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Georgia bank's new owners eye a digital makeover without losing the personal touch

ST Hldgs acquired Rochelle State Bank in June with the aim to bolster the single-branch institution's web portal and mobile options, while keeping the bank's close-knit model intact.

OCC's proposed rule would rescind Trump-era CRA rewrite

The agency is accepting comments through Oct. 29 — and aiming for a Jan. 1 effective date — on Wednesday's move to return to 1995 guidance while it coordinates with the Federal Reserve and FDIC on an interagency rule.

Citizens Bank to acquire JMP Group in $149M, all-cash deal

The move, slated to close in the fourth quarter, is the latest in a busy year for Citizens, which bought 80 HSBC branches in May, as well as a New Jersey-based bank and an Oregon consulting firm.

Bank of America debuts overdraft alternative

If a customer overdraws on one Bank of America account, Balance Connect ferries money from another of the user's accounts with the bank for a $12 fee.

JPMorgan to buy majority stake in Volkswagen's payments business

The deal is the latest in a series of investments the bank has made in the past year, following CEO Jamie Dimon's 2020 promise that it would be "much more aggressive with acquisitions across the board."

Coinbase reveals SEC plan to sue over lending product

Company execs ask for more clarity from the regulator amid plans to delay the interest-bearing offering until at least next month.

Wells Fargo names new commercial banking CEO

Kyle Hranicky will succeed Perry Pelos, who is set to retire in April, the bank said. Hranicky will join Wells Fargo's operating committee, becoming the first inside promotion CEO Charlie Scharf has elevated to that level.

CFPB proposes rule to boost data collection on small business loans

The bureau laid out a list of 23 data points, including the race and gender of borrowers and reasons for loan denial. But some trade groups are taking issue with the proposal's scope.

ICBA calls for 'exit fee' on credit union-bank deals

The trade group's proposed fee would be equal to 10% of the gross value of the acquired bank's assets or liabilities from its most recent balance sheet — whichever are greater — and would be payable by the acquiring credit union.

FTC fines Capital One CEO $638K in stock award disclosure violation

The agency did not penalize the executive over Hart-Scott-Rodino violations in 1999 and 2004. The fine represents a significant reduction from a maximum penalty of around $29.7 million.

SBA 'threat' draws ire of PPP lenders, Republican lawmakers

Lenders that have not opted in to the agency's forgiveness portal could face audits, the SBA said in a letter.

Fed finds businesses eager for faster payments

About 90% of the 2,010 U.S. businesses in a survey published by the Federal Reserve expect to use faster payments in their operations by 2023, when FedNow is slated for launch. But many are ready for that upgrade now.

Acquisitions heat up amid competition for small-business payments clients

Some companies are buying up businesses that will help them cater to small and midsize clients, while others are getting out of the arena.

Robinhood developing early direct deposit access, app code shows

Similar features have gained traction at challenger banks and incumbents as an alternative to overdraft fees. The trading app is looking to broaden its revenue stream beyond trading.

TIAA hires former Goldman, Credit Suisse exec as CFO

Dave Dowrich's hire is one of a pair of C-suite moves former JPMorgan executive Thasunda Brown Duckett made Wednesday.

Morgan Stanley bumps first-year pay to $110K to match Goldman Sachs

Tuesday's move marks the second time in a month the bank lifted salaries for first-year investment banking and global capital markets analysts.

Wells Fargo seeks more time to comply with scandal consent orders: report

The bank could face additional sanctions from regulators over the pace at which it is compensating victims of its consumer abuse violations, Bloomberg reported Tuesday.

NY governor taps ex-Obama staffer to lead state regulator

Adrienne Harris served from 2015 to 2017 as a special assistant to the president for economic policy. She still must be confirmed by the New York state Senate before taking office.

Citizens Bank of Edmond to launch national digital bank with partner Moven

The platform is meant to target an underserved affinity group, Citizens CEO Jill Castilla said, adding she would share more details about the customer base in the next 60 days.

Cadence Bank to pay $8.5M to resolve DOJ, OCC redlining claims

The OCC said its examiners found just one of the bank's 11 Houston-area branches, between 2014 and 2016, was in a majority-nonwhite neighborhood and had no dedicated mortgage loan officer.

SBA's second-largest loan program may run out of funds this week

The pandemic and low interest rates have caused demand for SBA 504 loans to soar to record levels.

CFPB won't recommend OppFi enforcement action, lender says

OppFi disclosed the bureau's investigation into its Military Lending Act practices in March, ahead of a planned merger with a blank-check company.

Bank regulators issue guidance on partnering with fintechs

Banks should evaluate fintechs' business experience and qualifications, financial condition, legal and regulatory compliance, risk management and controls, information security and operational resilience, regulators said Friday.

PNC increasing minimum hourly pay to $18

The $3-per-hour boost represents a 20% increase for legacy PNC employees, but is a bigger jump for BBVA USA staff joining PNC in October. Minimum hourly pay there is $11, according to The Associated Press.

SEC seeks public feedback on brokers' digital practices

At issue is whether in-app prompts or gamification strategies constitute investment advice. In a tweet, the agency's chairman compares such practices to streaming service recommendations that shape viewer algorithms.