SEC fines Wells Fargo $35M over investment advice, compliance failures

The bank advised investors to hold single-inverse exchange-traded funds for months or even years, essentially ensuring they would incur losses while the bank would profit, the regulator said.

By Kate Patrick Macri • March 2, 2020

Spike in fintech M&A shows industry is maturing

Fintechs are growing, accumulating users and establishing themselves in the financial services space. And it’s attracting attention. 

By Anna Hrushka • Feb. 28, 2020

Explore the Trendline➔

Top 5 stories from Banking Dive

Amid a swell of activity, financial institutions large and small are leaning into their aspirations. For PNC, it’s scale. For some fintechs, it’s a charter. For Millbury National Bank, it may simply be niceness.

By Banking Dive staff

Vote on pot banking bill is months away, Sen. Gardner says

Gardner said the SAFE Banking Act would bring nearly $2 billion of cash from Colorado’s state-legal cannabis industry into the financial system.

By Anna Hrushka • Feb. 27, 2020

Consumer data-sharing debate highlights bank, fintech divide

Screen scraping and APIs were among the topics discussed at the CFPB's symposium on Consumer Access to Financial Records on Wednesday.

By Anna Hrushka • Feb. 27, 2020

Financial services industry stands to lose $1T in climate change-related costs

The report comes as major banks such as JPMorgan Chase and Goldman Sachs, as well as asset management firm BlackRock, announced their own commitments to combat climate change.

By Anna Hrushka • Feb. 25, 2020

Democrats slam Wells Fargo settlement as bank faces 3 congressional hearings

Last week’s settlement may have closed the book on several criminal and civil investigations, but the ramifications of Wells Fargo’s fake-accounts scandal are far from over as it once again becomes the subject of several hearings.

By Anna Hrushka • Feb. 25, 2020

LendingClub, Radius execs talk regulation, tech integration ahead of merger

In a wide-ranging interview, executives said they don’t foresee any pushback from regulators or any significant post-merger complications associated with integrating the two companies’ platforms or IT.

By Anna Hrushka • Feb. 24, 2020

JPMorgan Chase reportedly launching UK digital bank

JPMorgan would have its fair share of digital bank competitors in the U.K., including Monzo, Starling, Revolut, as well as fellow U.S. bank Goldman Sachs's Marcus. 

By Anna Hrushka • Feb. 24, 2020

CRA overhaul plan finds few supporters on any side

Banks, low-income advocates, the Federal Reserve and some members of Congress suggest the OCC slow down in its effort to overhaul the 40-year-old law intended to get more bank credit into underserved areas.     

By Robert Freedman • Feb. 24, 2020

Wells Fargo to pay $3B to settle fake accounts scandal

The settlement with the Justice Department and the Securities and Exchange Commission comes about a month after the OCC fined former Wells CEO John Stumpf $17.5 million and banned him for life.

By Anna Hrushka • Feb. 21, 2020

Citibank 'Impact Fund' to capitalize companies who drive ESG value

Citi will invest in U.S.-based companies — up to $10 million each — that address and combat issues across workforce development, financial capability, physical and social infrastructure and sustainability.

By Hillary Richard • Feb. 21, 2020

LendingClub's Radius deal paves the way for more fintech purchases, experts say

Industry experts say the deal could be a tipping point, ushering in more fintech-bank purchases. But it won't come without its complexities. 

By Anna Hrushka • Feb. 21, 2020

More scrutiny in store for CECL bank credit-loss standard

Rep. Brad Sherman, D-CA, the new chair of a House investor protection subcommittee, hopes to shine more light on FASB and PCAOB's roles in accounting and auditing.

By Robert Freedman • Feb. 20, 2020

Lawmakers call out big banks for lack of leadership diversity

"There is no shortage of diverse people and businesses for banks to hire and promote," one congressman said — only a shortage of leaders "with the will to make it happen."

By Sheryl Estrada • Feb. 20, 2020

LendingClub to purchase Radius Bank for $185M

LendingClub says the acquisition of Radius will provide greater regulatory clarity and cheaper funding for its loans and, if approved, would mark the first time a U.S. fintech has purchased a bank.

By Anna Hrushka • Feb. 19, 2020

Republican-backed bill targets banks who refuse to do business with ICE

The bill addresses a trend that has drawn fire from GOP lawmakers, as banks increasingly make business decisions related to social issues.

By Anna Hrushka • Feb. 18, 2020

Nebraska's Ericson State Bank closes, marking year's 1st failure

A state regulator sought the bank president's resignation in October 2019, while the FDIC asked for one- and three-year plans for solvency. A three-way merger proposed the following month is now off.

By Dan Ennis • Feb. 18, 2020

Royal Bank of Scotland rebrands, deepens climate pledge

In changing its name to NatWest Group, the bank is looking to distance itself from a near-collapse in 2008 that has left it 62% government-owned to this day.

By Dan Ennis • Feb. 14, 2020

Lawmakers look to boost banks' transparency on diversity efforts

Fifteen of the 44 banks examined in a House panel report publicly disclosed their internal reviews of gender pay gap data. The same report found 29% of senior- and executive-level positions at those banks are held by women.

By Dan Ennis • Feb. 14, 2020

JPMorgan mandates diversity training in wake of discrimination allegations

The bank will also expand the recruiting team dedicated to hiring people of color, executives wrote in a memo Tuesday.

By Dan Ennis • Updated April 1, 2020

Wells Fargo ends mandatory arbitration for workplace sexual harassment

Companies use mandatory arbitration clauses to resolve disputes outside of the court system. Critics say the practice helps keep complaints from coming to light.

By Anna Hrushka • Feb. 13, 2020

N26 cites Brexit in leaving the UK market

Customers in the country must withdraw or transfer money from their accounts with the digital bank by April 15. The majority of N26's U.K. staff will move into new roles with the company.

By Dan Ennis • Feb. 12, 2020

Varo receives FDIC approval on the way to becoming a bank

The challenger bank must yet pass a pre-opening exam from the Office of the Comptroller of the Currency, a process Varo management expects to be complete by June.

By Dan Ennis • Feb. 11, 2020

Morgan Stanley donates $20M to children's mental health

The alliance of seven nonprofits in the space, with an emphasis on marginalized communities, marks the latest effort by a bank to seek an activist role — and greater visibility — on a social issue.

By Tatiana Walk-Morris • Feb. 6, 2020

Wells Fargo, Upstart criticized after study finds loan disparities

Five senators are asking Upstart's CEO to show how the company tests its credit model for fair lending after a nonprofit claimed black borrowers were charged more than other people with identical credit profiles.

By Dan Ennis • Updated Feb. 14, 2020