CFPB fines home improvement fintech GreenSky $2.5M, orders $9M in refunds

GreenSky received more than 6,000 complaints between 2014 and 2019 from customers who said they had not authorized submitting a loan application, the bureau found.

By Dan Ennis • July 13, 2021

Rethinking overdraft

While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.

By Anna Hrushka • July 12, 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

U.S. Bank boosts unit to advise local governments on asset management

The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.

By Dan Ennis • July 12, 2021

Biden executive orders target bank mergers, financial data sharing

One measure requires the Justice Department and bank regulators to update guidelines to boost merger scrutiny, while another encourages the CFPB to issue rules giving customers greater access to their financial data.

By Anna Hrushka • July 9, 2021

Junior banker narrative centered on Goldman, but bank hasn't bumped pay

Goldman Sachs CEO David Solomon told analysts during the bank's second-quarter earnings call to "expect to see us pay appropriately during our normal cycle." The bank's fiscal year ends July 31.

By Dan Ennis • Updated July 14, 2021

Chime customers file hundreds of CFPB complaints over locked accounts: report

In an attempt to root out fraud related to government-backed pandemic aid, the fintech may have inadvertently closed hundreds of legitimate customer accounts, ProPublica reported Tuesday.

By Anna Hrushka • July 7, 2021

Robinhood agrees to pay nearly $70M in FINRA settlement

The penalty clears the deck for Robinhood to file for an IPO. That prospectus debuted Thursday, but the filing also revealed several investigations against the company and a search warrant to obtain the CEO's phone.

By Dan Ennis • Updated July 2, 2021

Fintechs' letter, panel hearing put CFPB's lending, credit stances in spotlight

Varo, Square and others seek clarity from the bureau on "disparate impact," while lawmakers debate putting the agency in charge of credit reporting.

By Dan Ennis • June 30, 2021

Quarles: Fed-backed digital currency poses 'significant' risks, 'unclear' benefits

His comments Monday, in which he compares cryptocurrencies to parachute pants, show the central bank is far from unified on digital dollar development.

By Dan Ennis • June 29, 2021

TD Bank introduces no overdraft-fee account, revises overdraft policy

The account comes with a $4.95 monthly fee. The bank, effective in August, will increase its overdraft threshold to $10 and reduce the number of times a customer can be charged an overdraft fee from five per day to three.

By Anna Hrushka • June 28, 2021

5 of the 6 largest US banks boost dividends after stress tests

Morgan Stanley and Wells Fargo doubled their payouts to shareholders, while Citi abstained. The move came as the Federal Reserve lifted temporary restrictions on dividends and stock buybacks amid positive stress test results.

By Dan Ennis • Updated June 29, 2021

Timing is right for overdraft legislation, lawmaker says

Rep. Carolyn Maloney, D-NY, who has introduced the Overdraft Protection Act every Congress since 2009, said the COVID-19 pandemic has highlighted the need for more transparency in banks' overdraft practices.

By Anna Hrushka • June 24, 2021

Morgan Stanley, JPMorgan Chase roll out vaccination policies

Morgan Stanley began restricting unvaccinated people from entering its New York-area offices in July, but took people at their word on their status. Now it's requiring office-based staff to prove it, beginning Oct. 1.

By Dan Ennis • Updated Aug. 18, 2021

California businessman gets 2½ years for bank fraud in $150M pot processing scheme

The case highlights the challenges cannabis industry-serving companies face as banks remain reluctant to associate with a drug that's still illegal on a federal level.

By Anna Hrushka • June 21, 2021

Bank of America, JPMorgan, Wells Fargo make Juneteenth a bank holiday

That practice will begin next year. Meanwhile, JPMorgan and Wells are adding a floating paid holiday this year. Morgan Stanley said it is encouraging its employees to step away at midday Friday.

By Dan Ennis • June 18, 2021

CFPB to resume Military Lending Act exams, reversing Trump-era policy

Without exams since 2018, the bureau has been relegated to using formal investigations to monitor compliance with the law, which the agency said Wednesday leads to "wasteful inefficiencies."

By Dan Ennis • June 17, 2021

Goldman's Marcus finds its next CFO within

Liz Ewing, who most recently served as chief of staff for Goldman CFO Stephen Scherr, joined the bank in 2011 and has co-managed its regulatory policy team.

By Dan Ennis • June 16, 2021

Morgan Stanley, Bank of America CEOs break relative silence on office returns

"[By] Labor Day, I'll be very disappointed if people haven't found their way into the office and then we'll have a different kind of conversation," James Gorman said at a conference.

By Dan Ennis • Updated July 26, 2021

Banks' pandemic-era flexibility reaches its pivot point

JPMorgan's call for employees to save texts, Goldman and Wells' vaccination status policies, and the boundaries of State Street's digital unit reinforce commitment to baseline legality.

By Dan Ennis • June 14, 2021

MoneyLion discloses CFPB, SEC, state probes ahead of $2.4B merger

The CFPB has sent the fintech three civil investigative demands in as many years concerning its membership model and the company's compliance with the Military Lending Act. MoneyLion said it intends to cooperate fully.

By Dan Ennis • June 11, 2021

Basel suggests clamping down on crypto as State Street rolls out digital-asset unit

The panel recommended the highest possible risk weighting — 1,250% — be applied to a bank's exposure to Bitcoin and some other digital tokens.

By Dan Ennis • June 10, 2021

ABA warns lawmakers of CBDC 'trade-offs' ahead of hearing

Policymakers should not be swayed by international peer pressure and should proceed with "extreme caution" when it comes to the digital coin, the trade group said.

By Anna Hrushka • June 9, 2021

JPMorgan Chase, Citi to resume political donations

The two firms, which were among the first to halt donations following the Jan. 6 insurrection, differ on whether they will give to any of the 147 Republican lawmakers who voted to challenge the results of the 2020 election.

By Anna Hrushka • June 7, 2021

What federal legalization would mean for Cannabis lending

Here's why banks are limited in cannabis lending now, and what federal policy can do to encourage more lenders to get involved. 

June 7, 2021

Goldman reverses stance on arbitration proposal

The bank in April narrowly rejected shareholders' push for a report on how mandatory arbitration affects staff. A 2010 lawsuit claims Goldman denied women equal pay and promotions they had earned.

By Dan Ennis • June 7, 2021