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

Explore the Trendline➔

Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

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

PPP reboot promises some relief for borrowers, lenders

Certain provisions indicate lawmakers took the challenges and criticism of the first version to heart and made "PPP 2.0" more targeted, a consultant said.

By Anna Hrushka • Dec. 23, 2020

Fed allows banks to resume stock buybacks with limitations

Just minutes after the Fed released stress test results Friday, JPMorgan Chase said its board approved a new share repurchase program of $30 billion. The central bank said it would continue to cap dividend payments through March.

By Anna Hrushka • Dec. 21, 2020

Yelp deposits $10M into 3 Black-owned banks

The move follows an increase in banks and corporations earmarking funds for minority-owned depository institutions and racial equality initiatives following the May killing of George Floyd at the hands of police.

By Anna Hrushka • Dec. 17, 2020

FDIC releases final rule on controversial ILC charters

The rule, which opponents argue eases the path for commercial companies to operate as banks without Federal Reserve oversight, comes as a growing number of nonbanks have recently applied for ILC charters.

By Anna Hrushka • Dec. 16, 2020

Bank tellers, loan officers should be in second group vaccinated, ABA says

The trade group wrote to the CDC, saying customer-facing front-line bank employees should be allowed to get the COVID-19 vaccine after healthcare workers and long-term care facility residents.

By Anna Hrushka • Dec. 15, 2020

Deutsche could scatter half of its New York staff within 5 years, exec says

"I'm optimistic that New York remains, to a degree, a hub," the bank's chief executive for the Americas told the Financial Times. "But that isn't maybe going to be relevant for all of those people." 

By Dan Ennis • Dec. 15, 2020