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Sen. Cory Booker clarifies SAFE Banking Act support
"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.
By Anna Hrushka • July 27, 2021 -
Spencer Platt via Getty Images
M&T Bank to cut more than 700 jobs following People’s United takeover
The Buffalo, New York-based bank anticipates it will save about $330 million in annual expenses that would otherwise be duplicated as a result of its $7.6 billion acquisition of People's United.
By Anna Hrushka • July 26, 2021 -
Explore the Trendline➔
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TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
Plaid taps former bank execs to help reach data-sharing goal
The company's mission to forge stronger relationships with banks and increase its API traffic comes amid a sometimes less-than-amicable interplay between data aggregators and financial institutions.
By Anna Hrushka • July 23, 2021 -
Alex Wroblewski via Getty Images
Column // Return to the officeBank of America, Deutsche and the case of the summer sequel
Commitments to de-emphasize overdraft fees, boost junior banker pay and refresh banks' card suites are hardly new. This week offers deeper tread on well-worn narratives.
By Dan Ennis • July 21, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC to rescind Trump-era revamp to anti-redlining rule
"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start," Acting Comptroller Michael Hsu said in a statement.
By Anna Hrushka • July 20, 2021 -
Permission granted by Cambridge Savings Bank
Cambridge Savings Bank launches digital bank to expand national reach
The Massachusetts-based bank said its "Ivy Bank" platform has been in the works for the past two years and will aim to compete with other digital-only banks in the marketplace.
By Anna Hrushka • July 19, 2021 -
Unsplash / Tech Daily
Sponsored by StatfloThe frictionless customer journey in banking starts with text messaging
Find out how to create the frictionless digital banking experience customers now expect.
July 19, 2021 -
Justin Sullivan via Getty Images
SAFE Banking secondary to comprehensive pot reform, Senate Democrats say
The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.
By Anna Hrushka • July 16, 2021 -
Truist reports 73% Q2 profit amid loan-loss reserve release
"To thrive in today's world requires a deep commitment to continuously re-evaluating yesterday's activities and expenses associated with that, so that we can afford to invest in new activities for today's demands," CEO Kelly King said.
By Anna Hrushka • July 15, 2021 -
David McNew via Getty Images
Bank of America's Q2 profit soars as low interest rates dent revenue
A $2.2 billion loan-loss reserve release buoyed the nation's second-largest bank as it anticipates an economic rebound from the COVID-19 pandemic.
By Anna Hrushka • July 14, 2021 -
Alex Wroblewski via Getty Images
JPMorgan's Q2 profit more than doubles amid slight drop in revenue
The bank said its reserves for credit losses remain at $22.6 billion, an amount CFO Jeremy Barnum said reflects the remaining uncertainty around the COVID-19 pandemic and the shape of the economic recovery.
By Anna Hrushka • July 13, 2021 -
Mark Wilson via Getty Images
Deep Dive // Overdraft alternativesRethinking overdraft
While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.
By Anna Hrushka • July 12, 2021 -
Permission granted by U.S. Bank
U.S. Bank boosts unit to advise local governments on asset management
The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.
By Dan Ennis • July 12, 2021 -
Retrieved from The White House/YouTube on January 29, 2021
Biden executive orders target bank mergers, financial data sharing
One measure requires the Justice Department and bank regulators to update guidelines to boost merger scrutiny, while another encourages the CFPB to issue rules giving customers greater access to their financial data.
By Anna Hrushka • July 9, 2021 -
Szekely, Pedro. (2017). "Chicago Skyline" [Photograph]. Retrieved from Flickr.
Billie Jean King-backed de novo to open this fall
Chicago-based First Women's Bank said it raised more than $30 million through its private placement offering with the support of an investor group including Bank of America, Fidelity Investments and the tennis legend.
By Anna Hrushka • July 8, 2021 -
Mark Wilson via Getty Images
Fintech Karat aims to become influencers' bank, raises $26M
The company plans to move beyond credit cards and offer a suite of tools, including bank accounts and tax preparation services, for the creator economy.
By Anna Hrushka • July 2, 2021 -
Alex Wroblewski via Getty Images
Column // Return to the office
Banks prepare for 2021's second act with office-return, banker-pay pledges
Like any good drama, last week provided a recap of several long-running narratives in banking before the industry launches into 2021's latter half.
By Dan Ennis • July 2, 2021 -
Justin Sullivan via Getty Images
Wealth management fintech gets boost from Florida community bank
A $2.5 million investment from Coral Gables-based Amerant Bank accounted for half of a Series A funding round for Marstone, whose CEO says the pandemic has accelerated every institution's digital roadmap.
By Anna Hrushka • June 30, 2021 -
Courtesy of Fifth Third
Fifth Third to acquire healthcare fintech Provide
The Cincinnati bank follows another Ohio-based lender in tailoring its financial services to the healthcare industry. Cleveland-based KeyBank launched Laurel Road for Doctors in March.
By Anna Hrushka • June 23, 2021 -
Dan Kitwood via Getty Images
Goldman Sachs expands transaction banking services to UK
The bank said last year it wants to move more money around the world for large companies — a more stable revenue stream than trading. Goldman says its technology platform can open accounts in minutes instead of months.
By Dan Ennis • June 22, 2021 -
California businessman gets 2½ years for bank fraud in $150M pot processing scheme
The case highlights the challenges cannabis industry-serving companies face as banks remain reluctant to associate with a drug that's still illegal on a federal level.
By Anna Hrushka • June 21, 2021 -
Justin Sullivan via Getty Images
American Express launches business checking accounts
The card network's subsidiary, Kabbage, rolled out a soft launch of the checking account product last summer, before AmEx acquired it.
By Anna Hrushka • June 15, 2021 -
David Ramos via Getty Images
Sunwest Bank launches new account opening portal to boost geographic reach
The portal allows the bank to expand its services to commercial clients outside of the four states where it has a physical presence, said Dwight Flenniken, Sunwest's chief marketing officer.
By Anna Hrushka • June 10, 2021 -
Permission granted by U.S. Bank
Why some lenders are going all-in on video banking
OceanFirst Financial plans to extend its video banking services to mobile devices, while U.S. Bank recently added video to its co-browsing service.
By Anna Hrushka • June 8, 2021 -
Permission granted by Huntington Bank
Overdraft alternativesAlly, Huntington launch efforts to curb overdraft fees
Huntington's new $1,000 line of credit may cost the bank $1 million a month but earn customers' loyalty. Ally, meanwhile, eliminated overdraft fees altogether.
By Anna Hrushka • June 2, 2021
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