Bank of America CEO: People still want regulation, security amid tech competition

"If you take deposits, make loans ... you end up with a lot of people's money," Moynihan says. "And if something goes kablooey, it's a problem."

By Anna Hrushka • Nov. 25, 2019

2 in 3 consumers uncomfortable with financial apps' level of access to data

Most of the 4,000 surveyed were unclear on how long financial apps could hold their information; 10% said users themselves were primarily responsible for their own data in the event of a breach, a study found.

By Kate Patrick • Nov. 22, 2019

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

Shared zeal for CRA reform leads OCC chief, entrepreneur to rare rapport

"I would have bet my last dollar you wouldn't come to D.C. and make CRA your linchpin," Operation HOPE founder John Hope Bryant told OCC chief Joseph Otting. "This whole time, you’ve been scheming on how to do good."

By Dan Ennis • Nov. 21, 2019

Big banks would get climate stress tests under Senate bill

World economies could lose as much as $72 trillion by 2060 in the event of climate inaction, Citigroup predicted.

By Dan Ennis • Updated Jan. 24, 2020

Google checking, Apple Card illustrate blurred spectrum in bank-fintech partnerships

Clear boundaries between companies can help foster innovation, determine regulatory responsibility and put customers at ease, panelists said Tuesday at a conference in New York.

By Dan Ennis • Nov. 20, 2019

Fed, FDIC approve BB&T-SunTrust merger

The deal to create the sixth-largest U.S. bank is expected to close Dec. 6, but on several conditions: The Fed issued a consent order against SunTrust regarding "misleading or inaccurate statements" made to business customers from 2013 to 2017.

By Anna Hrushka • Nov. 19, 2019

House panel approves cannabis legalization bill

The legislation would impose a 5% tax on pot sales, and some of that money would be set aside for loans to small cannabis businesses owned by socially and economically disadvantaged individuals.

By Dan Ennis • Updated Nov. 21, 2019

NJ governor creates board to establish public bank

Democratic Gov. Phil Murphy campaigned on the idea two years ago. But opponents say he could move taxpayer funds out of overseas financial institutions and into state ones without creating another bank.

By Dan Ennis • Nov. 14, 2019

Senate bill challenges industrial loan company ‘loophole’

"If they're allowed to handle your banking services, they're going to turn into continents," said Sen. John Kennedy, R-LA. "The Rakutens and the Googles of the world shouldn't be able to circumvent the [Federal Reserve]."

By Anna Hrushka • Nov. 14, 2019

4 questions with FDIC Chair Jelena McWilliams

"I think that the biggest challenge we have is not allowing innovation to happen, or standing in the way of technological developments that could make the system better," McWilliams told Banking Dive. 

By Anna Hrushka • Nov. 12, 2019

Apple Card under investigation for alleged gender discrimination

Customers, such as software developer David Heinemeier Hansson, took to Twitter to complain the credit line offered by his Apple Card was 20 times higher than what was offered to his spouse.

By Anna Hrushka • Nov. 11, 2019

SunTrust selling 30 branches to satisfy DOJ antitrust concerns over BB&T merger

First Horizon will assume approximately $2.4 billion in deposits for a deposit premium of 3.4%, and will purchase about $410 million in loans.

By Anna Hrushka • Nov. 8, 2019

7 questions with SunTrust CMO Susan Somersille Johnson

The executive spoke with Banking Dive about fintech partnerships, the challenges that come with a major rebrand, and how tech is transforming the bank’s marketing efforts.

By Anna Hrushka • Nov. 6, 2019

Goldman Sachs bumps up its paid parental leave to 20 weeks

The policy change comes as many other Wall Street banks give less leave to "secondary" caregivers. JPMorgan Chase, for example, faced accusations this spring that it discouraged male employees from taking "primary" status.

By Dan Ennis • Nov. 5, 2019

Bank of America boosts its minimum wage to $20 per hour a year early

The nation's second-largest bank pledged in April to pay at least $20 per hour by 2021. That rate will now go into effect by the end of the first quarter of 2020, the bank said Monday.

By Dan Ennis • Nov. 5, 2019

FDIC says hemp-banking interagency guidance coming within weeks

Agency Chair Jelena McWilliams told Banking Dive she has held meetings with various state officials, asking about applications and how hemp products would be regulated to ensure their THC level is below 0.3%.

By Anna Hrushka • Nov. 5, 2019

OCC shutters NJ bank, marking 3rd failure in a week

Industrial Bank of Washington, D.C., agreed to buy City National Bank of New Jersey's $120.6 million in assets and $111.2 million in deposits. It reopened the failed bank's three branches Saturday under the Industrial name.

By Dan Ennis • Nov. 4, 2019

House bill would require bank CEOs to report to Washington annually

The Greater Supervision in Banking Act would also force top banks to disclose any enforcement or regulatory actions taken against them over the past year.

By Anna Hrushka • Nov. 1, 2019

Sallie Mae expands into cards amid dearth of competition for student credit

Most major banks stopped targeting college campuses after the 2009 CARD Act. That gives the student lender fewer rivals in a market where its name is already known.

By Hillary Richard • Nov. 1, 2019

Why digital bank Varo wants a national bank charter

"I think Varo is going to play a fairly historic role in reshaping the American banking landscape," the company's CEO, Colin Walsh, told Banking Dive at this week's Money20/20 conference in Las Vegas.

By Anna Hrushka • Oct. 31, 2019

BBVA chief blasts tech companies for keeping tight lid on customer data

Giving individuals the power to control their own data is a social imperative that would rebalance the power dynamic, the bank's Carlos Torres Vila said this week at Money20/20 in Las Vegas.

By Dan Ennis • Oct. 31, 2019

Cannabis can be most transparent business to bank, Simplifya exec says

Banks entering the space can plumb a wealth of data, based on the number of fintechs that have sprung up to address the challenges associated with the industry, the company's chief compliance officer says.

By Anna Hrushka • Oct. 28, 2019

Ripple's focused approach is paying off, CEO Garlinghouse tells conference

"I think one of the mistakes that some in the industry have made is they go super broad and not very deep," the tech leader said. "Ripple has done the opposite.”

By Anna Hrushka • Oct. 24, 2019

FDIC's regulatory framework 'ripe for revisiting,' chair McWilliams says

"If we have rules and regulations that we have not touched internally for 10 years or more, open them up to procurement," she recalled telling the FDIC in taking the role.

By Anna Hrushka • Oct. 23, 2019

ICBA launches 'Wake Up' campaign in ongoing fight against credit unions

The Credit Union National Association has criticized the campaign, issuing a statement refuting many of the ICBA's claims.

By Anna Hrushka • Oct. 22, 2019