The Latest
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Permission granted by Edward Jones
Investment company Edward Jones files for ILC charter
"Given market conditions, we believe the need for enhancements to our financial services is more important than ever to our clients as they look to reach their financial goals," Edward Jones Principal Ken Cella said.
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Royal Bank of Canada pledges $111M toward diversity initiatives
Small-business loans to Black entrepreneurs will account for two-thirds of that total. Canada's largest lender joins Bank of America, PNC, U.S. Bank, PayPal and Netflix in committing billions of dollars to fight racial inequality.
UPDATED: July 7, 2020 at 10:38 a.m. -
Column
German banks are having a moment right now
The proposed resignations of Commerzbank's CEO and board chairman come little more than a week after the collapse of the country's biggest challenger bank and amid restructuring by its largest lender.
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Permission granted by BBVA USA
BBVA brings 'banker bar' to new branches in Texas expansion
The bank seeks to do away with the traditional teller role, replacing it with an employee who can onboard customers to digital channels and originate accounts.
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Citi delays office-return plan in 13 states
Workers' reluctance to take public transport will keep offices below 40% capacity until a vaccine is available, a Citi executive said. The rollback comes as Bank of America indicated its employees would stay remote until Labor Day.
UPDATED: July 5, 2020 at 10:11 a.m. -
Courtesy of Wells Fargo multimedia resources
Wells Fargo cuts back on auto, student loans to minimize risk
Concern over credit quality — and not just a desire to stay under the bank’s Federal Reserve-mandated asset cap — is driving the lender's step back from independent car dealers.
UPDATED: July 5, 2020 at 10:38 a.m. -
Courtesy of Kabbage Media
Kabbage nearly doubles customer count through PPP participation
The Atlanta-based online lender said it approved $5.8 billion in loans under the program for 209,000 customers — 97% of whom are new to its platform.
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Chime, Apple debut credit score-boosting products
The challenger bank's entry into the credit card market comes a day after Goldman Sachs and Apple launched an initiative that gives rejected Apple Card applicants suggestions as to what they can do to be approved.
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Senate passes PPP extension as Fed chair cites middling Main Street demand
The five-week addendum comes amid waning interest in the program — and a slow start for another government-backed vehicle, the Main Street Lending Program, about which Fed Chair Jerome Powell testified Tuesday.
UPDATED: July 6, 2020 at 11:48 a.m. -
Permission granted by Office of the Comptroller of the Currency
Bank profitability at risk as pandemic slows economy, OCC says
Financial institutions are beginning to see the adverse credit effects of the economic shock brought on by the pandemic, according to the regulator's semiannual report.
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Courtesy of Ally Financial
Inside Ally Financial's technology strategy
The company needs to operate at a speed it hasn't before, Ally's technology chief said. In the next three to five years, digital capabilities will "stop being exotic," PwC has said.
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(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust". Retrieved from https://www.youtube.com/watch?v=Sf5D9BprcXg&feature=youtu.be.
Wells Fargo cuts dividend to level it will reveal July 14
Most other big banks will keep their third-quarter shareholder payouts consistent with second-quarter figures, including Goldman Sachs, which the Fed says must maintain a 6.7% stress capital buffer.
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FDIC to launch competition on system to replace quarterly reports
The effort, which debuted Monday and enlists 20 tech companies, would help the regulator keep more timely data on the roughly 3,200 community banks under its purview.
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Supreme Court rules president can fire CFPB chief 'at will'
In a 5-4 decision Monday, the court left the bureau intact but ruled the structure puts too much power in one person's hands.
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JPMorgan tweaks policy to cut customer ties over racist interactions
The bank is following through on a pledge to pay more attention to employee complaints. JPMorgan Chase made diversity training mandatory after a New York Times report and a class-action suit highlighted discrimination at the bank.
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Permission granted by Office of the Comptroller of the Currency
House passes resolution to overturn OCC's CRA revamp
President Donald Trump has vowed to veto the measure if a simple majority in the Senate allows it to pass. The FDIC chair said her agency wouldn't issue its own rewrite of the rule during the coronavirus pandemic.
UPDATED: June 30, 2020 at 7:04 a.m. -
JPMorgan cites 'technical issue' over incorrect customer balances
The bank's customers took to Twitter to report money unexpectedly missing or appearing in their accounts using the #ChaseBank hashtag.
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Anna Hrushka/Banking Dive
Fed orders banks to suspend share buybacks, cap dividends
The restrictions follow the release of the regulator's "sensitivity analysis," which found under the worst-case scenario, the country’s largest banks would lose roughly $700 billion.
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Permission granted by Office of the Comptroller of the Currency
Community groups sue OCC over anti-redlining revamp
The lawsuit claims the agency's rule decreases bank investment in low- and moderate-income areas and ignores criticism from community stakeholders.
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Fotolia
PPP's quick rollout, rule changes, few safeguards are fraud risks, GAO says
More than $100 billion in loan money is still available through the program. The SBA plans to stop taking new applications Tuesday.
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Permission granted by Upgrade
How Upgrade plans to use its latest $40M investment
Upgrade's latest funding round boosts the startup's valuation to $1 billion, giving it "unicorn" status alongside other neobanks such as Chime, Dave, Monzo, Revolut, N26 and NuBank.
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Ally, CardWorks terminate $2.7B merger over pandemic concerns
The deal fell through less than a year after Ally dropped a three-year partnership with TD Bank and refocused on point-of-sale loans. The coronavirus has scuttled, delayed and disrupted several proposed tie-ups.
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Upstart expands into auto lending
The platform will use an alternative data model to lend to borrowers who aren't considered prime by credit score or history. But the company's model for student loans came under fire this year over potential racial disparity.
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Mastercard to buy Finicity for $825M in open banking play
The announcement echoes a move by credit card rival Visa, which revealed in January its plan to purchase data aggregator Plaid for $5.3 billion.
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Verizon, Synchrony launching consumer credit card
The mobile-phone provider joins Samsung among telecom giants offering cards this year. In a nod to pandemic spending, groceries net the card's richest reward — 4% back. But rewards are redeemable only on Verizon purchases.
