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

Upstart boosts loan approval 27% with alternative data 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

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

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

Lawmakers press BB&T, SunTrust execs on merger's impact

Executives defended the proposed $66 billion merger Wednesday, saying the combination will boost the new entity's investment in technology. 

By Anna Hrushka • July 25, 2019

Fed, FDIC post public parts of big banks' living wills

It's the first submission of the plans since regulators found shortcomings in four of the country's eight global systemically important banks.

By Dan Ennis • July 24, 2019

Pot hearing reveals confidence gap in banking a budding industry

Bank and credit union executives showed support for the SAFE Act at Tuesday's Senate hearing, but federally regulated bodies may want more guidance than what FinCEN provides.

By Anna Hrushka • July 24, 2019

Senators ask Powell why Fed is mulling own real-time payments system

Large banks have invested more than $1 billion in a network, The Clearing House, launched in 2017. But retailers and small banks have raised concerns about the system's cost and reach.

By Dan Ennis • July 23, 2019

ICBA calls for national data privacy standard

Banks that serve two or three states could face hurdles if those states enact different privacy laws, an ICBA executive said.

By Anna Hrushka • July 23, 2019

Senate panel poised to hear pot banking challenges

Tuesday's hearing comes as the bipartisan Secure and Fair Enforcement (SAFE) Banking Act gains momentum in Congress.

By Anna Hrushka • July 22, 2019

California's public bank debate pits taxpayer savings against government interference

With a bill scheduled to come before the state Senate, proponents say the idea would save taxpayers money on infrastructure projects, while critics cite unnecessary government overreach.

By By Del Dobbs • July 22, 2019

Wells Fargo sued after DACA participant is denied auto loan

An Illinois man alleges a Wells Fargo representative told him he was ineligible for a car loan because his DACA status would expire before the loan would come due.

By Dan Ennis • July 19, 2019

PayPal expands Xoom, launches blockchain startup in Europe

PayPal's expansion of Xoom puts it in direct competition with other leading international money remittance services like MoneyGram and TransferWise, all fighting for a slice of the $689 billion global remittance market.

By Anna Hrushka • July 18, 2019

FASB's delay of credit-loss standard not enough, banks say

Banks and credit unions want FASB to do more than just delay new CECL accounting standards; they want the standards revisited.

By Robert Freedman • July 17, 2019

New bill would increase access to loans for small manufacturers

Reps. Tim Ryan, D-Ohio, and Tom Reed, R-N.Y., introduced the legislation this week saying it will make loans more available for manufacturers and provide incentives for them to grow.

By Matt Leonard • July 17, 2019

FDIC gives banks extra year on deposit-tracking rule

The agency also approved a final rule giving banks additional ways to verify the signature of each joint account holder and proposed to relieve some of the public-disclosure requirements related to securitized assets.

By Dan Ennis • July 17, 2019