Trump phoned bank CEOs as stocks dropped Wednesday, sources say

The meeting was held on a day the Dow dropped 800 points, or 3%, amid warnings of a recession.

By Anna Hrushka • Aug. 16, 2019

Closed Wells Fargo accounts charge customers overdraft fees: NYT

One employee in the bank's debt-collection department raised concerns after taking in an estimated $100,000 in overdraft fees over eight months.

By Anna Hrushka • Aug. 16, 2019

Explore the Trendline➔

Artificial intelligence

The heavily regulated banking sector rarely gets to trailblaze. But with AI, an all-in mentality is fueling both research and adoption.

By Banking Dive staff

Bias from AI lending models raises questions of culpability, regulation

The number of data points used in AI lending models — and a lack of diversity among people creating them — raise red flags.

By Dan Ennis and Tim Cook • Aug. 16, 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

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

Continued stall on payday rule is 'inexcusable,' advocates tell CFPB

Four groups accused the bureau of "abandoning its consumer-protection mission" when it failed to ask a court to lift its stay on a rule limiting how often payday lenders can access borrowers' accounts.

By Dan Ennis • Aug. 13, 2019

Federal Reserve considers tool to reduce risk of downturn

Banks, whose profits are already under strain from low interest rates, may oppose enacting the buffer. 

By Anna Hrushka • Aug. 12, 2019

OCC may curb CRA credit for loans to poorer areas' richer residents

A second suggestion to revamp the 42-year-old Community Reinvestment Act would give banks credit for investing in Opportunity Zones.

By Dan Ennis • Aug. 12, 2019

Lenders shift focus as payday loans reach 13-year low in California

The state is trying to clamp down on a category of slightly larger, less-regulated loans to which lenders are migrating. Meanwhile, government data shows the industry's reliance on repeat and low-income customers.

By Dan Ennis • Aug. 9, 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

11 states look into the divide among payroll advance companies

At issue is the way payroll advance companies offer their services. Although some offer already-earned wages through a user's employer, another goes directly to the user — for a voluntary "tip" that may come with a big catch. 

By Dan Ennis • Aug. 8, 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

Alternative credit data boosts loan approval 27%, Upstart shows in CFPB test

People with credit scores between 620 and 660 were approved about twice as often in a two-year test of the lender's model, which takes into account a candidate's education and job history.

By Dan Ennis • Aug. 7, 2019

Wells Fargo boosts legal reserve for the third time in a year

The bank attributed the increase — to $3.9 billion — to a variety of factors, including the legal fallout related to its retail sales practices.

By Anna Hrushka • Aug. 7, 2019

How a Silicon Valley startup is using open banking to fight false declines

Incorrectly flagged or canceled transactions cost the market 10 times the amount credit card fraud does, the CEO of Deep Labs said, citing an Aite Group study.

By Anna Hrushka • Aug. 6, 2019

Fed commits to real-time payments system by 2024

The central bank looks to bring faster transactions to community bank customers and act as a safeguard in a marketplace already served by The Clearing House.

By Dan Ennis • Aug. 6, 2019

ABA slams non-member deposit proposal for federal credit unions

The National Credit Union Administration's proposal would allow federal credit unions to have up to half of their deposits come from other credit unions and government entities.

By Anna Hrushka • Aug. 5, 2019

Capital One breach hangs over Fed's Amazon inspection

News of Federal Reserve officials' visit to Amazon's facility in April — along with lawmakers' requests for clarity on the Capital One breach — call into question who is responsible and for how much.

By Dan Ennis • Aug. 2, 2019

HUD proposal may make lending discrimination harder to prove

Plaintiffs would be subject to a five-part "disparate impact" test. The standard in effect now has only three.

By Dan Ennis • Aug. 1, 2019

Senators seek ex-CFPB official's ouster over alleged use of power

An investigator general report suggests Eric Blankenstein may have gone too far in asking a subordinate to show her support after racially charged blog posts surfaced last year.

By Dan Ennis • 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

Regulators seek clarity over Betterment's traditional banking play

The wealth adviser says its new savings account is insured by the Federal Deposit Insurance Corp. for up to $1 million with an interest rate of 2.69%.

By Anna Hrushka • July 29, 2019

CFPB to end mortgage exception for Fannie, Freddie

A "patch" that lets Fannie Mae and Freddie Mac offer mortgages to borrowers with a debt-to-income ratio above 43% is expiring.

By Dan Ennis • July 26, 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