The Latest
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Aleksandr Kravtsov/Getty Images
Trump administration blasts pot banking provision in virus relief bill
After stalling in the Senate, the SAFE Banking Act saw no movement for several months until Democrats attached it to the House relief package in May, arguing its inclusion was a matter of public safety amid the pandemic.
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Anna Hrushka/Banking Dive
Fed gives new details on its real-time payments system
One year after committing to FedNow, the central bank emphasized its effort to bolster 24/7/365 operability, the development of fraud deterrents, and a liquidity management tool that lets RTP participants help.
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Permission granted by BankMobile
Customers Bancorp to sell BankMobile for $140M
BankMobile launched in 2015. The digital bank's banking-as-a-service platform is prolific among colleges and universities, serving more than 2 million account-holders at 722 campuses.
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Capital One to pay $80M penalty over 2019 data breach
In its consent order, the Office of the Comptroller of the Currency said the bank "failed to establish appropriate risk management" and "failed to identify numerous control weaknesses and gaps in the cloud operating environment."
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PPP cases against JPMorgan, Bank of America, Wells Fargo to stay separate
A panel of judges denied motions to consolidate cases alleging the banks favored larger loans over first-come, first-served processing. JPMorgan Chase called the claims a "jigsaw puzzle of unmatched pieces."
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EBay partners with LendingPoint for merchant loans
The tie-up gives merchants an alternative to PayPal Working Capital, a financing solution eBay sellers have used in the past. PayPal's five-year operating agreement with eBay expired last month.
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Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
As Congress scrambles to extend PPP, loan data casts light on inequality
Black-owned small businesses are closing at nearly twice the rate of small businesses overall, the New York Fed found, while nearly a third of workers who were reinstated on payroll reported being laid off a second time.
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Getty
Tech hurdle will slow banks' approach to crypto custody services
"Security and technology is the foundation of making this work," Kudelski Security's Scott Carlson said. "If you don't get that right, the entire system could collapse."
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Six more banks partner with Google to launch co-branded checking accounts
Banks may view the Google venture as a way to expand their brand and grow customer accounts outside of their existing branch network.
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Goldman Sachs CEO David Solomon DJing before the re:Invent keynote
Goldman Sachs develops app to identify M&A targets
Gemini measures the performance of companies' specific units against those of their competitors, using a formula that compares revenue growth, profit margin and other metrics as a percentage of sales.
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Opinion
The digital transformation of payments reaches its next phase
In addition to providing the technology tools, banks must help educate clients and provide guidance to help ease client transformations from paper to electronic solutions, writes Carl Slabicki of BNY Mellon Treasury Services.
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Postal banking pilot included in House-passed appropriations bill
The coronavirus pandemic has brought renewed attention to a proposal some advocates say would provide low-cost financial services to poor and rural communities that lack bank branches.
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Fotolia
Second half of 2020 may yield same dearth of M&A as first, analysts say
Some banks may have bigger concerns, such as padding loan loss reserves. However, PPP success may have others looking on the bright side — while still more look for a master acquirer.
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Permission granted by Varo Money
Varo becomes first challenger bank to get national charter from OCC
The process cost nearly $100 million over three years, but lets the fintech offer credit cards, loans and potentially robo-advisory services, CEO Colin Walsh said.
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Courtesy of Wells Fargo multimedia resources
Senators ask Wells Fargo CEO Scharf to explain faltered forbearance policy
"We had hoped that you would bring the needed change to Wells Fargo’s culture following years of false promises and continued scandals," wrote Sens. Elizabeth Warren, D-MA, and Brian Schatz, D-HI.
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Column
Democrats express 'Kraninger fatigue' in Hill testimony
The CFPB chief faced calls to resign, criticism over alleged question-dodging amid hearings before House and Senate panels this week.
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ZenBusiness acquires entrepreneur-focused challenger bank Joust
Joust's client base grew more than 600% between January and March, CEO Lamine Zarrad said. "Ultimately, [the goal] is to build the marketplace," said Ross Buhrdorf, CEO and co-founder of ZenBusiness.
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Citi, Bank of America join Morgan Stanley in carbon-disclosure group
Citi also pledged $250 billion over the next five years to finance low-carbon solutions in renewable energy, water quality and conservation, sustainable transportation, green buildings and sustainable agriculture.
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Permission granted by Office of the Comptroller of the Currency
Bank trade groups push back on OCC's payments charter plans
The regulator should take care not to introduce risks that would encourage regulatory arbitrage, the groups said, urging the OCC to be transparent when considering a new charter.
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Trade groups, nonprofit seek 3-year moratorium on ILC charter approvals
The charters have drawn steady flak from opponents who say nonbanks are exploiting a gap that allows them to have a banking arm without registering as a bank holding company, thus avoiding Federal Reserve supervision.
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JPMorgan Chase, Marqeta partner to launch virtual corporate cards
The deal comes as payment networks have seen contactless transactions spike by as much as 150% since March 2019.
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Bank of America, 30 lawmakers ask SBA to fix PPP data flaws
Members of Congress asked the agency to explain its "jobs retained" figures and whether the SBA made efforts to verify those numbers independently.
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Fotolia
OnDeck Capital lands with Enova in $90M deal
Before being acquired Tuesday, OnDeck was pursuing a bank charter — a process Enova CEO David Fisher said the combined company could explore.
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Permission granted by E.A. Crunden
GOP plan tweaks PPP, proposes loans for seasonal businesses
Under the plan, applicants who run seasonal or low-income-area businesses could borrow twice the company's annual revenue, up to $10 million, for as long as 20 years at 1% fixed interest. Repayment would be deferred two years.
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Dave security breach exposes 7.5M users' data
The challenger bank said the stolen data included names, emails, birth dates, physical addresses and phone numbers but not bank account numbers, credit card numbers or financial transaction records.
