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    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 Feb. 8, 2023
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    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 Feb. 8, 2023
  • 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
  • Michael Barr
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    Tasos Katopodis via Getty Images

    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 Feb. 8, 2023
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    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0

    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 Feb. 8, 2023
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    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 Feb. 3, 2023
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    gradyreese via Getty Images

    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 Feb. 2, 2023
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    luza studios via Getty Images

    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 Feb. 2, 2023
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    Just_Super via Getty Images

    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 Feb. 1, 2023
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    pcess609 via Getty Images

    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 Jan. 31, 2023
  • JPMorgan Chase sign in front of building in street level view.
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    Chris Hondros via Getty Images

    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 Jan. 27, 2023
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    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 Jan. 26, 2023
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    Streeter Lecka via Getty Images

    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 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 Jan. 25, 2023
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    Dan Kitwood via Getty Images

    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 Jan. 23, 2023
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    Davis Turner/Stringer via Getty Images

    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 Jan. 23, 2023
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    Alex Wroblewski via Getty Images

    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 Jan. 20, 2023
  • Bank of America CEO Brian Moynihan moderates a discussion while seated onstage.
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    Drew Angerer via Getty Images

    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 Jan. 19, 2023
  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
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    Retrieved from Senate Banking Committee.

    ‘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 Jan. 18, 2023
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    Ramp

    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 Jan. 18, 2023
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    Jack Taylor / Stringer via Getty Images

    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 Jan. 17, 2023
  • A person walks into BNY Mellon's headquarters in New York City.
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    Mario Tama / Staff via Getty Images

    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 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 Jan. 13, 2023
  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    Chris Hondros via Getty Images

    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 Jan. 13, 2023
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    Getty Images/Staff via Getty Images

    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 Jan. 12, 2023
  • Clipboard with small business loan application form and pen on wooden desk background.
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    Piotrekswat via Getty Images

    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 Jan. 11, 2023