OCC files appeal over special purpose fintech charter

A district court in October said the agency lacks the legal power to grant a bank charter to a nonbank entity that’s ineligible for federal deposit insurance.

By Dan Ennis • Updated Dec. 20, 2019

JPMorgan Chase expands effort to hire people with criminal backgrounds

The U.S. loses $78 billion to $87 billion a year by excluding people with criminal records from the workforce, according to the bank's research.

By Anna Hrushka • Oct. 21, 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

Supreme Court agrees to take CFPB constitutionality case

Justice Brett Kavanaugh, while sitting on a lower court, wrote that the "for-cause" language in the Dodd-Frank Act should be struck. If the high court rules similarly, it could affect the structure of other agencies.

By Dan Ennis • Oct. 21, 2019

Libra will have 100 backers before launch, exec predicts

Despite the exits of Visa, Mastercard, Stripe and PayPal, banks and financial institutions have expressed interest in joining the Facebook-led crypto project, said Libra's COO, Bertrand Perez.

By Anna Hrushka • Oct. 18, 2019

CFPB chief Kraninger stands ground amid 2 days of testy hearings

"If you're not following direction from your staff to help consumers that are harmed, then you are absolutely worthless," Rep. Carolyn Maloney, D-NY, told Kraninger, citing a blistering 333-page report on the agency.

By Dan Ennis • Oct. 18, 2019

FASB extends lease accounting standards until January 2021

Private companies and nonprofits get a one-year reprieve on new standards for showing lease obligations in their financials. 

By Robert Freedman • Oct. 17, 2019

Most Americans still have reservations on going cashless, survey finds

Emergencies were the No. 1 reason respondents said they carry cash (60%), followed by small purchases (50%), tips (42%) and to manage their finances (20%), the J.D. Power report found.

By Anna Hrushka • Oct. 14, 2019

OCC fines Citibank $30M over real estate holdings violations

The bank allegedly committed more than 200 violations between April 2017 and August 2019. But it has "significantly reduced its inventory of OREO assets" in the past year, the the regulator's filing indicated.

By Dan Ennis • Oct. 14, 2019

SEC can't force Telegram to reveal its bank records, judge rules

The encrypted messaging app won't have to reveal how it spent $1.7 billion, but it must prove by Thursday that it complies with foreign data privacy laws.

By Robert Freedman • Updated Jan. 8, 2020

61% more banks, credit unions serve pot firms over last year, FinCEN says

The public's shifting attitude toward cannabis, in addition to bipartisan legislation, may be encouraging some banks to take on the reputational and legal risks associated with banking marijuana-related businesses.

By Anna Hrushka • Oct. 10, 2019

Citi ad highlights girls' reactions to wage gap with #ItsAboutTime

"The Moment" campaign coincides with International Day of the Girl on Friday and will include a Times Square billboard, print ads and social elements.

By Dianna Christe • Oct. 10, 2019

House Dems defend CFPB constitutionality in Supreme Court filing

The Justice Department and the bureau's chief argued the agency's structure unfairly limits the president. Meanwhile, a second business has petitioned the court to take its case.

By Dan Ennis • Oct. 9, 2019

Robinhood launches high-yield cash management account after failed attempt last year

The company's first cash account endeavor was halted after it neglected to notify regulators ahead of the launch.

By Anna Hrushka • Oct. 9, 2019

Volcker Rule changes clear final hurdle with Fed approval

Federal Reserve Board Gov. Lael Brainard dissented from the vote, saying in a statement released Tuesday the rewrite would "excessively rely on firms' self-policing."

By Dan Ennis • Oct. 9, 2019

LA plans to create California's first public bank

The city has expressed disfavor with for-profit banks, moving funds out of its Wells Fargo account in 2017 after the bank's fake customer accounts scandal.

By Anna Hrushka • Oct. 8, 2019

California law allows cities, counties to create public banks

Public banks help provide capital for public projects including affordable housing, advocates say. But opponents argue they could cause community banks to lose business and put taxpayer dollars at risk.

By Anna Hrushka • Oct. 4, 2019

Square opens digital payments platform to more CBD businesses

The San Francisco-based payment processor's move comes more than four months after it rolled out an invite-only pilot program.

By Anna Hrushka • Oct. 4, 2019

Wells Fargo CEO pick marks crucial step to restoring confidence

Charlie Scharf's stint at BNY Mellon shows he has the gravitas and experience to turn around a bank that has hemorrhaged consumer trust, an analyst tells Banking Dive.

By Anna Hrushka • Oct. 3, 2019

House lawmakers urge Fed to launch digital dollar pilot

The central bank would harm the government's ability to enforce anti-money laundering rules if private companies continue to lead the charge on digital currency development, two congressmen wrote.

By Dan Ennis • Oct. 3, 2019

Banks serving cannabis businesses have a twofold responsibility

Pioneering financial institutions serving the industry have passed multiple exam cycles. The playbook doesn't have to be written from scratch, writes Tony Repanich, president and chief operations officer at Shield Compliance.

By Tony Repanich • Oct. 3, 2019

PayPal withdraws from Facebook's Libra crypto project

Lawmakers may seek additional congressional hearings to press the company for details on why it walked away, research firm Cowen said.

By Dan Ennis • Updated Oct. 8, 2019

Community banks won't survive without tech innovation, FDIC chair says

The agency's Tech Lab aims to collaborate with smaller financial institutions on how to deploy technology to better serve customers.

By Anna Hrushka • Oct. 2, 2019

Bank of America, Goldman Sachs, Dell to pay $20M to settle discrimination claims

Spokespeople for the two banks said they disagreed with a Labor Department subsidiary's allegations or related statistical analysis. 

By Ryan Golden • Oct. 2, 2019

GOP lawmakers push CFPB to extend remittance rule exemption

If the exemption ends, many banks may stop providing money transfers abroad for fear they'd no longer comply with the rule, the 16 members of the House Financial Services Committee wrote.

By Dan Ennis • Oct. 2, 2019

Industry execs question cannabis banking bill's potential impact

One compliance officer says she is concerned "there's not enough teeth" to provide safety for banks that service pot-related businesses.

By Anna Hrushka • Oct. 1, 2019