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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.

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.

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.

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.

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.

Twitter to invest $100M in CDFIs in effort to combat racial wealth gap

The social media giant follows a growing number of corporations, including Netflix and PayPal, that have embarked on similar initiatives to funnel more capital to Black and Latinx financial institutions and businesses.

Lenders face tough decisions as commercial bankruptcy filings mount

"What I think might be the surprise of 2021 to lenders is the value of their collateral is going to be less than what they think it is, at least in the distressed spaces," attorney Jim Lodoen said.

JPMorgan drops from top of FSB's list of systemically important banks

The lower ranking means any instability at the largest U.S. bank puts the global financial system at less risk. Goldman Sachs and Wells Fargo also ranked less risky, according to the panel's assessment Wednesday.

BMO pledges $5.1B toward closing racial wealth gap

The Canadian lender joins JPMorgan Chase, Bank of America, PNC, American Express and Huntington Bank in rolling out billion-dollar efforts to better serve non-White communities. It also updated its diversity goals in September.

Fifth Third CFO leaves for BMO, prompting C-suite shuffle

Tayfun Tuzun is the second C-suite exec to leave the Cincinnati-based bank in the past two weeks. Executive Vice President Philip McHugh left Oct. 26 and is subsequently suing the bank for age discrimination.

BBVA partners with Prosper on digital HELOC platform

Early results indicate the digital solution is helping BBVA close home equity lines of credit 14 days faster on average when compared to turn times on applications submitted in other channels, the bank said.

DOJ challenge to Visa-Plaid deal could change financial services landscape

The outcome will decide how the industry might evolve in an ever-changing world of technology — through acquisition of small, innovative fintechs or organic growth, an antitrust attorney said.

Fed flags climate change as financial risk, seeks transparency from banks

The declaration comes as TD Bank committed Monday to net-zero carbon emissions by 2050 for the projects it finances.

Bank executives, trade groups react to Biden-Harris victory

Several bank and credit union trade groups, as well as top bank executives, not waiting on a Trump concession, have released statements and congratulatory posts on the highly contested 2020 election.

Ex-SoFi CEO's company Figure seeks national bank charter

The company issues home equity lines of credit on a private blockchain network. But it also plans to pilot a small-dollar installment-loan product in January targeting the unbanked.

DOJ sues to block Visa's $5.3B Plaid acquisition

The Justice Department cited Visa CEO Al Kelly's description of the deal as an "insurance policy" to neutralize a "threat to our important US debit business" as evidence the deal represents an anti-competitive move.

Why a Biden win could be good for fintech

As Democrats increasingly push for financial inclusion initiatives, a Biden presidency could usher in fintech's "golden years," said Kara Ward, a Holland & Knight partner.

Standard Chartered to offer permanent flexible working options early next year

About 60% of surveyed employees have accepted the bank's offer of hybrid work, including 79% of the London-based lender's U.S. staff, according to Bloomberg.

Wells Fargo plans to freeze raises for workers earning over $150K

The move comes two weeks after the bank said it would eliminate its 401(k) program's 6% matching contribution for employees who make $250,000 a year or more. Wells Fargo reversed course two days later.

Schwab's move into Texas casts spotlight on state's two-regulator system

A savings bank charter may prove a prudent choice for mortgage lenders whose terms are long and risks unique, analysts said.

JPMorgan Chase warns of regulator fine over flaw in internal controls

Several banks may have wanted to settle with regulators before the election is decided in case a Biden administration yields stiffer enforcement and penalties.

TIAA Bank aims to reach unbanked with grade-school financial literacy program

The 12-week course runs in more than 100 schools, including in Puerto Rico, which is well outside of the bank's CRA assessment area but still reeling from 2017's Hurricane Maria.

Goldman pushes back over plaintiffs' request for 'bimbo' documents

The bank, embroiled in a decade-long suit alleging promotion bias against women, said it has already submitted relevant emails to the court, and that a new search would be costly and take 17 months.

JPMorgan to conduct pay analysis, pay $9.8M to settle DOL claim that it underpaid women

JPMorgan is not the only big U.S. bank to settle with the agency this year. Wells Fargo agreed in an August settlement to make job offers to 580 applicants and pay $7.8 million in back wages and interest.

Wells Fargo picks Capital One executive to head diversity efforts

The appointment comes after CEO Charlie Scharf apologized for citing a shortage of diverse talent when aiming to double Black leadership at the bank. The Labor Department has questioned that initiative.