CFPB seeks $39M restitution, $7 fine from payday lender Think Finance

The enforcement action comes amid a flurry of activity for the bureau, which sued Citizens Bank last week. Oral arguments in the Supreme Court case regarding the agency's structure are set for March 3.

By Anna Hrushka • Feb. 6, 2020

Miami drops reverse redlining claims against top 4 banks

The city claimed it lost tax revenue and was forced to pay to maintain foreclosed properties after Wells Fargo, Bank of America, Citi and JPMorgan allegedly targeted nonwhite homeowners for mortgages they couldn't afford.

By Dan Ennis • Feb. 4, 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

Truist seeks more time to reach $1.6B post-merger net savings goal

The nation's sixth-largest bank reported a 7% decrease in net income in its first earnings call after the merger of BB&T and SunTrust.

By Anna Hrushka • Jan. 31, 2020

Otting's defense of CRA revamp ignites partisan rift at hearing

House Democrats questioned the comptroller's willingness to cooperate, while Republicans praised his efforts to modernize the low-income lending rule.

By Anna Hrushka • Jan. 30, 2020

State Street vows to vote out corporate boards’ ESG laggards

Fewer than a quarter of the companies the bank's investment arm has evaluated have meaningfully identified, incorporated and disclosed ESG issues into their strategies, an executive wrote this week.

By Dan Ennis • Jan. 28, 2020

New credit loss accounting standard expected to pummel retail income

FASB's CECL standard took effect for public banks at the beginning of this year. Analysts at Morgan Stanley say it's going to hit some retailers hard.

By Robert Freedman • Jan. 27, 2020

Industry-led groups are only the 1st step to open banking

U.S. policymakers must make financial data sharing more fair and transparent if they want Americans to have the same access to fintech tools as other people, a Financial Data and Technology Association executive writes.

By Steve Boms • Jan. 27, 2020

CFPB defines 'abusiveness' but draws advocates' fire

The bureau wants to stop punishing companies for violating more than one standard in the same case, but critics say that softens enforcement.

By Dan Ennis • Jan. 27, 2020

OCC bans ex-Wells Fargo CEO, fines him $17.5M over fake accounts scandal

Five other former executives at the San Francisco-based bank were charged, and two more settled with the regulator after a years-long scandal prompted several leadership changes.

By Anna Hrushka • Jan. 23, 2020

Regulator prepping civil charges against ex-Wells Fargo managers

The bank has faced penalties from the OCC in the past, but a charge against former employees would mean the agency wants to hold individuals accountable for the scandal.

By Anna Hrushka • Jan. 23, 2020

OCC's CRA plan will move forward regardless of Fed, Otting says

"It isn't like we gave people a standing start to where we were going," the comptroller said, defending the shorter comment period. "We have been working for 18 months on this."

By Anna Hrushka • Jan. 22, 2020

OCC fines Citi $18M over flood insurance violations

The bank allowed an unnamed third-party servicer to extend the 45-day period for borrowers to get flood insurance, resulting in an "untimely" delay, according to a consent order.

By Dan Ennis • Jan. 22, 2020

Cannabis, banking trade groups urge Crapo to advance SAFE Act

The letter to the Senate banking panel chair echoes arguments advocates have made for years: lack of access to financial services for marijuana-related businesses is a public safety issue.

By Anna Hrushka • Jan. 22, 2020

HSBC whistleblower says Iran sanctions could bring AML into sharper focus

"The laws that are about to come out of this ... are going to be unreal," says a private intelligence specialist whose alerts to the CIA nearly a decade ago resulted in a record fine.

By Anna Hrushka • Jan. 21, 2020

Citi narrows gender pay gap to 27% in second yearly report

The nation's third-largest bank is using the gulf between the raw and adjusted pay gap figures to call for more women and minorities to fill management roles.

By Dan Ennis • Jan. 16, 2020

4 banking trends to watch in 2020

M&A, climate change, fintech partnerships and challenger banks' experiments overseas are among the narratives Banking Dive expects to resurface throughout the year.

By Dan Ennis , Anna Hrushka • Jan. 16, 2020

Wells Fargo ordered to pay $102.8M in mobile deposit patent case

Friday's ruling represents the second nine-figure judgment against the bank since November in an ongoing spat between USAA and Mitek.

By Dan Ennis • Jan. 13, 2020

Founders Bank's conditional FDIC approval kicks off 2020 de novo activity

Founders Bank, set to open in the first half of this year if it raises $25 million to $30 million, has hired a new CFO. But new banks have had a shaky 12 months in the nation's capital.

By Dan Ennis • Jan. 13, 2020

California governor to create state's own version of CFPB

The proposed California Consumer Financial Protection Law, which is expected to be unveiled Friday in the governor's state budget, would revamp the existing Department of Business Oversight.

By Anna Hrushka • Jan. 10, 2020

Fed releases its own CRA revamp plan, revealing regulator rift

Gov. Lael Brainard criticized the OCC and FDIC's proposal for the low-income borrowing rule, saying it emphasizes dollar value over number of loans.

By Dan Ennis • Jan. 9, 2020

Visa, Mastercard hold fast to gas stations' chip-card deadline

Fuel retailers were given an extra five years to upgrade to EMV technology, but 70% of convenience store owners in a survey said they still haven't done so.

By Dan Ennis • Jan. 8, 2020

Goldman revamps business units to highlight consumer growth

The bank eliminated a hard-to-predict investing and lending segment with the aim of boosting its stock and may unveil other strategic shifts at its first investor day this month.

By Dan Ennis • Jan. 7, 2020

Banks to tighten third-party data access in 2020, experts say

Following recent moves by PNC and JPMorgan Chase, expect to see a "snowball effect" as financial institutions aim to boost security and control of personal information.

By Anna Hrushka • Jan. 7, 2020

Former Wells Fargo execs could face criminal charges, sources say

It's a new year, but an investigation into the bank's scandal-ridden past could take center stage in 2020, sources told American Banker.

By Anna Hrushka • Jan. 6, 2020

De novo activity fell in 2019 despite FDIC plea

The regulator conditionally signed off on a Utah startup in late December, bringing the number of 2019 approvals to nine. That's down from 15 in 2018, as capital requirements and executive turnover pose hurdles for new banks.

By Dan Ennis • Jan. 3, 2020