Commercial
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FDIC's regulatory framework 'ripe for revisiting,' chair McWilliams says
"If we have rules and regulations that we have not touched internally for 10 years or more, open them up to procurement," she recalled telling the FDIC in taking the role.
By Anna Hrushka • Oct. 23, 2019 -
ICBA launches 'Wake Up' campaign in ongoing fight against credit unions
The Credit Union National Association has criticized the campaign, issuing a statement refuting many of the ICBA's claims.
By Anna Hrushka • Oct. 22, 2019 -
Santander to roll out US online deposit platform next year
The Spanish bank wants to use favorable interest rates to help expand beyond its car-loan business. But having a physical presence in only nine states may challenge its growth potential.
By Dan Ennis • Oct. 22, 2019 -
JPMorgan Chase expands effort to hire people with criminal backgrounds
The U.S. loses $78 billion to $87 billion a year by excluding people with criminal records from the workforce, according to the bank's research.
By Anna Hrushka • Oct. 21, 2019 -
Wells Fargo must offer 66 jobs to applicants it rejected in 2014
The bank also must pay $603,612 in back wages, benefits and interest in a settlement with the Labor Department alleging racial and gender discrimination.
By Dan Ennis • Oct. 21, 2019 -
Mortgage banking boosts U.S. Bancorp's Q3 profits
Strategic investments in loan officers and its digital platform have contributed to the growth of U.S. Bancorp's mortgage arm, the company's CFO said.
By Anna Hrushka • Oct. 17, 2019 -
PNC's revenue is growing, but profits are flat amid expansion
The bank has expanded into 10 new cities, rolled out a digital retail bank last year and opened retail locations, or "solution centers," in Kansas City, Missouri, and the Dallas area.
By Anna Hrushka • Oct. 17, 2019 -
Bank of America prioritized internal cloud. Now it's evaluating third-party providers
"We don't need to own the hardware, we just need to find out who can provide the right way," said CEO Brian Moynihan.
By Naomi Eide • Oct. 17, 2019 -
11% boost in North America card revenue buoys Citi's earnings
The card segment's growth stands as somewhat of a relief after the bank lowered its expectations on net interest income. Expenses also are up slightly as the company continues to cut jobs.
By Dan Ennis • Oct. 16, 2019 -
$2.1B charge dents Bank of America Q3 profits
The bank said a one-time impairment charge related to the end of its tie-up with payment-processing company First Data caused a drop in net income.
By Anna Hrushka • Oct. 16, 2019 -
Wells Fargo earnings suffer on $1.6B legal charge
The nation's fourth-largest bank is in transition, with a new CEO stepping in Oct. 21.
By Dan Ennis • Oct. 15, 2019 -
JPMorgan Chase jumps to record revenue on consumer banking gains
Profit for the bank’s consumer unit, which includes home loans, auto loans and consumer credit cards, rose 5% to $4.27 billion.
By Anna Hrushka • Oct. 15, 2019 -
OCC fines Citibank $30M over real estate holdings violations
The bank allegedly committed more than 200 violations between April 2017 and August 2019. But it has "significantly reduced its inventory of OREO assets" in the past year, the the regulator's filing indicated.
By Dan Ennis • Oct. 14, 2019 -
61% more banks, credit unions serve pot firms over last year, FinCEN says
The public's shifting attitude toward cannabis, in addition to bipartisan legislation, may be encouraging some banks to take on the reputational and legal risks associated with banking marijuana-related businesses.
By Anna Hrushka • Oct. 10, 2019 -
LA plans to create California's first public bank
The city has expressed disfavor with for-profit banks, moving funds out of its Wells Fargo account in 2017 after the bank's fake customer accounts scandal.
By Anna Hrushka • Oct. 08, 2019 -
HSBC to cut 10K jobs, FT reports
The staff reduction comes amid conflicting reports regarding the future of the bank's French retail arm, and after HSBC announced in August that it was shedding 4,700 positions.
By Anna Hrushka • Oct. 07, 2019 -
Wells Fargo CEO pick marks crucial step to restoring confidence
Charles Scharf's stint at BNY Mellon shows he has the gravitas and experience to turn around a bank that has hemorrhaged consumer trust, an analyst tells Banking Dive.
By Anna Hrushka • Oct. 03, 2019 -
Community banks won't survive without tech innovation, FDIC chair says
The agency's Tech Lab aims to collaborate with smaller financial institutions on how to deploy technology to better serve customers.
By Anna Hrushka • Oct. 02, 2019 -
Industry execs question cannabis banking bill's potential impact
One compliance officer says she is concerned "there's not enough teeth" to provide safety for banks that service pot-related businesses.
By Anna Hrushka • Oct. 01, 2019 -
Wells Fargo names BNY Mellon's Charles Scharf CEO
The appointment ends a six-month search that began after former CEO Tim Sloan resigned from the scandal-plagued bank in March.
By Anna Hrushka • Sept. 27, 2019 -
Women-focused de novo files FDIC application
First Women's Bank is targeting the 42% of all businesses that are women-owned, which generate $1.9 trillion in annual revenue, according to the bank.
By Anna Hrushka • Sept. 26, 2019 -
House OKs landmark cannabis banking bill
If the Senate also passes the SAFE Banking Act, it would be a major win for the cannabis industry and banks that want a piece of a market that could grow to $41 billion by 2025, according to data firm Nielsen.
By Anna Hrushka • Sept. 26, 2019 -
Wells Fargo tests blockchain waters with internal settlement service
Wells Fargo's renewed interest in blockchain comes at a time when banks are still gauging the technology's benefits.
By Anna Hrushka • Sept. 17, 2019 -
Senate panel chairman eyes cannabis banking vote by year's end
Passage of legislation to protect banks that service marijuana-related businesses would be a major victory for the cannabis industry, which has remained largely cash-based over a lack of access to banking services.
By Anna Hrushka • Sept. 13, 2019 -
California lawmaker pulls cannabis banking bill ahead of vote
The state is expected to post $3.1 billion in licensed cannabis sales this year. But as long as pot remains a Schedule 1 drug under federal law, many banks are reluctant to accept those deposits.
By Anna Hrushka • Sept. 11, 2019
