Nebraska agency denies GreenState Credit Union bank deal

The credit union, established under Iowa laws, does not meet the definition of a "financial institution" that can participate in cross-industry acquisitions or mergers in Nebraska, a hearing officer ruled.

By Dan Ennis • Jan. 7, 2022

Clarida stock-trading controversy deepens

An amended financial disclosure shows the Fed vice chair sold an exchange-traded fund Feb. 24, 2020, then re-bought it Feb. 27, calling into question a previous characterization of the move.

By Dan Ennis • Jan. 6, 2022

Explore the Trendline➔

Top 5 stories from Banking Dive

Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

By Banking Dive staff

Credit bureaus increasingly fail on consumer complaint response, CFPB finds

Equifax, Experian and TransUnion reported relief in response to less than 2% of covered complaints filed in 2021, compared with 25% in 2019, the bureau reported Wednesday.

By Robin Bradley • Jan. 6, 2022

5 banking trends to watch in 2022

A reversal on in-office work from a hard-liner like Goldman Sachs may represent a pivot point in the acceptance of remote policies. But other narratives, such as small-scale niche M&A, mark a continuation from 2021.

By Dan Ennis , Anna Hrushka , Robin Bradley • Jan. 4, 2022

FDIC Chair Jelena McWilliams resigns

McWilliams' resignation comes after a power struggle emerged when Democratic FDIC board members Rohit Chopra and Martin Gruenberg published a review of bank merger policies without her approval.

By Anna Hrushka • Dec. 31, 2021

Green Dot, PayPal helped Secret Service recover more than $400M in stolen COVID-19 relief funds

Criminals have swindled nearly $100 billion through fraudulent applications since the start of the pandemic in the U.S., the agency said this week.

By Robin Bradley • Dec. 23, 2021

CFPB shuts down online lender LendUp

The fintech agreed to pay a $100,000 penalty as part of a settlement. It stopped originating loans this summer and expects to wind down operations early next year. A digital bank the parent company operates will not be affected.

By Robin Bradley • Dec. 22, 2021

Wells Fargo sets March 14 office-return date

The bank, which in December indefinitely postponed a formal return timeline, will adopt a "hybrid flexible model," which will send most employees to the office three days a week, an executive told Bloomberg.

By Dan Ennis • Updated Feb. 10, 2022

Timing of Bank of America's stay-home call is either grinchy or genius

Giving New York City-area workers a remote option after the weekend keeps them on a shorter leash. By contrast, JPMorgan's announcement Friday, in theory, offered some a chance to flee town early.

By Dan Ennis • Dec. 21, 2021

Fed signs off on 3 mergers, but several still remain in limbo

First Citizens and CIT may find relief in their green light, but for other banks such as Old National, the wait is not over.

By Dan Ennis • Dec. 20, 2021

DOJ backs FDIC Democrats, requests public comments on bank merger review

A Friday statement from the Justice Department's Antitrust Division echoes comments by CFPB Director Rohit Chopra and other Democrats on the FDIC board, as federal regulators set banking M&A in their sights.

By Robin Bradley • Dec. 20, 2021

Banking group drops OCC suit after Figure updates charter application

"We still feel like the law would have come out on our side ... but we just don't want to continue to wait," the fintech's general counsel said of its decision to seek deposit insurance.

By Anna Hrushka • Updated Jan. 14, 2022

JPMorgan to pay $200M in SEC, CFTC fines over record-keeping failures

The bank in June ordered staff to save relevant texts from as early as 2018 made on personal devices and on messaging platforms until the company's legal department said otherwise, Bloomberg reported.

By Anna Hrushka • Dec. 17, 2021

Lawmaker tells CFPB chief to stay in his own lane

Rep. Blaine Luetkemeyer, R-MO, introduced a bill to strip Rohit Chopra of his FDIC board voting rights. The bill also would cap FDIC board members' tenure at 12 years. Martin Gruenberg has served on the board for 16.

By Robin Bradley • Dec. 16, 2021

JPMorgan locked down its No. 2. Now how will it keep its rank and file?

The bank this week gave its co-president a stock award worth roughly $25 million. It's also considering a 40% bump in the bonus pool for investment bankers in underwriting and M&A advisory roles.

By Dan Ennis • Dec. 16, 2021

FDIC board power struggle continues after meeting

CFPB Director Rohit Chopra, in a statement Tuesday, said he received a last-minute revision to a request for information "with a series of strings attached," which he deemed unacceptable.

By Robin Bradley • Dec. 15, 2021

JPMorgan Chase reaches its virtual tipping point

The bank told unvaccinated Manhattan-based employees to work remotely for now, and pushed its annual healthcare conference online after two biotech giants backed out.

By Dan Ennis • Dec. 15, 2021

Crypto custody firm Anchorage Digital raises $350M in $3B valuation

The company's latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.

By Anna Hrushka • Dec. 15, 2021

Morgan Stanley CEO Gorman: ‘I was wrong’ on office-return stance

The executive said Monday he anticipates COVID-19 variants could disrupt work life "through most of next year." Meanwhile, several banks are urging U.K. employees to work from home as the country reports its first omicron death.

By Dan Ennis • Dec. 14, 2021

JPMorgan's reported $200M fine, Credit Suisse crackdown spotlight mobile comms

The U.S.'s largest bank could settle by the end of the year a probe by the SEC and CFTC over lax communications monitoring, according to Bloomberg. Meanwhile, the Swiss lender tightened its own policy on monitoring comms.

By Dan Ennis • Dec. 13, 2021

FDIC, CFPB clash in partisan bank merger debate

Banks' ability to merge is a privilege, not a right, the CFPB's director and a former FDIC chair said in a joint statement denounced by Sen. Pat Toomey, R-PA, as a "coup."

By Robin Bradley • Updated Dec. 13, 2021

Coinbase's revenge, CFTC shade-throwing highlight return of 'winter filter'

Coinbase debuted an interest-bearing product for non-U.S. users a day after warning lawmakers the U.S. is at risk of being left behind. Also, "regulating through enforcement" comes under fire — from a regulator.

By Dan Ennis • Dec. 10, 2021

Jefferies advises remote work for rest of 2021 amid COVID-19 spike

The investment bank is also requiring its workers to get a booster for their vaccine by Jan. 31 as the company has seen 40 new cases this month, CEO Richard Handler said in a memo.

By Dan Ennis • Dec. 9, 2021

Crypto execs tout financial inclusion during digital-asset hearing

Circle, for example, aims to funnel "billions of dollars" of USDC dollar-denominated reserves into minority depository institutions to aid underserved communities, CEO Jeremy Allaire told lawmakers Wednesday.

By Anna Hrushka • Dec. 9, 2021

JPMorgan Chase to allow earlier paycheck access, expand overdraft grace period

Starting next year, the bank will give customers until the end of the day after overdrawing to get their account to within $50 of positive. The move expands on a policy shift JPMorgan instituted in August.

By Robin Bradley • Dec. 9, 2021