Page 2

KeyBank's digital bank for doctors gets national launch

The bank expects to add checking and retail investments to the platform this year, and to expand digital banking services to a market that includes pharmacists, physician assistants, nurses and therapists.

FTC bans mobile banking app Beam, its founder

The company, which promised interest rates as high as 7%, must pay back an estimated $2.6 million in account holders' funds as part of a settlement announced Monday, in which Beam did not admit wrongdoing.

Column

Those footsteps Citi hears on diversity and inclusion are JPMorgan's

The nation's largest bank pledged to hire 300 new Black and Latinx wealth advisers by 2025. The move comes as Citi poaches its next chief diversity officer — in another executive loss for Goldman.

H&R Block eyes digital banking market

The tax preparer's brand awareness and physical presence could give it an advantage over fintechs in a competitive field where digital players vie for consumer and small-business accounts.

PayPal launches crypto payment platform

The payments company will convert consumers' Bitcoin, Ethereum, Bitcoin Cash and Litecoin holdings into fiat currencies when they check out. That cuts the risk merchants assume from any volatility in cryptos' value.

UPDATED: March 30, 2021 at 6 a.m.

CFPB sees 54% jump in consumer complaints in 2020

Nearly three in five pertain to the nation's credit bureaus. The agency said it plans to issue a separate report this year on those.

Illinois moves to create special charter for digital assets trust

"I had to get out of the bubble of the way I look at money in our country," said the bill's sponsor, state Rep. Margaret Croke, D-Chicago.

Fed to lift dividend, buyback limits June 30 for banks that pass stress tests

Banks that fail the tests will be subject to current restrictions through Sept. 30, the central bank said. Caps will lift June 30 for banks that are on a two-year cycle and are not subject to this year's stress tests.

Senate passes bill extending PPP deadline to May 31

The bill, which advanced on a 92-7 vote, also gives the SBA until June 30 to close pending PPP applications.

UPDATED: March 31, 2021 at 5:08 a.m.

Greenwood raises $40M in funding with investments from 6 major banks

Led by Truist Ventures, the digital bank's funding round includes investments from JPMorgan Chase, Bank of America, Wells Fargo and PNC, in addition to payments giants Mastercard and Visa.

SBA more than triples EIDL cap to $500K

The change applies to loans approved beginning the week of April 6. The SBA said it will email borrowers who have already received loans but would qualify for more under the new limit.

Citi hopes a 'reset' with hybrid schedules, Zoom-free Fridays will preserve bank's 'soul'

Most Citi employees' schedule after the COVID-19 pandemic subsides will include at least three days a week from the office and as many as two days remote, CEO Jane Fraser wrote in a memo.

Federal Reserve forms 2nd climate change risk panel

Separately, Fed Chair Jerome Powell and Treasury Secretary Janet Yellen detailed their stances on climate-related risks Tuesday in front of the House Financial Services Committee.

Goldman cleared of bias claims in NYDFS's Apple Card probe

The regulator found no evidence of disparate impact in the bank's credit decisions but said the case should serve as a reminder that credit-scoring models and anti-discrimination laws need a refresh.

Novo expands products, welcomes surge in users from Azlo

Novo said it gained 20,000 former Azlo customers in the 2½ months since Spanish lender BBVA said it planned to shutter the entrepreneur-focused startup.

Stripe faces building pressure for a go-public strategy

Stripe's Irish co-founder brothers will be balancing the views of management, investors and bankers in deciding the best path to fund the company's future.

Powell reiterates 'no-rush' stance on Fed's digital dollar

Powell insists on Congress's approval before proceeding with a CBDC, but researchers are hoping to unveil prototypes as early as July. Meanwhile, the Senate's new banking panel chair is calling for faster action.

Revolut applies for California charter, launches Revolut Business

The challenger bank is showing it's expanding its target to include small and medium-sized U.S. businesses, in addition to the consumer accounts that fellow digital players Chime and Varo Bank are chasing.

Coinbase settles CFTC 'wash trading' probe for $6.5M

The settlement comes as the cryptocurrency exchange is delaying until next month its hotly anticipated IPO, but a CFTC commissioner said the enforcement action is a poor reflection of the regulator's priorities.

Column

Goldman takes heat for first-year analysts' 100-hour workweeks

In a voice memo Sunday, Goldman CEO David Solomon commended the analysts for taking their concerns to their management. "We want a workplace where people can share concerns freely," he said.

UPDATED: March 22, 2021 at 12:02 p.m.

Visa's debit card business comes under DOJ scrutiny

Visa said in an SEC filing that it hasn't received a civil investigative demand from the agency but that the Justice Department sent a notice telling the company "to preserve relevant documents related to the investigation."

UPDATED: March 19, 2021 at 6:29 p.m.

House lawmakers reintroduce cannabis banking bill

While supported by bank trade groups and cannabis advocates, not all stakeholders are convinced the bill would have a sweeping effect on how banks respond to serving the industry.

Column

Crypto, ESG and office returns: Banks show when they would — and would not — rather be first

As Morgan Stanley and BNY Mellon look to one-up each other on digital assets, JPMorgan and Bank of America find themselves in opposing camps over how they will host summer internships.

Digital bank for immigrants opens meet-up space in Miami

It's not typical for a digital bank to open a physical location in an effort to connect with customers, but Majority's CEO said it's important to have a presence in the communities they serve.

How U.S. Bank tripled its digital account openings

"It was taking customers 10 minutes to get through this application, and that's just way too long," said Jonathan Burns, the bank's senior vice president and head of digital sales experience.