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    Big banks pass muster in Fed's annual stress test

    The 33 largest U.S. banks would be able to maintain adequate capital levels in the event of a severe recession, the Federal Reserve found in its latest annual bank stress test. 

    By June 24, 2022
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    Cannabis banking nixed from competition bill

    Bowing to Republican demand, leaders from both parties decided to exclude the Secure and Fair Enforcement Banking Act from the bicameral version of the America COMPETES Act.

    By June 24, 2022
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    Trendline

    Business banking

    Selling banking and payments solutions to small and medium-sized businesses has become a lucrative prospect for fintechs and banks alike.

    By Banking Dive staff
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    JPMorgan lays off hundreds in mortgage division amid rising rates

    The move, which follows last week’s rate hike by the Federal Reserve, comes as rising home mortgage rates are quelling demand in the housing market.

    By June 23, 2022
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    Breach at Flagstar Bank impacts more than 1.5M customers

    The breach, which occurred between Dec. 3 and Dec. 4, is the second to impact the bank in less than two years.

    By June 22, 2022
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    Chicago de novo taps Google to build bank on the cloud

    The startup bank submitted its application for deposit insurance with the FDIC in April, and plans to use a proprietary lending algorithm to provide small business owners unbiased access to flexible capital, founder Seke Ballard said.

    By June 22, 2022
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    Truist opens Innovation Technology Center in Charlotte headquarters

    The 100,000-square-foot space is a physical manifestation of the bank’s technology, touch and trust concept, said Ken Meyer, Truist’s divisional CIO and experience officer.

    By June 21, 2022
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    Ex-Amazon employee convicted over 2019 Capital One breach

    Paige Thompson was found guilty of seven federal crimes in connection with the 2019 Capital One hack.

    By June 19, 2022
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    M&T president, COO to step down next year

    Richard Gold will retire as president and COO of the Buffalo, New York-based firm after the first quarter of 2023.

    By June 17, 2022
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    West Virginia may boycott 6 finance firms over fossil-fuel lending stance

    The state’s Treasury is set to place BlackRock, Wells Fargo, JPMorgan Chase, Morgan Stanley, Goldman Sachs and U.S. Bank on a list blocking them from state contracts within 45 days, according to letters seen by Politico.

    By June 15, 2022
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    Canada's VersaBank to buy Minnesota bank in bid to gain OCC charter

    The $13.5 million deal, expected to close by October, represents a trend among financial firms to purchase the coveted OCC bank charter rather than embark on the expensive, arduous journey of applying for one.

    By June 15, 2022
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    Truist, PNC map out push into new markets

    Truist Wealth sets its sights on the Windy City as PNC reorganizes to better manage its expanded footprint in the West after absorbing BBVA’s American arm last year.

    By June 14, 2022
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    Citi's 7,000 new-hire push should come as no surprise

    The bank warned investors in March that expenses could jump 10% to 12% over first-quarter levels. And it said it would pour some of its retail-exit windfall back into wealth management.

    By June 8, 2022
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    Wells Fargo poaches JPMorgan Chase's retail communications chief

    Amy Bonitatibus will join Wells Fargo as head of communications and brand management Sept. 12. Barri Rafferty, that post’s previous occupant, left the bank May 1.

    By June 8, 2022
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    NYCB, Flagstar to drop NSF and certain overdraft fees

    The banks will eliminate overdraft transfer fees between linked accounts beginning Aug. 1, but they will not go so far as some firms to scrap overdraft entirely.

    By June 6, 2022
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    Why a digital operating model is necessary for banks to reach their goals

    To meet demands from inside and out, banks need a digitally forward operating model to power the entire enterprise.

    June 6, 2022
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo employees seek to organize union

    Organizers, seeking a pay raise, increased staffing and a chance to discuss recent scandals, said the COVID crisis served as a wake-up call that some policies were unclear or applied unevenly.

    By June 3, 2022
  • Pennsylvania's FNB to expand in North Carolina with $117M deal

    The Pittsburgh bank's purchase of Union Bank, which is expected to close before the end of 2022, entrenches the Tar Heel State as a "growth engine" for the company.

    By June 2, 2022
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    Deep Dive

    Banks eye first-mover advantage to embracing the metaverse

    Banks are carving out their own spaces in the metaverse, a virtual world estimated to represent a $1 trillion market opportunity.

    By June 2, 2022
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    Courtesy of Wells Fargo multimedia resources

    Fix Wells Fargo 'once and for all,' senator tells CEO Scharf

    Senate Banking Committee Chair Sherrod Brown, D-OH, called out the bank in a letter Tuesday, noting its racial disparity in mortgage lending, revelations of fake job interviews and a recent anti-money laundering fine.

    By June 1, 2022
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    PNC names new retail banking head

    Karen Larrimer is stepping down after 27 years at the Pittsburgh-based financial institution.

    By June 1, 2022
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    CBDC, stablecoins and commercial bank money can coexist, Brainard says

    The Federal Reserve vice chair, at a House Financial Services Committee hearing Thursday, also called for stricter regulation in the stablecoin space.

    By May 27, 2022
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    JPMorgan Chase taps PayPal exec Peggy Mangot to head fintech partnerships

    The Wells Fargo and Google veteran, who joined the bank this month, leads a team responsible for designing, developing and driving fintech partnership strategy at JPMorgan's commercial bank.

    By May 26, 2022
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    Bank profits dip 6.5% in Q1 amid loan-loss reserve buildup: FDIC

    Large banks added to their cushions during 2022's first three months — a reversal from a year earlier — as inflation soared, interest rates increased and Russia invaded Ukraine.

    By May 25, 2022
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    How banks might approach M&A amid regulatory revamp

    Looping in regulators early and preparing for an increase in public hearings can help banks better situate themselves ahead of a tie-up, says one attorney. But "mergers of equals" may be on hold.

    By May 25, 2022
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    CBDC would pull deposits away from banks, trade groups tell Fed

    A U.S. digital dollar would take $720 billion in deposits out of banks even if the central bank were to cap accounts at $5,000 per "end user," the American Bankers Association wrote in a letter.

    By May 24, 2022