Dive AwardsThe Latest
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BB&T completes acquisition of SunTrust to form Truist
The deal marks the largest bank merger since the 2007-08 financial crisis.
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OpinionBanks should apply customer data more smartly to instill greater trust
Financial institutions are often strong on security, but they should consider emulating Amazon or Netflix, which boost user experience by proving they know their customers' preferences, Experian's David Britton writes.
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Former Fed chief, rule architect Paul Volcker dies at 92
Volcker's policies while leading the central bank helped rein in inflation in the early 1980s, while his proposed ban on proprietary trading drew the ire of big banks after the 2007-08 recession.
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Challenger bank Chime valued at $5.8B, a nearly fourfold jump from March
Chime CEO Chris Britt plans to use the capital to develop new products and double the bank's employee count by the end of 2020, sources said. The bank will also consider acquiring other fintechs.
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Warren bill would loop CFPB in to bank merger approval process
Financial institutions' Community Reinvestment Act exam ratings would also be taken into account under the Democratic presidential candidate's legislation, which was introduced Wednesday.
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Wells Fargo CEO: Bank to refund some checking account fees next year
The move comes in response to a letter Rep. Katie Porter wrote to Wells chief Charlie Scharf last month regarding a policy that may have confused customers.
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NCUA's Hood defends credit union growth during House hearing
Some communities would be without banking access if a credit union hadn't decided to purchase a community bank, NCUA Chairman Rodney Hood told lawmakers Wednesday.
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Goldman Sachs gives Amazon's cloud a nod of approval in database migration
Although the bank works with a few cloud providers, CEO David Solomon credits AWS as "the first because [of] their immense capabilities and the astounding pace of their innovation."
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Suncoast Credit Union targets Miami market with Apollo Bank buy
If regulators approve the deal, it would be the largest bank acquisition by a credit union since 2012, Federal Reserve Bank of St. Louis data shows.
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BB&T sues tech vendor Hitachi Vantara over 2018 outage
The bank estimates the outage cost about $20 million in lower deposit service charges and higher expenses. BB&T is seeking $75,000 in damages, but a jury could increase that amount.
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Banks don't need to file SARs when servicing hemp businesses, regulators say
The guidance comes as welcome news to hemp growers, banks and some lawmakers who have long called for clarification.
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Wells Fargo names Santander executive COO
Scott Powell, who is set to start at Wells Fargo on Dec. 9, will fill a position that has been vacant since Tim Sloan became the bank's CEO in October 2016.
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Banks eye a bigger helping of holiday retail point-of-sale pie
Citi, JPMorgan Chase and Mastercard have expanded their loan options this year to fend off upstarts and entice interest-averse buyers.
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Bitcoin trading platform Bakkt's CEO tapped to fill Georgia Senate seat
The governor's pick allegedly opened a rift with President Donald Trump, but the announcement Wednesday makes Kelly Loeffler the second woman ever to represent Georgia in the chamber.
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Deep Dive2020 election: Where the candidates stand on banking
Nearly 20 candidates are vying for the presidency in 2020, and all of them have something to say about banking.
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Banks top credit unions for 1st time in customer satisfaction survey
The shift may reflect the greater value consumers place on mobile app quality, the survey's managing director says.
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Robinhood pulls bank charter application
The company may not have reached the size needed to own a bank, an analyst said. Robinhood halted its first savings account endeavor in October after neglecting to notify regulators beforehand.
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OpinionThink globally: 4 tips for payment success
Keeping up with innovation and limiting cross-border friction can be crucial to growth, writes BlueSnap CEO Ralph Dangelmaier.
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Bank branch closures leave deeper void in rural counties, Fed says
Most of the 39 rural counties that lost half or more of their bank branches from 2012 to 2017 have lower median incomes and a higher share of African-Americans, according to the report.
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CFPB constitutionality case gets March date in Supreme Court
Supreme Court Justice Brett Kavanaugh wrote about the bureau's leadership structure in 2016, while sitting on a panel of the U.S. Court of Appeals for the D.C. Circuit.
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Pitting banks against fintechs creates 'false dichotomy,' exec says
"It's not that bankers are bad salesmen," said Robert Conery, COO and executive vice president of Avidia Bank. "The problem is the product we're selling."
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JPMorgan Chase files blockchain patent to track vehicle inventory
The technology is meant to prevent double flooring, which happens when a dealership pledges a vehicle as collateral in two separate contracts to different banks.
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OCC's 10% supervision fee cut could save banks $85M in 2020
The second straight yearly cost reduction reflects operating efficiencies, including optimized real estate and contracting costs, the agency said.
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Bank of America CEO: People still want regulation, security amid tech competition
"If you take deposits, make loans ... you end up with a lot of people's money," Moynihan says. "And if something goes kablooey, it's a problem."
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Lawmaker pushes Wells Fargo to refund 'deceptively collected' fees
Customers with the bank's most popular checking accounts could avoid a $10 monthly charge if they make 10 transactions a month. But they weren't told that ATM withdrawals did not count toward that threshold.
