The Latest
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Royal Bank of Scotland dumps its name in rebrand, deepens climate pledge
In changing its name to NatWest Group, the bank is looking to distance itself from a near-collapse in 2008 that has left it 62% government-owned to this day.
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JPMorgan Chase sued over alleged bias against black bankers
The practice of "open race matching and racial steering" puts black bankers in often less-safe, lower-income branches, limiting their access to wealthier clients and income potential, the suit alleges.
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Wells Fargo ends mandatory arbitration for workplace sexual harassment
Companies use mandatory arbitration clauses to resolve disputes outside of the court system. Critics say the practice helps keep complaints from coming to light.
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Wells Fargo splits wholesale, consumer banking units
The restructuring marks Wells Fargo's first overhaul under CEO Charlie Scharf, who has prioritized regaining regulatory trust and repairing the bank’s damaged image.
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N26 cites Brexit in leaving the UK market
Customers in the country must withdraw or transfer money from their accounts with the digital bank by April 15. The majority of N26's U.K. staff will move into new roles with the company.
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Amazon, Google, Microsoft reportedly compete for Deutsche Bank's tech overhaul
The project comes amid a massive restructuring for the German lender. At least two of the banks' potential partners have worked to make inroads in banking.
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Varo receives FDIC approval on the way to becoming a bank
The challenger bank must yet pass a pre-opening exam from the Office of the Comptroller of the Currency, a process Varo management expects to be complete by June.
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Report: JPMorgan to merge blockchain unit Quorum with ConsenSys
JPMorgan Chase uses Quorum to power its blockchain-based Interbank Information Network, which aims to speed up cross-border transactions.
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Deep Dive2020 election: Where the candidates stand on banking
Ten candidates remain in the race for the presidency, and they all have something to say about banking.
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Central banks most trusted digital currency source, survey finds
Tech companies rank lowest in trust, according to the report, which comes as Federal Reserve Gov. Lael Brainard indicates the U.S. central bank is deepening its exploration of a digital dollar.
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4 Chinese military members charged in Equifax hack
The attackers exploited a vulnerability in software used by the credit bureau's online dispute portal and routed traffic through 34 servers in nearly 20 countries to mask their true location, the Justice Department said Monday.
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Citi edges Bank of America to top J.D. Power financial advice survey
The nation's five largest banks took all but one of the six highest rankings, thanks to improvements in their digital tools, research firm J.D. Power said.
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'Stickiness' of Bask Bank's airline perk may help it spread, analyst says
Customers were finding interest rates uninteresting. So the Dallas bank sought a way to help them save for tomorrow, yet live for today.
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Wells Fargo, Upstart criticized after study finds loan disparities
Five senators are asking Upstart's CEO to show how the company tests its credit model for fair lending after a nonprofit claimed black borrowers were charged more than other people with identical credit profiles.
UPDATED: Feb. 14, 2020 at 10:59 p.m. -
CFPB seeks $39M restitution, $7 fine from payday lender Think Finance
The enforcement action comes amid a flurry of activity for the bureau, which sued Citizens Bank last week. Oral arguments in the Supreme Court case regarding the agency's structure are set for March 3.
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Online lender Kabbage rolls out 3-day small-business loans
The company's co-founder and president, Kathryn Petralia, says the new product is a result of customers' tendency to repay early.
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Competition intensifies in immigrant banking market
As the digital bank Majority expands nationwide, the remittance company Remitly launches Passbook, a bank aimed at first-generation Americans.
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Report: Visa to boost swipe fees on online purchases, vary rates by retailer
The network is lowering the fees for real estate and education businesses to bolster card acceptance, and is rolling out the new rates in two phases — in April and October — to give processors more time to adjust.
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Miami drops reverse redlining claims against top 4 banks
The city claimed it lost tax revenue and was forced to pay to maintain foreclosed properties after Wells Fargo, Bank of America, Citi and JPMorgan allegedly targeted nonwhite homeowners for mortgages they couldn't afford.
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Goldman Sachs, Amazon reportedly explore small-business loan deal
The bank aims to expand its set of loan products beyond those offered by the Apple Card and digital bank Marcus, it said during last week's investor day.
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Morgan Stanley donates $20M to children's mental health
The alliance of seven nonprofits in the space, with an emphasis on marginalized communities, marks the latest effort by a bank to seek an activist role — and greater visibility — on a social issue.
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Gen Z has more card debt than millennials — and higher credit scores
More lenient underwriting has led nearly double the number of subprime borrowers age 18 to 24 to have credit cards than in 2012, TransUnion found.
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CFO uses Citigroup experience to build pay-access startup
Banks charged more than $10 billion in overdraft fees last year, DailyPay's Scot Parnell said, so letting employees use their income early can ease a big issue.
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Truist seeks more time to reach $1.6B post-merger net savings goal
The nation's sixth-largest bank reported a 7% decrease in net income in its first earnings call after the merger of BB&T and SunTrust.
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Expensify amps up charitable giving with 'Karma Points'
A San Francisco company's corporate card gives a slice of its swipe fees to organizations fighting homelessness, hunger and climate change, depending on the cardholder's spending.
