The Latest

  • Image attribution tooltip
    Tom Pennington via Getty Images

    Dallas Fed picks NY Fed insider as its next president

    The bank "chose to perpetuate a legacy that has largely excluded Latino voices at all levels," Sen. Bob Menendez, D-NJ, and Rep. Raul Ruiz, D-CA, said Wednesday, a week after urging the Dallas Fed to select a Latino leader.

  • Image attribution tooltip
    Chip Somodevilla via Getty Images

    Yellen urges stricter stablecoin regulation this year, amid TerraUSD crash

    The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.

  • Image attribution tooltip
    Permission granted by Current

    Current wades into embedded banking with launch of API platform

    The neobank announced Plaid as its first partner, a tie-up the two firms said will enable Current’s customers to access more than 6,000 apps and services powered by the data aggregator’s network.

  • Image attribution tooltip
    Anna Hrushka/Banking Dive

    Senate confirms 1st Black woman Fed governor

    Democrats needed a tie-breaking vote from Vice President Kamala Harris to put Michigan State University economist Lisa Cook on the seven-seat board. Votes for nominees Philip Jefferson and Jerome Powell are expected this week.

  • Image attribution tooltip
    Courtesy of KeyBank

    KeyBank buys student loan forgiveness fintech

    Financial terms of the GradFin purchase were not disclosed, but the business dovetails with the bank's previous acquisition and tailoring of Laurel Road.

  • Image attribution tooltip
    Permission granted by U.S. Bank

    U.S. Bank lays out $100B community benefits plan tied to merger

    U.S. Bank agreed to increase mortgage lending by 20% nationally and by 30% to nonwhite and LMI borrowers in California. The bank also must analyze demographics and consider community input before closing LMI-area branches.

  • Image attribution tooltip
    Retrieved from Senate Banking Committee.

    OCC reviews bank merger framework alongside DOJ, other regulators

    The OCC is weighing how it can incorporate public input and is leaning toward holding public meetings on tie-ups involving large banks, Acting Comptroller Michael Hsu said Monday.

  • Image attribution tooltip
    Alex Wroblewski via Getty Images

    Proxy adviser blasts JPMorgan's one-off awards to Dimon, Pinto

    Glass Lewis, earlier this season, recommended Goldman Sachs shareholders vote down that bank's compensation plan over similar perks. But the pay packages won 82% approval.

  • Image attribution tooltip
    Justin Sullivan via Getty Images

    Cannabis payments companies focus on compliance, creativity

    Federal restrictions have kept many banks and payments companies on the sidelines regarding cannabis. That has given the ACH network a foothold to facilitate payments in states where pot is legal.

  • Image attribution tooltip
    Courtesy of Wells Fargo multimedia resources

    Judge dismisses Wells Fargo commercial lending class-action suit

    Investors led by a retirement fund for Hawaii state employees failed to prove the bank unjustifiably inflated loans, understated loss reserves or misstated its practices, a judge ruled Friday.

  • Image attribution tooltip
    Drew Angerer via Getty Images

    Bank of America, JPMorgan, Goldman consider abortion travel policies

    "With all things like this, we look at what our team needs from us," Bank of America CEO Brian Moynihan told CBS. A leaked Supreme Court draft opinion ignited a political firestorm tied to the possible overturn of Roe v. Wade.

  • Wall Street bonuses could crater up to 40% this year

    Investment banking underwriters' bonuses could fall up to 40% from 2021, according to pay consultancy Johnson Associates. Fixed-income traders, however, could see bonuses jump 20%, the company said.

  • Deep Dive

    PPP 2 years later: Analyzing the legacy and impact of the $800B government relief program

    Lenders and banking industry experts reflect on the lessons learned from the government's small-business rescue program, and what lies ahead for its participants.

  • Image attribution tooltip
    Chip Somodevilla via Getty Images

    Fed, OCC, FDIC issue revamped CRA proposal

    The measure would require large banks to consider areas with concentrations of mortgage and small-business lending. The proposal also clarifies which activities constitute community development.

  • Image attribution tooltip
    Tom Pennington via Getty Images

    Lawmakers push Dallas Fed to name Latino as next leader

    The vacancy presents a "key opportunity" because the bank's district serves a population that is 40% Latino, wrote four Democratic senators and 18 House members.

  • Image attribution tooltip
    OlyaSolodenko/iStock via Getty Images

    Democratic senators zero in on overdraft fees at hearing

    Sen. Elizabeth Warren, D-MA, and two other lawmakers urged the CEOs of JPMorgan Chase, Bank of America and Wells Fargo to reconsider the practice, in letters published Wednesday.

  • Image attribution tooltip
    David McNew via Getty Images

    CFPB fines Bank of America $10M over illegal garnishments

    The bank "unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders," the bureau said.

  • Image attribution tooltip
    Fotolia

    Banking trade group CBA names next CEO

    Lindsey Johnson will become the first woman to lead the group upon the retirement of longtime chief Richard Hunt this summer.

  • Image attribution tooltip
    Mario Tama via Getty Images
    Column

    Citi's role in 'flash crash' reinforces perils of manual transactions

    Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.

  • Image attribution tooltip
    Permission granted by Truist

    Truist buys gamified finance app Long Game

    Long Game, which uses prize-linked games to encourage smart financial habits, aims to help banks and credit unions with client retention and account growth, particularly among Gen Z and millennial customers.

  • Image attribution tooltip
    Justin Sullivan via Getty Images

    AmEx CEO snags $28.5M total compensation

    While the 2021 target for Stephen Squeri's long-term incentive awards was $14.5 million, the actual amount was $19 million.

  • Image attribution tooltip
    Chip Somodevilla via Getty Images

    SEC to nearly double crypto enforcement unit

    The agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to an already 30-strong team. 

  • Image attribution tooltip
    Permission granted by First Internet Bank

    First Century Bank scraps First Internet deal

    The Federal Reserve signed off on the combination April 29, but the banks couldn't close the tie-up by an April 30 deadline because of statutory waiting periods, and could not agree on extension terms, First Internet said.

  • Image attribution tooltip
    Megan Quinn/Banking Dive

    GOP senators follow House Republicans in seeking Citi contract's end

    The bank's decision to cover travel costs for abortion is not a political statement, but a long-standing company policy, CEO Jane Fraser said last week at Citi's annual general meeting.

  • Image attribution tooltip
    Permission granted by U.S. Bank

    U.S. Bank rolls out Spanish-language voice assistant for mobile app

    The Minneapolis lender cites a study indicating 25% of Hispanic Americans are "smartphone-only" internet users — double the proportion of White adults.