OCC halts controversial fair access rule

Pausing publication of the rule will allow the next confirmed comptroller to review it — along with the more than 35,000 public comments the OCC received, the regulator said Thursday.

By Anna Hrushka • Jan. 28, 2021

SBA outlines steps to improve PPP, reports $35B in approved loans

The agency said a review of first-draw loans identified data mismatches and eligibility concerns in about 4.7% of the lender-submitted data.

By Anna Hrushka • Jan. 27, 2021

Explore the Trendline➔

Artificial intelligence

The heavily regulated banking sector rarely gets to trailblaze. But with AI, an all-in mentality is fueling both research and adoption.

By Banking Dive staff

Black- and Latinx-focused digital bank Greenwood hits 500K signups in 100 days

"We see that there is definitely an appetite for what we're doing," said Ryan Glover, who founded the startup with civil rights leader Andrew Young and rapper Killer Mike. Glover said the platform could launch in May or June.

By Anna Hrushka • Jan. 26, 2021

What’s in store for challenger banks in 2021?

As the challenger bank market continues to attract venture capital, new users and even celebrity endorsements, how will the momentum and hype surrounding this new way to bank continue into 2021?

By Anna Hrushka • Jan. 25, 2021

Morgan Stanley CEO Gorman gets 22% raise to $33M

The $6 million bump puts him ahead of JPMorgan's Jamie Dimon among top-paid U.S. bank executives, and comes after the bank engineered two multibillion-dollar acquisitions. Gorman took a 7% cut in pay in 2019.

By Dan Ennis • Jan. 25, 2021

KeyBank aims to launch digital bank for doctors in March

"Think about a digital company that refinances student loans for doctors and dentists that are accredited, employed, have an average salary of about $200,000 per year," CEO Chris Gorman said. "These are great clients to get."

By Anna Hrushka • Jan. 22, 2021

Alternative credit data, fair lending may take focus under Biden

Among his first actions as president, Joe Biden signed an executive order to extend the pause on student loan payments through Sept. 30.

By Anna Hrushka • Jan. 21, 2021

Truist reports Q4 profit, continues merger-related job cuts, branch closures

The bank eliminated 1,307 positions during the fourth quarter. It said it closed 149 branches in 2020 and plans to shutter more than 400 this year.

By Anna Hrushka • Jan. 21, 2021

4 banking trends to watch in 2021

Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.

By Dan Ennis , Anna Hrushka • Jan. 20, 2021

U.S. Bank hangs on to loan loss reserves, reports slight Q4 profit

The bank completed its branch consolidation project this month, closing nearly 25% of its brick-and-mortar locations, it said.

By Anna Hrushka • Jan. 20, 2021

Bank of America year-over-year profits drop nearly 22% in Q4

Net interest income and revenue, especially in consumer banking, saw double-digit percentage-point drops. But deposits jumped 23% and investment banking fees climbed 26%.

By Dan Ennis • Jan. 19, 2021

Plaid sees 'opportunity' after $5.3B Visa deal ends

The data aggregator's biggest priority now is getting 75% of its traffic dedicated to application programming interfaces by the end of 2021 — a prospect John Pitts, Plaid's head of policy, calls an "immense challenge."

By Anna Hrushka • Jan. 19, 2021

JPMorgan net income jumps 42% YoY over trading revenue, lower credit reserves

The bank said it plans to add an extra $900 million to its $11 billion technology budget in 2021 and to expand its branch presence to 48 states by midyear.

By Anna Hrushka • Jan. 15, 2021

Citi's net income jumps 44% in Q4 over previous quarter

The bank released $1.5 billion in credit loss reserves, after setting aside $436 million in the third quarter and $253 million a year ago.

By Suman Bhattacharyya • Jan. 15, 2021

PNC sees 6% jump in Q4 net income ahead of BBVA acquisition

Deposits at the Pittsburgh-based lender grew 25% year over year.

By Robert Freedman • Jan. 15, 2021

Wells Fargo posts $1.1B in restructuring and remediation, sees 4% rise in Q4 profit

Despite the bump in Wells Fargo's bottom line, the bank saw double-digit percentage-point declines, or close, in net interest income and revenue.

By Dan Ennis • Jan. 15, 2021

Goldman, Marqeta partner to launch Marcus checking accounts this year

The bank is considering growing Marcus through acquisitions, Reuters reported, though executives have ruled out any tie-ups that involve taking on bank branches.

By Dan Ennis • Jan. 15, 2021

OCC finalizes controversial fair access rule

Bank trade groups and some Democratic lawmakers said the regulator is overstepping, while some Republicans in Congress said the rule prevents unpopular sectors of the economy from being blackballed.

By Anna Hrushka • Jan. 14, 2021

Visa terminates $5.3B acquisition of Plaid after DOJ antitrust suit

The abandonment of the deal won't keep Visa from pursuing partnerships with Plaid or other fintechs, CEO Al Kelly said Tuesday during a call with analysts.

By Anna Hrushka • Jan. 13, 2021

Major banks suspend political donations after US Capitol siege

"The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now," JPMorgan's Peter Scher said. 

By Anna Hrushka • Jan. 11, 2021

Banks embrace automation, white-label options ahead of PPP relaunch

"It's going to be the coming-out party for commercial digital loan applications," Numerated CEO Dan O'Malley said of the $284 billion round of Paycheck Protection Program funding.

By Anna Hrushka • Jan. 8, 2021

Community-based lenders to get first 2 days of PPP 2.0 to themselves

CDFIs and minority depository institutions get exclusive access to the portal for at least the first two days once it reopens Monday, according to Small Business Administration guidance.

By Dan Ennis • Jan. 7, 2021

Bank leaders, trade groups condemn insurrection at US Capitol

"We have to begin reinvesting in our democracy," Goldman Sachs CEO David Solomon said in a LinkedIn post, adding that the country has "squandered" its "reservoir of goodwill around the world."

By Anna Hrushka • Jan. 7, 2021

U.S. Bank to buy MUFG Union Bank's $320B custody portfolio

The deal, expected to close by March, bolsters the West Coast reach of a Midwest stalwart and marks a shift in priorities for another U.S. subsidiary of a foreign banking giant.

By Dan Ennis • Jan. 7, 2021

Main Street Lending Program ended at 3% capacity, data shows

Businesses availed themselves of $17.5 billion of the $600 billion the facility made available, the Federal Reserve indicated Tuesday. The program launched in June but saw two-thirds of its activity in November and December.

By Anna Hrushka • Updated Feb. 10, 2021