California lawmaker pulls cannabis banking bill ahead of vote

The state is expected to post $3.1 billion in licensed cannabis sales this year. But as long as pot remains a Schedule 1 drug under federal law, many banks are reluctant to accept those deposits.

By Anna Hrushka • Sept. 11, 2019

JPMorgan Chase's WePay launches same-day deposits

The free service gives Chase an edge on fintech competitors such as Stripe and Square, which both charge fees for faster processing.

By Anna Hrushka • Sept. 10, 2019

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Top 5 stories from Banking Dive

Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

By Banking Dive staff

Wells Fargo launches food, beverage and agribusiness group

The launch comes at a time when the country’s largest banks are scaling back on their agricultural lending portfolios, a result of significant drops in farm income and the escalating U.S.-China trade war.

By Anna Hrushka • Sept. 9, 2019

BB&T, SunTrust branch sales could mark opportunity as merger nears

The banks have said the merger would result in 740 branches located within two miles of one another, a prospect that has drawn concern from lawmakers.

By Anna Hrushka • Sept. 6, 2019

TD Bank aims to help finance workers return from career breaks

The bank is set to kick off its first 16-week program in the New York City area in January 2020.

By Valerie Bolden-Barrett • Sept. 6, 2019

'Responsible' loans jump 40% as banks take green, social stances

Banks are rethinking their lending policies with regard to coal, carbon and private prisons as consumer desire for transparency grows.

By Anna Hrushka • Sept. 4, 2019

PNC launches on Ripple’s cross-border payments network

While Ripple already has a global portfolio of banks using the RippleNet network, the launch with PNC Bank marks a significant milestone for the cryptocurrency company.

By Anna Hrushka • Sept. 3, 2019

$35.3M credit union tops JPMorgan for medical marijuana banking contract

The competition came after banks on contract with West Virginia said they would not provide services related to pot sales even though the state passed the Medical Cannabis Act in 2017. Bidders can file protests until Sept. 3.

By Anna Hrushka • Aug. 29, 2019

6 questions with Trustar Bank CEO Shaza Andersen

Executive launched the Great Falls, Virginia-based community bank in July, after selling WashingtonFirst Bank to Sandy Spring Bank.

By Anna Hrushka • Aug. 29, 2019

Wells Fargo may want to consider changing name, image adviser says

Consumers gave the bank a 91% negative rating long after its fake-accounts scandal. Plummeting stocks, a lengthy CEO search and a "mea culpa" campaign aren't helping.

By Anna Hrushka • Aug. 22, 2019

5 regulators respond to request for hemp banking clarity

Although the production and sale of industrial hemp was legalized last year, financial institutions still question whether services can be extended to businesses associated with the product.

By Anna Hrushka • Aug. 15, 2019

Capital One's hacker breached more than 30 organizations, prosecutors say

The servers found in Paige Thompson's bedroom held data from the bank and other entities, though the data is not personally identifiable information.

By Samantha Schwartz • Aug. 15, 2019

Small-business lending study shows racial disparity

More than half of black sole proprietors who applied for financing received none, a New York Fed study found.

By Dan Ennis • Aug. 14, 2019

Big-bank leadership lacks diversity, House panel says

The boards of directors of the nation's largest banks are composed of only 29% women and 17% minorities despite a U.S. population that is more than 50% female and 40% nonwhite. 

By Anna Hrushka • Aug. 14, 2019

Schumer asks regulators for clarity on hemp banking

Senate minority leader's letter highlights how hemp growers are facing some of the same reluctance from financial institutions as pot-related businesses.

By Anna Hrushka • Aug. 13, 2019

Banks' use of social media matures, ABA finds

More than 80% of respondents said they "agree" or "strongly agree" that social media are important, up from 76% according to a parallel study the trade association conducted in 2016.

By Anna Hrushka • Aug. 9, 2019

Alaska credit union ends pot pilot after losing insurance coverage

Providing banking to MRBs may have been a "more reasonable prospect" if the burden of compliance was not so high, the credit union's CEO said.

By Anna Hrushka • Aug. 8, 2019

Community banks face risk amid escalating trade war

Tariffs will affect larger banks, but diversification will shield bigger financial institutions from the impact, an analyst said.

By Anna Hrushka • Aug. 2, 2019

Barclays drops private prisons as more banks weigh reputational risks

The announcement follows in the footsteps of other large financial institutions turning away from the industry, as more banks make business decisions related to social issues.

By Anna Hrushka • Aug. 1, 2019

Citigroup to cut hundreds of jobs, reports say

The news of job cuts follows reports Citigroup will combine its stock trading business with its prime brokerage unit. A source, however, told the Financial Times the cuts are not related to the bank’s reorganization plans.

By Anna Hrushka • July 30, 2019

Japanese online merchant Rakuten files for Utah bank charter

The online retailer is applying to be an industrial loan company, but U.S. trade groups are wary of the designation, calling the lack of oversight a consumer safety issue.

By Anna Hrushka • July 29, 2019

Women pay 18% more in bank fees per year, study shows

The pay gap between women and men is to blame, said the CEO of the investing app whose data was used in the study. But overdraft fees are at their highest level in nearly a decade.

By Dan Ennis • July 29, 2019

2020 election: Where the candidates stand on banking

Biden running mate Sen. Kamala Harris introduced a bill to give states the authority to enforce their laws against nationally chartered banks. She also negotiated with banks to compensate homeowners after the 2007-08 crisis.

By Banking Dive staff • Updated April 8, 2020

Lawmakers press BB&T, SunTrust execs on merger's impact

Executives defended the proposed $66 billion merger Wednesday, saying the combination will boost the new entity's investment in technology. 

By Anna Hrushka • July 25, 2019

Pot hearing reveals confidence gap in banking a budding industry

Bank and credit union executives showed support for the SAFE Act at Tuesday's Senate hearing, but federally regulated bodies may want more guidance than what FinCEN provides.

By Anna Hrushka • July 24, 2019