$35.3M credit union tops JPMorgan for medical marijuana banking contract

The competition came after banks on contract with West Virginia said they would not provide services related to pot sales even though the state passed the Medical Cannabis Act in 2017. Bidders can file protests until Sept. 3.

By Anna Hrushka • Aug. 29, 2019

6 questions with Trustar Bank CEO Shaza Andersen

Executive launched the Great Falls, Virginia-based community bank in July, after selling WashingtonFirst Bank to Sandy Spring Bank.

By Anna Hrushka • Aug. 29, 2019

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

Citigroup raises minimum wage to $15 after panel blasts pay gap

At 486 to 1, the bank's CEO-to-worker pay disparity was the broadest of the nation's eight SIFIs, according to analysis made public in a congressional hearing.

By Anna Hrushka • Aug. 28, 2019

Wells Fargo inks $6.5M settlement with Navajo Nation over 'predatory' tactics

The settlement is the latest attempt by Wells Fargo to make amends after a series of public missteps that have hurt the bank’s reputation and stock.

By Anna Hrushka • Aug. 27, 2019

Waters, House Dems press CFPB to drop payday rule revamp

"The Consumer Bureau's proposal represents a betrayal of its statutory purpose and objectives to put consumers, rather than lenders, first," lawmakers wrote Friday in a letter.

By Dan Ennis • Aug. 26, 2019

FDIC's deposit rate cap fix gets mixed reviews

Emphasizing market share over branch numbers is progress, but weighing banks equally would have been better, an ICBA executive says.

By Dan Ennis • Aug. 23, 2019

Advocates seek 'unified voice' from regulators on small-dollar loans

U.S. consumers borrow nearly $90 billion every year in loans between $300 and $5,000, the Office of the Comptroller of the Currency said. But few banks are moving into that market.

By Anna Hrushka • Aug. 23, 2019

Wells Fargo may want to consider changing name, image adviser says

Consumers gave the bank a 91% negative rating long after its fake-accounts scandal. Plummeting stocks, a lengthy CEO search and a "mea culpa" campaign aren't helping.

By Anna Hrushka • Aug. 22, 2019

FDIC, OCC approve Volcker Rule rewrite

The rewritten rule retains the ban on proprietary trading, gives lenders flexibility on hedge-fund investment, and eliminates the presumption that short-term transactions are actually banned trades.

By Dan Ennis • Aug. 20, 2019

Credit union regulator issues guidance for banking hemp

At least two senators have written letters indicating that hemp businesses are struggling to open bank accounts because many financial institutions still question whether they can service the industry.

By Anna Hrushka • Aug. 20, 2019

FDIC vote on Volcker Rule rewrite may boost banks' investment funds

The Office of the Comptroller of the Currency approved the overhaul Tuesday ahead of the FDIC vote. The Fed, SEC and CFTC are expected to do the same in the coming weeks.

By Dan Ennis • Updated Aug. 20, 2019

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

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

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