New platform aims to bridge ‘translation layer’ between banks, fintechs

Former NYDIG and Quontic Bank CIO Patrick Sells wants to speed up the length of time it takes for banks to find a fintech whose services match their needs.

By Anna Hrushka • Feb. 8, 2023

Wells Fargo to pay $300M to settle auto-loan class action

The bank was aware in 2016 that it charged customers for unnecessary insurance but kept investors in the dark, shareholders claimed, in a case that was set for trial Feb. 27.

By Dan Ennis • Feb. 8, 2023

Explore the Trendline➔

The Banking Dive Outlook on 2023

Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector in 2023.

By Banking Dive staff

Fed’s Barr urges banks to ‘eradicate’ discrimination

Barr encouraged banks to analyze their own lending decisions, focus on diversity within their organizations and recognize the "long shadow" of inequality.

By Rajashree Chakravarty • Feb. 8, 2023

Truist cuts dozens in investment banking: report

The layoffs, encompassing 5% of the division, came in late January, Bloomberg reported. Affected employees will get priority consideration for other roles within the company, a bank spokesperson said.

By Dan Ennis • Feb. 8, 2023

Silvergate’s FTX ties probed by DOJ fraud unit: report

The investigation is looking into the bank’s hosting of accounts linked to former FTX CEO Sam Bankman-Fried. Silvergate has not been accused of wrongdoing, sources told Bloomberg.

By Gabrielle Saulsbery • Feb. 3, 2023

Houston digital-asset firm LevelField to acquire Chicago’s Burling Bank

Burling will continue to serve as a bank for the trading community, but the combined firm will market itself nationwide to customers seeking to monetize their digital assets.

By Rajashree Chakravarty • Feb. 2, 2023

BankProv no longer offering loans backed by crypto mining rigs

The bank’s decision to end the loans comes as the firm reported $47.9 million in net charge-offs last year, the majority of which it said were loans secured by cryptocurrency mining rigs.

By Anna Hrushka • Feb. 2, 2023

Lawmakers press Silvergate harder, say due diligence failed ‘miserably’

Silvergate CEO Alan Lane’s response to a December letter regarding the bank's FTX ties was “evasive and incomplete,” a bipartisan group of U.S. senators wrote Monday.

By Gabrielle Saulsbery • Feb. 1, 2023

BM Technologies to cut 25% of staff

BM Technologies’ effort to reduce expenses follows the dissolution of the fintech’s planned acquisition of First Sound Bank, a $23 million deal the two parties called off in December.

By Anna Hrushka • Jan. 31, 2023

JPMorgan Chase can’t seem to quit soccer

The bank’s reported interest in underwriting the creation of a media unit for Italy’s Serie A — a deal worth up to $1 billion — comes two years after the dissolution of the JPMorgan-backed European Super League.

By Anna Hrushka • Jan. 27, 2023

Warren asks Congress to help SEC fight crypto fraud

The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

By Anna Hrushka • Jan. 26, 2023

Former BofA CEO-backed fintech launches to match SMBs with lenders

“What we want to do is to put people that want to lend money together with people who need money. It's not complicated,” said ex-Bank of America CEO Hugh McColl Jr., a founding investor in Foro.

By Anna Hrushka • Jan. 25, 2023

Popular Bank to pay $2.3M over alleged PPP fraud

The subsidiary of Puerto Rico-based Popular Inc. processed and funded six PPP loans in August 2020, totaling roughly $1.1 million, despite having detected signs of potential fraud, the Fed said.

By Anna Hrushka • Jan. 25, 2023

FTX-connected Farmington State Bank retreats from crypto, cannabis

The bank will also stop using the Moonstone Bank brand it developed for such “innovation-driven” pursuits, it said.

By Dan Ennis • Jan. 23, 2023

FDIC, BofA go to court in deposit insurance battle

The regulator, which claims Bank of America owes $1.1 billion in deposit insurance payments, first filed the suit in 2017.

By Gabrielle Saulsbery • Jan. 23, 2023

JPMorgan Chase keeps CEO Dimon’s pay steady at $34.5M

The bank agreed not to grant Dimon any “special awards” in the future — a nod to a $52.6 million share-options package that drew strong shareholder blowback last year.

By Dan Ennis • Jan. 20, 2023

Bank of America institutes partial hiring freeze: report

The bank does not have plans for widespread job cuts, a spokesperson said, but will hold off on bringing in new hires until at least midyear or until the economy improves.

By Anna Hrushka • Jan. 19, 2023

‘Too-big-to-manage’ banks could be broken up, OCC says

The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.

By Anna Hrushka • Jan. 18, 2023

Grasshopper, Ramp partner on small-business corporate card

The New York City-based digital bank will offer its customers access to Ramp’s spend management tool to help maximize savings and cut expenditures.

By Rajashree Chakravarty • Jan. 18, 2023

Three Arrows, CoinFlex founders eye new exchange to help FTX victims

The entrepreneurs aim to raise $25 million for an effort to let depositors transfer claims caught up in bankruptcy for a new token. The exchange’s placeholder name, GTX, saw considerable backlash on Twitter.

By Gabrielle Saulsbery • Jan. 17, 2023

BNY Mellon to lay off 1,500 employees this year

The cuts will largely target management positions, a source told The Wall Street Journal. CEO Robin Vince, meanwhile, reiterated the bank's commitment to digital assets.

By Dan Ennis • Jan. 13, 2023

Fifth Third closing 23 branches

The bank is concentrating its consolidation in the Midwest but says it aims to open 30 to 35 branches this year. The move comes during a week when Fifth Third launched early tax refund access to some account holders.

By Rajashree Chakravarty • Jan. 13, 2023

Goldman details $3B in losses since 2020

The bank's Platform Services unit, housing Apple Card, GreenSky and some Marcus business, lost nearly twice as much in 2022's first nine months as in 2020. Goldman reports earnings Tuesday.

By Dan Ennis • Jan. 13, 2023

Raleigh bank CEO dead in small plane crash

The pending merger between Integrated Financial, the company Eric Bergevin led, and MVB Financial “remains on track,” Integrated said Monday.

By Gabrielle Saulsbery • Jan. 12, 2023

Bank trade groups blast SBA’s fintech proposal

Vice President Kamala Harris has said opening the SBA’s 7(a) program to fintechs would increase lending in underserved markets. The trade groups say the move threatens the integrity of the program.

By Anna Hrushka • Jan. 11, 2023