Commercial

NY regulator asks financial institutions to share diversity data

Superintendent Linda Lacewell cited the impacts of the COVID-19 pandemic, racial injustice and climate change as primary reasons entities should boost diversity.

By Anna Hrushka • July 30, 2021

SBA launches streamlined PPP forgiveness portal

The agency said more than 600 banks have opted in to the program, representing 30% of loans $150,000 or less that have not yet applied for forgiveness. The portal will begin accepting applications Aug. 4.

By Anna Hrushka • July 28, 2021

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Trendline

The Banking Dive Outlook on 2021

There are three ways to keep the narratives surrounding cryptocurrency, fair lending and the fight for racial equality in finance from losing steam.

By Banking Dive staff

Citizens Financial to acquire Investors Bancorp in $3.5B deal

The transaction, expected to close in the first or second quarter of 2022, will put Citizens' assets above $200 billion, and propel the bank to the top 10 in deposits among retail and commercial banks in the New York City market.

By Anna Hrushka • July 28, 2021

Sen. Cory Booker clarifies SAFE Banking Act support

"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.

By Anna Hrushka • July 27, 2021

M&T Bank to cut more than 700 jobs following People's United takeover

The Buffalo, New York-based bank anticipates it will save about $330 million in annual expenses that would otherwise be duplicated as a result of its $7.6 billion acquisition of People's United.

By Anna Hrushka • July 26, 2021

Plaid taps former bank execs to help reach data-sharing goal

The company's mission to forge stronger relationships with banks and increase its API traffic comes amid a sometimes less-than-amicable interplay between data aggregators and financial institutions.

By Anna Hrushka • July 23, 2021

Column

Bank of America, Deutsche and the case of the summer sequel

Commitments to de-emphasize overdraft fees, boost junior banker pay and refresh banks' card suites are hardly new. This week offers deeper tread on well-worn narratives.

By Dan Ennis • July 21, 2021

OCC to rescind Trump-era revamp to anti-redlining rule

"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start," Acting Comptroller Michael Hsu said in a statement.

By Anna Hrushka • July 20, 2021

Cambridge Savings Bank launches digital bank to expand national reach

The Massachusetts-based bank said its "Ivy Bank" platform has been in the works for the past two years and will aim to compete with other digital-only banks in the marketplace.

By Anna Hrushka • July 19, 2021

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SAFE Banking secondary to comprehensive pot reform, Senate Democrats say

The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.

By Anna Hrushka • July 16, 2021

Truist reports 73% Q2 profit amid loan-loss reserve release

"To thrive in today's world requires a deep commitment to continuously re-evaluating yesterday's activities and expenses associated with that, so that we can afford to invest in new activities for today's demands," CEO Kelly King said.

By Anna Hrushka • July 15, 2021

Bank of America's Q2 profit soars as low interest rates dent revenue

A $2.2 billion loan-loss reserve release buoyed the nation's second-largest bank as it anticipates an economic rebound from the COVID-19 pandemic. 

By Anna Hrushka • July 14, 2021

JPMorgan's Q2 profit more than doubles amid slight drop in revenue

The bank said its reserves for credit losses remain at $22.6 billion, an amount CFO Jeremy Barnum said reflects the remaining uncertainty around the COVID-19 pandemic and the shape of the economic recovery.

By Anna Hrushka • July 13, 2021

Deep Dive

Rethinking overdraft

While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.

By Anna Hrushka • July 12, 2021

U.S. Bank boosts unit to advise local governments on asset management

The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.

By Dan Ennis • July 12, 2021

Biden executive orders target bank mergers, financial data sharing

One measure requires the Justice Department and bank regulators to update guidelines to boost merger scrutiny, while another encourages the CFPB to issue rules giving customers greater access to their financial data.

By Anna Hrushka • July 09, 2021

Billie Jean King-backed de novo to open this fall

Chicago-based First Women's Bank said it raised more than $30 million through its private placement offering with the support of an investor group including Bank of America, Fidelity Investments and the tennis legend.

By Anna Hrushka • July 08, 2021

Fintech Karat aims to become influencers' bank, raises $26M

The company plans to move beyond credit cards and offer a suite of tools, including bank accounts and tax preparation services, for the creator economy.

By Anna Hrushka • July 02, 2021

Column

Banks prepare for 2021's second act with office-return, banker-pay pledges

Like any good drama, last week provided a recap of several long-running narratives in banking before the industry launches into 2021's latter half.

By Dan Ennis • July 02, 2021

Wealth management fintech gets boost from Florida community bank

A $2.5 million investment from Coral Gables-based Amerant Bank accounted for half of a Series A funding round for Marstone, whose CEO says the pandemic has accelerated every institution's digital roadmap.

By Anna Hrushka • June 30, 2021

Fifth Third Bank to acquire healthcare fintech Provide

The Cincinnati bank follows another Ohio-based lender in tailoring its financial services to the healthcare industry. Cleveland-based KeyBank launched Laurel Road for Doctors in March.

By Anna Hrushka • June 23, 2021

Goldman Sachs expands transaction banking services to UK

The bank said last year it wants to move more money around the world for large companies — a more stable revenue stream than trading. Goldman says its technology platform can open accounts in minutes instead of months.

By Dan Ennis • June 22, 2021

California businessman gets 2½ years for bank fraud in $150M pot processing scheme

The case highlights the challenges cannabis industry-serving companies face as banks remain reluctant to associate with a drug that's still illegal on a federal level.

By Anna Hrushka • June 21, 2021

American Express launches business checking accounts

The card network's subsidiary, Kabbage, rolled out a soft launch of the checking account product last summer, before AmEx acquired it.

By Anna Hrushka • June 15, 2021