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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 -
Kendall Davis/Banking Dive
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 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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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 -
TD Bank pledges $100M to minority-owned small-business lending
Michael Innis-Thompson, TD's head of community lending and development, told American Banker the bank aims to become "the bank of choice for Black and Latin borrowers."
By Anna Hrushka • June 1, 2021 -
Black-owned businesses leaned harder into fintechs on PPP, Fed data shows
The data highlights fintechs' efforts to serve marginalized communities but comes amid reported scrutiny from the Justice Department and lawmakers over nonbank lenders' fraud controls and compliance systems.
By Anna Hrushka • May 28, 2021 -
Senators, bank CEOs spar on Capitol Hill over compensation, voting rights
Wednesday's hearing showcased how the country's banking sector has become a battleground for lawmakers to debate politically charged issues dividing Republicans and Democrats.
By Anna Hrushka • May 27, 2021 -
Chip Somodevilla via Getty Images
Toomey questions regional Fed banks' race-related work
The Senate Banking Committee's ranking member requested briefings with the banks on their racial equality work no later than June 7, and demanded documents and financial information about the work.
By Anna Hrushka • May 24, 2021 -
Banks' succession strategies include 'testing ground' for CEO candidates
JPMorgan Chase and Morgan Stanley's moves show leaders would rather see contenders vie for the top spot than groom a particular candidate, one headhunter says.
By Anna Hrushka • May 21, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC reconsiders controversial revamp to anti-redlining law
Tuesday's move to halt the implementation of the CRA revamp comes as new Acting Comptroller Michael Hsu has signaled a change in direction for the agency.
By Anna Hrushka • May 19, 2021 -
David McNew via Getty Images
Bank of America to increase minimum hourly wage to $25 by 2025
CEO Brian Moynihan said the increase will cost the bank "a few hundred million dollars a year" but called the move "an investment."
By Anna Hrushka • May 18, 2021 -
Iulia Gheorghiu/Banking Dive
Climate First Bank finds fintech partner with a similarly green mission
Atmos launched in January with a savings product, and allows customers to donate to 41 climate, clean energy and sustainability nonprofits directly from their accounts.
By Anna Hrushka • May 12, 2021 -
DOJ reportedly investigating Kabbage, fintech lenders, over PPP loans
Some fintechs' use of automated lending platforms with few manual checks caused errors to be replicated across thousands of loans, one source said.
By Anna Hrushka • May 10, 2021 -
Permission granted by Eastern Bank
Inside Boston’s turn as ground zero for M&A in 2021
Geographic expansion and desire for scale have spurred four deal announcements in as many months around New England's hub.
By Anna Hrushka • May 5, 2021 -
FDIC bans former Bank of the West banker over loan fraud
The regulator said Mark Wong made fraudulent loans in the names of bank customers without their authorization or knowledge while serving as a vice president and business banking officer at the BNP Paribas subsidiary.
By Anna Hrushka • May 3, 2021 -
Permission granted by Quontic Bank
How Quontic Bank adapts to crypto, remote work and wearable tech
Since purchasing the institution in 2009, CEO Steven Schnall, an entrepreneur and former mortgage banker, has been molding the bank to reflect his vision.
By Anna Hrushka • April 30, 2021 -
Permission granted by Office of the Comptroller of the Currency
Senate Democrats call on OCC to revoke Trump-era 'true lender' rule
Supporters of the rule say it provides regulatory clarity and expands access to credit, while Democrats and consumer advocates argue it allows nonbanks to take advantage of vulnerable borrowers.
By Anna Hrushka • April 29, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo shareholders give tepid pass to bank's pay packages
A proxy adviser recommended investors reject the bank's high salaries and slighter reliance on performance-based stock awards. Other gripes could stem from a dip in net income or the lack of an end date for the bank's asset cap.
By Dan Ennis • April 29, 2021 -
Oli Scarff via Getty Images
Barclays US to offer merchants buy-now-pay-later feature
"We plan to use this to supercharge our growth and give our partners and our customers more options to buy stuff with," said Barclays US CEO Denny Nealon.
By Anna Hrushka • April 27, 2021 -
Spencer Platt / Staff via Getty Images
New York Community Bank to buy Flagstar in $2.6B all-stock deal
The combined bank will have over $87 billion in assets and operate nearly 400 branches in nine states and 87 loan production offices across a 28-state footprint.
By Anna Hrushka • April 26, 2021 -
Senate banking chair 'not ready to move' on pot banking bill
Republicans have historically been cannabis bill holdouts. Now, Sen. Sherrod Brown, D-OH, says the panel's "too much about Wall Street and not enough about housing ... rural and urban affairs and people's everyday economic lives."
By Anna Hrushka • April 23, 2021 -
Chris Hondros via Getty Images
JPMorgan expects July rotating return for US employees
"We know that many of you are excited to come back, but we also know that for some, the idea of coming in on a regular basis is a change through which you'll need to manage," the bank's operating committee wrote in a memo Tuesday.
By Dan Ennis • Updated April 27, 2021 -
Chris Hondros via Getty Images
JPMorgan-backed European Super League unravels
The biggest U.S. bank agreed to underwrite up to $4.8 billion in the endeavor. Backlash has been harsh in the U.K., where the lender plans to launch a digital platform. The bank's corporate sustainability rating has even taken a hit.
By Anna Hrushka • April 21, 2021
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