• A young woman customer placing her order at a fast food convenience restaurant.
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    Nashville bank execs launch Sonata to serve fast-food industry

    Dan Dellinger and Farzin Ferdowsi, with their third venture, aim to solve turnover and banking access issues in the quick-service space, and add telehealth and financial literacy to help franchisees retain talent.

    By Aug. 12, 2022
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    BM Technologies’ Luvleen Sidhu bets on BaaS, bank charter

    “For those that can combine the charter with the technology, that is the most competitive way to play in the banking-as-a-service space,” said Luvleen Sidhu, BM Technologies’ chair, CEO and founder.

    By Aug. 10, 2022
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    Anna Hrushka/Banking Dive

    FDIC signals greater scrutiny of commercial real estate loans

    “CRE loan concentrations add dimensions of risk that necessitate continued attention from banks and their regulators, especially as the pandemic lingers and uncertainties remain,” the FDIC said last week.

    By Aug. 9, 2022
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    New laws extend statute of limitations to 10 years in PPP, EIDL fraud cases

    Two laws signed Friday give prosecutors the same time frame to bring fraud charges against fintechs as they have for banks in cases tied to COVID-19 relief loan applications.

    By Aug. 8, 2022
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    "TD Bank" by Tdorante10 is licensed under CC BY-SA 4.0

    TD to buy Wall Street brokerage firm Cowen for $1.3B

    TD sold 28.4 million nonvoting common shares of its Charles Schwab stock to fund the transaction, which is expected to close in the first quarter of 2023.

    By Aug. 2, 2022
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    Grasshopper Bank raises $30M amid push into SMB lending, BaaS

    The fresh capital comes as the bank reports 192% year-over-year growth in core deposits amid an effort to broaden its focus to serve small businesses and offer banking-as-a-service (BaaS), in addition to targeting the startup market.

    By Aug. 1, 2022
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    How Cogent Bank treats cannabis account holders like ‘any other client’

    To help broaden the lender’s cannabis banking program, Cogent Bank partnered with Green Check Verified, a fintech that works with banks to provide compliant cannabis banking services.

    By July 29, 2022
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    Justin Sullivan via Getty Images

    Grasshopper Bank leans into BaaS

    The deal to offer banking-as-a-service to fintech Treasure Financial marks a first for the New York City-based bank, which, under CEO Mike Butler, has broadened its focus to include the small-business sector.

    By July 27, 2022
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    Credit Suisse names new CEO, launches review of business amid $1.7B loss

    Ulrich Körner, the bank’s asset-management chief, takes his new role Aug. 1 as the Swiss lender embarks on a strategy to cut costs and de-emphasize its investment bank.

    By July 27, 2022
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    Truist names new diversity, equity and inclusion chief

    Dominica Groom Williams’ predecessor, Wendy McSweeney, has transitioned to a role on the bank's new environmental, social and governance and impact advisory team.

    By July 26, 2022
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    Truist Financial

    Truist eyes M&A growth amid rising expenses

    The initiative comes as the bank said investments in wages, hiring and technology are expected to contribute to a 2% to 3% rise in noninterest expenses this year.

    By July 20, 2022
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    Sean Pavone via Getty Images

    Jefferies restructures to refocus on investment-banking core

    The company will sell its timber business, create an oil-and-gas spinoff and consolidate its CFO function by merging the investment bank into its parent company.

    By July 19, 2022
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    Drew Angerer via Getty Images

    House-passed NDAA includes banking provisions for cannabis

    SAFE Banking’s inclusion in the defense bill marks the seventh time the legislation has passed in the House. Another measure in the bill would allow individuals with a conviction history to work in the financial sector.

    By July 18, 2022
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    JPMorgan's Dimon blasts 'capricious, arbitrary' Fed stress tests

    “It’s inconsistent. It’s not transparent. It’s too volatile,” the CEO said of the stress test. JPMorgan said last month it would keep its dividend payouts flat in response to the central bank’s capital requirements.

    By July 15, 2022
  • BMO, community groups square off at merger hearing

    Advocates assailed the bank's home-lending record toward nonwhite borrowers and expressed skepticism over its promise not to close any Bank of the West branches.

    By July 15, 2022
  • Lawmakers air CRA concerns over race, data collection

    The rule’s focus on income level rather than race does not do enough to address disparities along racial lines, some Democrats say.

    By July 14, 2022
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    UBS's top Americas executive stepping down Oct. 3

    The Swiss lender hired Naureen Hassan, the New York Fed’s first vice president and chief operating officer, to replace Tom Naratil. Meanwhile, the bank named Iqbal Khan sole president of global wealth management.

    By July 13, 2022
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    Morgan Stanley continues leadership shuffle

    The bank tapped Eli Gross and Simon Smith as global co-heads of investment banking. They’ll replace Susie Huang and Mark Eichorn, who will become executive chairs and lead a dealmaking-focused cadre of senior bankers.

    By July 12, 2022
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    Wells Fargo launches new round of home-lending layoffs

    The bank notified 107 employees in Iowa, where its home mortgage division is based, that they would lose their jobs by late August, according to WARN notices filed last week.

    By July 7, 2022
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    One of Citi's Russia suitors is also in talks for HSBC's presence there

    Expobank, once Barclays’ Russia subsidiary, is in advanced discussions to buy HSBC’s Russia unit, which counts $1.4 billion in assets, according to Bloomberg and the Financial Times.

    By July 6, 2022
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    TD in talks to buy US brokerage Cowen

    “With respect to major mergers and acquisitions in the United States, we’re very open,” TD CEO Bharat Masrani told Bloomberg last year. The bank in February announced it would buy First Horizon Bank for $13.4 billion.

    By July 6, 2022
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    Truist Financial

    Truist bumps minimum hourly wage to $22

    The pay boost, effective Oct. 1, matches the bottom pay rate at Bank of America, another Charlotte, North Carolina-based lender.

    By July 6, 2022
  • BMO Harris to cut overdraft fees to $15 from $36

    The bank in November reduced the number of overdraft and NSF charges a customer can run up per day. It also increased — to $50 in the red — the threshold at which customers incur an overdraft fee.

    By July 5, 2022
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    Justin Sullivan via Getty Images

    3 potential buyers emerge for Citi's Russia operations

    An insurance firm and banks that once served as Russian subsidiaries of Barclays and Société Générale are in the running to snag a footprint the U.S. bank has been looking to shed for 15 months, according to the Financial Times.

    By July 1, 2022
  • Congresswoman Maxine Waters speaks in front of a microphone in a Congressional session.
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    Zach Gibson via Getty Images

    Waters urges regulators to 'escalate penalties' against Wells Fargo

    The chair of the House Financial Services Committee called on the CFPB, OCC, FDIC, Fed and HUD to address mounting reports of consumer abuses and discriminatory behavior at the San Francisco-based bank.

    By June 30, 2022