Wells Fargo rolls out 10-year effort to boost options for underbanked

The bank is developing a task force with Black and Hispanic nonprofits and aims to redesign 100 of its branches in low- to moderate-income neighborhoods to emphasize one-on-one consultations.

By Dan Ennis • May 18, 2021

Bank trade groups take aim at VyStar-Heritage deal

In a letter to the FDIC, bank trade groups called out VyStar Credit Union's history of closing branches and said the $195.7 million deal would cut regulatory safeguards for low- and moderate-income consumers.

By Anna Hrushka • May 17, 2021

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Bank of America, TD to pay a combined $116.5M to settle overdraft fee suits

Plaintiffs accused each bank of charging customers for each time a transaction was "retried" after an initial failure.

By Dan Ennis • Updated May 19, 2021

Figure's journey with the SEC proves itself the anti-Ripple

Citi's court battle and Diem's narrowed ambitions may lend credence to Ripple's argument that authorities pick winners and losers, but Diem could now be trying the Figure approach.

By Dan Ennis • May 14, 2021

N26 fined $5M over delayed AML-related suspicious activity reports

The challenger bank said it paid the penalty from German financial regulator BaFin in July.

By Dan Ennis • Updated Sept. 29, 2021

Facebook-backed Diem withdraws Finma application, shifts to US

Diem Networks U.S. will register as a money services business with the Financial Crimes Enforcement Network, and Silvergate Bank will become the exclusive issuer of Diem's dollar-backed stablecoin.

By Anna Hrushka • May 13, 2021

House, Senate vote to repeal OCC's true lender rule

The resolution heads to President Joe Biden's desk, where he is expected to sign it. Opponents say the true lender rule would give nonbank lenders a route to avoid state interest rate caps.

By Dan Ennis • Updated June 25, 2021

New OCC chief vows focus on climate change, disproportionate impact of pandemic

Acting Comptroller Michael Hsu also said he would review key regulatory standards but did not mention any by name, and warned that "complacency about risk-taking" is a growing supervisory concern.

By Dan Ennis • May 11, 2021

FDIC fines Umpqua Bank $1.8M over subsidiary's debt, fee collection practices

The Oregon-based bank also paid more than $1.6 million in restitution to 16,902 customers in the settlement announced Monday.

By Dan Ennis • May 11, 2021

DOJ reportedly investigating Kabbage, fintech lenders, over PPP loans

Some fintechs' use of automated lending platforms with few manual checks caused errors to be replicated across thousands of loans, one source said.

By Anna Hrushka • May 10, 2021

Wells Fargo, U.S. Bank disclose CFPB investigations

The former's acknowledgment relates to monthly service fees the bank has vowed since 2019 to refund to affected customers.

By Dan Ennis • May 7, 2021

California regulator orders Chime to stop calling itself a bank

The fintech has until May 15 to revise its website and advertising in accordance with the California regulator's order and has until June 15 to perform quality control and testing of the changes.

By Anna Hrushka • May 6, 2021

Fed strikes balance between openness, caution toward nonbanks

The central bank issues guidance for fintechs seeking a charter, while its chair advocates for expanding the CRA to encompass all lenders.

By Dan Ennis • May 6, 2021

PPP runs out of funds for most lenders

About $8 billion remains available through MDIs and CDFIs, the Small Business Administration told banking trade groups Tuesday. But the portal has largely stopped accepting applications, the American Bankers Association said.

By Dan Ennis • May 5, 2021

Goldman Sachs, Wells Fargo ask US staff to report vaccination status

Goldman is requiring its employees to record the date they received their shots and the manufacturer of the vaccine, but they won't have to show proof. Wells stressed that response is voluntary.

By Dan Ennis • Updated June 11, 2021

Yellen names Fed's Hsu as acting OCC chief

Michael Hsu is set to become acting comptroller Monday, the Treasury Department said in a release Friday. He'll be the OCC's third acting chief in the past year.

By Dan Ennis • Updated May 7, 2021

FDIC bans former Bank of the West banker over loan fraud

The regulator said Mark Wong made fraudulent loans in the names of bank customers without their authorization or knowledge while serving as a vice president and business banking officer at the BNP Paribas subsidiary.

By Anna Hrushka • May 3, 2021

Special inspector general stripped of PPP oversight

At issue is the Treasury Department's reluctance to share data with SIGPR regarding participants in the Coronavirus Relief Fund and the Payroll Support Program.

By Dan Ennis • May 3, 2021

Biden plan would boost bank data sharing with IRS

The effort would require banks and P2P payment services to report annual account inflows and outflows to the IRS in an attempt to capture up to $460 billion in unpaid taxes, mostly from businesses.

By Dan Ennis • April 30, 2021

Deutsche Bank OKs 3-day remote work: CFO

Germany's largest lender intends to let employees work from home 40% to 60% of the time, going forward, CFO James von Moltke said.

By Jane Thier • April 29, 2021

Senate Democrats call on OCC to revoke Trump-era 'true lender' rule

Supporters of the rule say it provides regulatory clarity and expands access to credit, while Democrats and consumer advocates argue it allows nonbanks to take advantage of vulnerable borrowers.

By Anna Hrushka • April 29, 2021

Retail organizations sue Fed over debit law enforcement

Two North Dakota retail associations allege in a new federal lawsuit the Fed hasn't properly fulfilled its duty to determine "reasonable" debit card processing fees under a 2010 law.

By Lynne Marek • April 29, 2021

JPMorgan expands program to get jobs for people with criminal background

CEO Jamie Dimon will co-chair a forum for 29 member companies to share resources and advice on re-employing people with arrest histories. The bank will also invest an extra $12.5 million in community organizations.

By Dan Ennis • April 27, 2021

Time hasn't stalled regulators' resolve on Ripple, Robinhood cases

Federal and state securities agencies press on with new filings against the blockchain payments company and the day-trading app — despite a leadership change at one of the regulators.

By Dan Ennis • April 26, 2021

Senate banking chair 'not ready to move' on pot banking bill

Republicans have historically been cannabis bill holdouts. Now, Sen. Sherrod Brown, D-OH, says the panel's "too much about Wall Street and not enough about housing ... rural and urban affairs and people's everyday economic lives."

By Anna Hrushka • April 23, 2021