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Banks moving into branchless towns amp up community ties
From sponsoring Little League and Girl Scouts initiatives to helping a local library recover from a fire, small banks show deep roots when moving into banking deserts.
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Daphne Howland/Banking Dive
Kansas regulators close Almena State Bank in year's 4th bank failure
Almena is the second U.S. bank to shutter within a week. The bank's two branches opened Monday under the banner of Equity Bank, which is purchasing roughly all of Almena's $65.8 million in assets and its deposits.
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Fed, FinCEN want to make banks report international transfers of as little as $250
Friday's proposal to lower the threshold from $3,000 is meant to catch bad actors using low-dollar cross-border transactions to facilitate terrorist financing and other illicit activity.
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Photography by Gage Skidmore / Photo Illustration by Kendall Davis / Industry Dive
Deep DiveElection 2020: What should the banking industry expect from Biden or Trump?
Banking Dive spoke to several academics, consultants and legal experts about what may change or stay the same in the banking sector under a new Biden administration or a second Trump term.
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Courtesy of Wells Fargo multimedia resources
Wells Fargo considers selling asset-management, corporate-trust units
The bank began discussing a possible deal for the former last month, but a divestment isn’t certain. The unit could reportedly sell for $3 billion. Wells Fargo expects to receive bids on it this month.
UPDATED: Oct. 27, 2020 at 10:42 a.m. -
Fintechs hopeful as CFPB seeks to modify data access rule
Section 1033 of the Dodd-Frank Act won't prevent banks from overstepping their authority and blocking consumers from sharing their data with certain companies, fintechs argue.
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Goldman claws back $174M from current, former execs in 1MDB case
The move comes as the Justice Department on Thursday handed down a $2.9 billion settlement in which a Malaysian unit of the bank pleaded guilty to conspiracy to violate anti-bribery laws.
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PayPal to let users pay for purchases with cryptocurrency
A New York regulator gave the payment company a conditional BitLicense allowing U.S. account holders to buy, sell and hold digital coins from four platforms in their PayPal digital wallets.
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Senate bill would expand Civil Rights Act to bar discrimination at banks
Senators cited a June article in The New York Times recounting Black people's experiences being turned away or accused of fraud while trying to make simple transactions, such as to cash a check or withdraw funds.
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damircudic via Getty Images
Synchrony lets all US workers stay remote permanently
The credit card provider wants to cut up to $250 million in expenses next year. But the new policy contributed to an $89 million restructuring charge the company took in the third quarter, according to earnings reported Tuesday.
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Courtesy of FDIC
Regulators finalize rule requiring big banks to keep year's worth of liquidity
Most of the nation's 20 largest banks already meet the rule's demands, regulators said. However, at least one bank — unidentified — needs to come up by 8%.
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Pandemic could reverse uptick in banked households, FDIC says
"[F]indings from multiple years of the survey suggest that the unbanked rate is likely to rise as the unemployment rate rose from its level prior to the pandemic," said the agency's chairman, Jelena McWilliams.
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Fed chair remains cautious on regulator's digital dollar efforts
The central bank's chief, Jerome Powell, told a panel Monday he'd rather the U.S. "get it right" than be first — and that such a currency should aim to complement rather than replace the dollar.
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Retrieved from Unsplash.
Regulators close Florida's First City Bank, 2020's 3rd bank failure
The bank's chairman and CEO in January attributed its struggles to the 2008 financial crisis and the Deepwater Horizon oil spill.
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House panel blasts banks over gap in PPP loan processing times
JPMorgan's larger borrowers waited an average of 3.7 days from application to funding, while others waited 14. But U.S. Bank applicants, regardless of size, saw little to no difference, a report found.
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Permission granted by Varo Money
Varo Bank launches small-dollar loan product
Varo's new product follows Bank of America's rollout this month of Balance Assist, and comes as regulators have encouraged banks to issue small-dollar loans amid the ongoing coronavirus pandemic.
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First Citizens Bank, CIT announce $2.2B all-stock merger
The deal would create the nation's 19th-largest bank, with nearly $110 billion in assets. First Citizens, a serial acquirer that has bought 25 community banks over the past decade, would be the surviving company.
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Wells Fargo fires up to 125 employees over misuse of EIDL aid
The terminations come a month after fellow banking titan JPMorgan Chase launched an internal investigation that found more than 500 of its employees accessed the program's funds, though dozens shouldn't have.
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Permission granted by Office of the Comptroller of the Currency
OCC fines USAA $85M over compliance, IT failures
"[W]e did not sufficiently invest in the capabilities and expertise necessary to meet regulatory requirements and evolving business needs," USAA CEO Wayne Peacock said.
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TD sues Plaid over trademark infringement, false advertising
"We were surprised by TD Bank’s decision to file suit in the midst of our good-faith discussions, which are still ongoing," Plaid told American Banker. "We ... are disappointed that they resorted to litigation and false allegations."
UPDATED: Oct. 19, 2020 at 11:08 a.m. -
Truist Financial
Truist posts $1.1B profit, continues merger-related job cuts and branch closures
The Charlotte, North Carolina-based bank cut 769 jobs during the third quarter and plans to close 104 branches in December and January, it said Thursday.
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Citi drops lawsuit against second Revlon creditor after $900M errant payment
The bank said it's "pleased" that Investcorp has returned a reported $18.9 million share of the overpayment for which Citi is taking a dozen companies to court. A trial on the remaining claims is set for Dec. 9.
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U.S. Bank confirms branch closure acceleration
The Minneapolis-based lender originally sought to reduce its footprint by 10% to 15% by early 2021. Now the bank wants to close an additional 15% of its branches, on top of the 10% it has shuttered, in the same time frame.
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Bank of America profit tumbles 16% despite consumer spending rebound
Profit has fallen 15% or more for the third straight quarter at the nation's second-largest bank, but loan-loss set-asides, at $1.4 billion, are down 73% from three months earlier.
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Wells Fargo rebounds with $2B Q3, tempered by jump in expenses
The bank set aside $961 million for customer remediation and $718 million for restructuring charges, mostly severance, as it resumed job cuts that might number in the tens of thousands.
