Betterment spearheads coalition aimed at diversifying fintech

"The goal here is to see continual progress. ... We know that there's a lot of work to do and we've got to do better," said Joe Ziemer, the company's vice president of communications.

By Anna Hrushka • Aug. 21, 2020

Scotiabank fined $127M over price manipulation scheme

For more than eight years, four Scotiabank traders placed thousands of unlawful orders for precious metals futures contracts in an effort to manipulate prices to benefit themselves and the bank, authorities said.

By Anna Hrushka • Aug. 20, 2020

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

JPMorgan Chase, USPS held talks to offer postal banking services

Despite preliminary conversations about leasing space for ATMs, the bank said there is no agreement in place and no imminent plans to move forward.

By Anna Hrushka • Aug. 19, 2020

Rakuten again withdraws application for deposit insurance

If the e-commerce giant decides to submit a third application, industrial loan company charter opponents, which have railed against the model for more than a decade, will likely continue their fight.

By Anna Hrushka • Aug. 19, 2020

Colorado settles 'true lender' suit against banks, fintech partners

Companies can qualify for a legal safe harbor in the state if they comply with a ban on loans with a higher-than-36% annual percentage rate.

By Dan Ennis • Aug. 19, 2020

Fed researches 'hypothetical' central bank digital currency

The introduction of bitcoin and other stablecoins such as Facebook's Libra have raised fundamental questions about legal and regulatory safeguards and the role of currency in society, Fed Gov. Lael Brainard said.

By Anna Hrushka • Aug. 17, 2020

OCC chief expects SWIFT-like bank-to-blockchain connections in 3 to 5 years

Acting Comptroller Brian Brooks touted stablecoin's cost and speed advantages in a podcast interview Thursday while knocking the Fed's preference for government-owned payment rails.

By Ted Knutson • Aug. 14, 2020

Bank of America to ensure breaks, privacy for nursing mothers after DOL probe

The bank agreed to provide training for some of its managers and HR personnel and to inform expecting mothers who intend to take maternity leave of its break time policy.

By Lisa Burden • Aug. 13, 2020

Citi employee alleges retaliation for raising concerns about prospective hire

When the employer shared plans to hire a director who had just resigned from Deutsche Bank, the plaintiff said he reported his concerns to HR.

By Kate Tornone • Aug. 13, 2020

Biggest US, European banks added 19K employees through June

Some of the banks in the plus column should be no surprise. Citi, for example, announced plans to hire 2,500 coders. However, Wells Fargo's days with a net-positive headcount may be numbered.

By Dan Ennis • Aug. 13, 2020

Wells Fargo's Scharf leapfrogs JPMorgan's Dimon as highest-paid banking CEO

Scharf received $36.4 million in total compensation in 2019, according to S&P Global. Dimon, with $31.6 million, had led the sector in each of the previous three years.

By Dan Ennis • Aug. 12, 2020

Barclays faces $1.1B fine over alleged monitoring of employees

"Employees are worried to step away from their desks, have full lunch breaks, take bathroom breaks or even get up for water," a whistleblower told City A.M. in February.

By Dan Ennis • Aug. 10, 2020

Trump administration blasts pot banking provision in virus relief bill

After stalling in the Senate, the SAFE Banking Act saw no movement for several months until Democrats attached it to the House relief package in May, arguing its inclusion was a matter of public safety amid the pandemic.

By Anna Hrushka • Aug. 10, 2020

Capital One to pay $80M penalty over 2019 data breach

In its consent order, the Office of the Comptroller of the Currency said the bank "failed to establish appropriate risk management" and "failed to identify numerous control weaknesses and gaps in the cloud operating environment."

By Anna Hrushka • Aug. 6, 2020

PPP cases against JPMorgan, Bank of America, Wells Fargo to stay separate

A panel of judges denied motions to consolidate cases alleging the banks favored larger loans over first-come, first-served processing. JPMorgan Chase called the claims a "jigsaw puzzle of unmatched pieces."

By Dan Ennis • Aug. 6, 2020

As Congress scrambles to extend PPP, loan data casts light on inequality

Black-owned small businesses are closing at nearly twice the rate of small businesses overall, the New York Fed found, while nearly a third of workers who were reinstated on payroll reported being laid off a second time.

By Dan Ennis • Aug. 5, 2020

Tech hurdle will slow banks' approach to crypto custody services

"Security and technology is the foundation of making this work," Kudelski Security's Scott Carlson said. "If you don't get that right, the entire system could collapse."

By Anna Hrushka • Aug. 4, 2020

Postal banking pilot included in House-passed appropriations bill

The coronavirus pandemic has brought renewed attention to a proposal some advocates say would provide low-cost financial services to poor and rural communities that lack bank branches.

By Anna Hrushka • Aug. 3, 2020

Democrats express 'Kraninger fatigue' in Hill testimony

The CFPB chief faced calls to resign, criticism over alleged question-dodging amid hearings before House and Senate panels this week.

By Dan Ennis • July 31, 2020

Varo becomes first challenger bank to get national charter from OCC

The process cost nearly $100 million over three years but lets Varo offer credit cards, loans and potentially robo-advisory services, the fintech's CEO said.

By Anna Hrushka • July 31, 2020

Senators ask Wells Fargo CEO Scharf to explain faltered forbearance policy

"We had hoped that you would bring the needed change to Wells Fargo’s culture following years of false promises and continued scandals," wrote Sens. Elizabeth Warren, D-MA, and Brian Schatz, D-HI.

By Dan Ennis • July 31, 2020

Trade groups, nonprofit seek 3-year moratorium on ILC charter approvals

The charters have drawn steady flak from opponents who say nonbanks are exploiting a gap that allows them to have a banking arm without registering as a bank holding company, thus avoiding Federal Reserve supervision.

By Dan Ennis • July 30, 2020

Bank trade groups push back on OCC's payments charter plans

The regulator should take care not to introduce risks that would encourage regulatory arbitrage, the groups said, urging the OCC to be transparent when considering a new charter.

By Anna Hrushka • July 30, 2020

Citi, Bank of America join Morgan Stanley in carbon-disclosure group

Citi also pledged $250 billion over the next five years to finance low-carbon solutions in renewable energy, water quality and conservation, sustainable transportation, green buildings and sustainable agriculture.

By Dan Ennis • July 30, 2020

Bank of America, 30 lawmakers ask SBA to fix PPP data flaws

Members of Congress asked the agency to explain its "jobs retained" figures and whether the SBA made efforts to verify those numbers independently.

By Dan Ennis • July 29, 2020