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

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

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

Second Circuit overturns challenge to OCC fintech charter

The three-judge panel said the New York Department of Financial Services, which successfully challenged the charter in 2019, failed to show how it had suffered "actual or imminent injury" from the charter.

By Anna Hrushka • June 4, 2021

OCC will revisit crypto charters, interpretive letters, acting chief says

Michael Hsu has said he will review the regulator's past actions regarding cryptocurrency activities and crypto firm charters, adding, "everything's on the table."

By Anna Hrushka • June 3, 2021

Black-owned businesses leaned harder into fintechs on PPP, Fed data shows

The data highlights fintechs' efforts to serve marginalized communities but comes amid reported scrutiny from the Justice Department and lawmakers over nonbank lenders' fraud controls and compliance systems.

By Anna Hrushka • May 28, 2021

Overdrafts take a second bow as bank CEOs testify in muted House 'sequel'

Citi said it would reconsider a racial audit, Bank of America confirmed a June 1 office return, and Goldman Sachs's David Solomon pushed back on a slavery question.

By Dan Ennis • May 28, 2021

Senators, bank CEOs spar on Capitol Hill over compensation, voting rights

Wednesday's hearing showcased how the country's banking sector has become a battleground for lawmakers to debate politically charged issues dividing Republicans and Democrats.

By Anna Hrushka • May 27, 2021

Warren: Financial system would be 'safer' with Quarles out at Fed

A testy exchange between the senator and the central bank's vice chair of supervision hinged on the Fed's reclassification of Credit Suisse before the Archegos collapse.

By Dan Ennis • May 26, 2021

Morgan Stanley, ex-chief diversity officer end discrimination case

The bank, which called Marilyn Booker's allegations "sweeping, sensationalized and conclusory," had sought in March to have the case dismissed. Oral arguments had been set for November.

By Dan Ennis • May 25, 2021

Toomey questions regional Fed banks' race-related work

The Senate Banking Committee's ranking member requested briefings with the banks on their racial equality work no later than June 7, and demanded documents and financial information about the work.

By Anna Hrushka • May 24, 2021

Wells Fargo’s marketing chief is leaving as bank retires that position

The San Francisco-based lender is also losing its regulatory relations chief, a Wells Fargo spokesman confirmed this week.

By Dan Ennis • Updated May 28, 2021

8 changes the SAFE Banking Act actually makes for Cannabis banking

The SAFE Banking Act is being watched closely by the banking world and the cannabis industry alike. What will this legislation realistically do to help this rapidly growing industry access the financial system?

May 24, 2021