The Latest
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HSBC considers leaving US retail banking
The London lender has closed 79 of its U.S. branches this year. Sacrificing the rest in a pivot to Asia may not represent too great a loss. The U.S. arm's $62 billion loan book accounts for less than 6% of HSBC's total.
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Facebook-led digital currency, renamed Diem, could launch in January
"We like the connotation of it kind of being a new day for the project," said the group's CEO, Stuart Levey, referring to the moniker's use of the Latin word for "day."
UPDATED: Dec. 1, 2020 at 11:11 a.m. -
BBVA, Sabadell merger talks fall apart
BBVA valued Sabadell at $3 billion, but the smaller bank wanted at least 12% of the merged company, Bloomberg reported, adding it also had an issue with board composition. BBVA denied the latter.
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Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
Behind BNY Mellon's war against B2B checks
Peer-to-peer payments have made consumer transactions cheap and efficient. BNY Mellon wants to do that for business payments, with additional communication, reporting and security measures.
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OCC fines JPMorgan $250M over weak controls in its advisory business
Last week's fine from the OCC comes amid a surge of settlements some banks may be looking to secure before the Biden administration takes office.
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Why Seattle Bank allied itself with Google
"The banking experience is just ripe for a Tesla-Peloton kind of experience, and we don't have that today. I think Google clearly can help drive that, and that's pretty cool," Seattle Bank's CEO said.
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Permission granted by Office of the Comptroller of the Currency
OCC proposes scoring framework for CRA exams
Banks that see a 10% or greater drop in lending or investment in low- and moderate-income areas, compared with their historical data, will receive a "downward adjustment." But first, the OCC requires four types of data.
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LMI lender Oportun applies for national banking charter
Ten companies applied with the regulator in fiscal 2020 — the most in a decade. Oportun's filing is the second of fiscal 2021.
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Permission granted by Office of the Comptroller of the Currency
OCC proposal prohibits banks from denying lending to oil, gun companies
The 45-day comment period is uncommonly short, but may allow the agency a brief window to issue the rule before the Biden administration is expected to take office Jan. 20.
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Banks whose assets grew amid PPP get temporary relief from regulators
The interim final rule will give banks more time to either reduce their balance sheets or prepare for the stricter regulatory and reporting standards associated with the higher asset thresholds, the agencies said.
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Anna Hrushka/Banking Dive
Fed capitulates on Mnuchin's request to return unused COVID funds
"We will work out arrangements with you" regarding the wrap-up of several lending facilities Dec. 31, Fed Chair Jerome Powell wrote Friday in a letter posted on the central bank's website.
UPDATED: Nov. 23, 2020 at 5:34 a.m. -
Wikimedia
LGBT-focused digital bank Daylight aims for December beta launch
Traditional banks "may be switching their social media icons to rainbows in June, but when it comes to actually solving real pain points, it's just not cutting it," co-founder Billie Simmons said.
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'Do the hard things first': What Capital One prioritized in its cloud migration
The bank spent eight years shifting workloads to the cloud, shuttering its final data center this year.
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Courtesy of Wells Fargo multimedia resources
IT leaders' input must be part of risk management plan, Wells Fargo exec says
"It really is about who's got the strongest strategy, and if you don't innovate and continually improve ... you will be the one that will be hit the hardest," Mandy Norton, the bank's chief risk officer, said Wednesday at a summit.
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Google revamps Google Pay, adds 3 new partner banks
With a redesigned app and an expanded network of banks that have signed on to offer co-branded accounts, the tech giant continues its push into the consumer financial services space.
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Kendall Davis/HR Dive
Montana banks prepare to navigate regulatory haze upon legalizing pot
"At this point, we're all just holding our breath, hoping we figure it out and the banks stay out of trouble," the president and CEO of the Montana Bankers Association said.
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Permission granted by Office of the Comptroller of the Currency
Trump aims to nominate OCC's Brooks to 5-year term
A Senate panel — and then the full Senate — must approve the nomination before Jan. 20. But a Biden administration can also lean on untested legal authority to try to replace Brooks with its own nominee.
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Court dismisses loan agents' case seeking cut of banks' PPP processing fees
Plaintiffs alleged the CARES Act entitles them to up to 1% of the processing fees. A judge on Monday said the complaint was "too generalized," but gave the agents 21 days to file a new claim.
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Fotolia
Moven, Q2 aim to debut digital 'bank-in-a-box' in January
"Now any bank can have its own Marcus or Chime in a matter of a few weeks," said Paul Walker, general manager of Q2's banking-as-a-service division.
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BBVA's Sabadell merger talks reveal other end of PNC pendulum
The lender and its larger Spanish rival, Santander, have each launched simultaneous efforts in the past week to expand and contract.
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PNC buys BBVA's US arm for $11.6B
The deal would create the fifth-largest U.S. bank and give PNC a presence in Texas, California, Florida and Arizona. It also puts to rest transaction rumors that have dogged the bank since it sold its stake in BlackRock in May.
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SEC Chairman Jay Clayton to step down by year's end
Under Clayton's tenure, the regulator obtained orders for more than $14 billion in monetary remedies, including a record $4.68 billion in fiscal 2020.
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SEC charges 2 ex-Wells Fargo executives with misleading investors
The regulator settled charges against former CEO John Stumpf for $2.5 million, and will litigate fraud charges against former community bank chief Carrie Tolstedt in court in connection to the bank's 2016 fake accounts scandal.
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Deutsche researchers propose 5% tax on remote workers, post-pandemic
The tax could generate $48 billion a year, which could fund $1,500 grants for 29 million lower earners in the U.S., the researchers said.
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Goldman Sachs CEO David Solomon DJing before the re:Invent keynote
Goldman's 60 new partners are fewer, more diverse than in years past
Thirty-two (53%) are White men, the slightest representation on record for that group. CEO David Solomon opened new investment perks to partners this year, but aimed to keep the list tight while recognizing more than just traders.
