuation from 2021.

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    Mario Tama via Getty Images

    Morgan Stanley, Capital One's old errors cause new headaches

    The banks, collectively, agreed to pay $250 million to settle class-action lawsuits connected to data breaches for which the Office of the Comptroller of the Currency levied penalties in 2020.

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    Dan Kitwood/Getty Images News via Getty Images

    NCUA OKs crypto partnerships for credit unions

    "Financial services has always been 'adapt or die,'" Kyle Hauptman, the regulator's vice chair, told CoinDesk. "I don't want credit unions to go the way of Blockbuster Video because we, the regulators, prevented innovation."

  • FDIC Chair Jelena McWilliams resigns

    McWilliams' resignation comes after a power struggle emerged when Democratic FDIC board members Rohit Chopra and Martin Gruenberg published a review of bank merger policies without her approval.

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    Courtesy of Tricia Harte

    BNPL growth prompts change from credit bureaus

    Paying in installments has become wildly popular, but many of these plans aren't reflected on consumers' credit reports. Credit agencies say adaptations are coming.

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    Justin Sullivan via Getty Images

    Green Dot, PayPal helped Secret Service recover more than $400M in stolen COVID-19 relief funds

    Criminals have swindled nearly $100 billion through fraudulent applications since the start of the pandemic in the U.S., the agency said this week.

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    Justin Sullivan via Getty Images

    Citi spins off its Philippine retail presence

    About 1,750 employees will transfer to Union Bank of the Philippines, which agreed Thursday to take on the American bank's footprint in a deal set to close in 2022's second quarter.

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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo postpones office return indefinitely

    Tuesday's move marks the fifth delay to the bank's timeline since August. Wells is not alone in resisting setting a new target date. Capital One gave up on that in October.

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    Permission granted by LendUp

    CFPB shuts down online lender LendUp

    The fintech agreed to pay a $100,000 penalty as part of a settlement. It stopped originating loans this summer and expects to wind down operations early next year. A digital bank the parent company operates will not be affected.

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    David McNew via Getty Images
    Column

    Timing of Bank of America's stay-home call is either grinchy or genius

    Giving New York City-area workers a remote option after the weekend keeps them on a shorter leash. By contrast, JPMorgan's announcement Friday, in theory, offered some a chance to flee town early.