SoFi to buy community bank in $22.3M deal to speed charter

Sacramento, California-based Golden Pacific Bancorp and its three branches would operate as a division of SoFi Bank once the transaction closes by year's end, pending regulator approval, SoFi said.

By Dan Ennis • March 9, 2021

Treasury launches $9B effort to reach business owners of color through CDFIs, MDIs

About $2 billion of the Emergency Capital Investment Program's funding for loans, grants and forbearance is set aside for institutions with less than $500 million in assets.

By Dan Ennis • March 8, 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

Fed extends PPP facility through July 30

The central bank, in a statement, took pains to note the extension would be the last of its kind.

By Dan Ennis • Updated June 29, 2021

CFPB pick Rohit Chopra walks fine line on bank enforcement

Chopra pledges a strong hand on fair lending and mortgage servicing, stiffer penalties for fraud and misconduct, and a watchful eye on big tech. But the nomination only advanced to the full Senate when the majority leader broke a partisan deadlock.

By Robert Freedman • Updated March 11, 2021

Citi marks a quiet transition as Fraser takes the reins

The Wall Street bank's first woman CEO announced an ESG initiative on her first day, but risk-management fixes and potential reorganization stand as a tougher test.

By Dan Ennis • March 2, 2021

Robinhood set aside $26.6M to settle with FINRA

Regulators, attorneys general and a U.S. district court in California are investigating the brokerage over its options-trading practices, its temporary halt in the trading of certain stocks and several outages last March.

By Dan Ennis • March 1, 2021

Thrivent becomes 2nd nonbank in a week to eye ILC charter

The purpose-driven nonprofit follows fintech Brex in applying for deposit insurance with the FDIC.

By Dan Ennis • Feb. 25, 2021

Goldman CEO pushes to end remote-work ‘aberration’ sooner than later

"This is not ideal for us and it's not a new normal," David Solomon said, decrying a COVID-19 vaccine rollout that he called slower than expected.

By Dan Ennis • Feb. 24, 2021

PPP changes get mixed reactions from banking industry

"Many lenders are questioning whether the two-week exclusive window for smallest businesses is truly necessary," one bank consultant said.

By Anna Hrushka • Feb. 24, 2021

Tether, crypto exchange Bitfinex to pay $18.5M to settle NY probe

Tether will give officials quarterly reports on its reserves and end trading with the state's residents in an agreement that ends a two-year investigation into allegations it hid the loss of $850 million in client and corporate money.

By Dan Ennis • Feb. 24, 2021

New FDIC CIO: 'Technology is the best enabler of banking the unbanked'

"I think the vectors of success for dealing with the unbanked are going to be digital in nature," said Sultan Meghji, who worked on an aid mission to help implement digital banking in Kenya, Tanzania and Uganda.

By Anna Hrushka • Feb. 23, 2021

Fintech Brex applies for ILC charter

The FDIC has received more than a dozen deposit insurance applications from proposed ILCs since 2012, to the chagrin of a number of lawmakers and trade groups.

By Dan Ennis • Feb. 22, 2021

Smallest businesses get exclusive 2-week PPP window, Biden admin says

The administration also announced changes to the way loans are calculated for businesses without employees, such as sole proprietors, independent contractors and the self-employed.

By Anna Hrushka • Feb. 22, 2021

M&T Bank to buy People’s United in $7.6B all-stock deal

The transaction, expected to close in the fourth quarter, would create a bank with more than $205 billion in assets and provide an entryway for M&T into the Boston market.

By Dan Ennis • Feb. 22, 2021

Fed's Brainard pushes banks to undergo climate 'scenario analysis'

The exercise wouldn't be a stress test, she said, adding banks that can't measure, monitor and manage climate-related risks could face outsized losses from environmental shifts and/or a poor transition to a low-carbon economy.

By Dan Ennis • Feb. 19, 2021

Prior business relationships influence PPP coronavirus lending, study finds

Three-quarters of "relationship-borrowers" got a PPP loan, compared with 18% of "non-relationship firms," a study by researchers at Washington University in St. Louis, Boston College and the University of Geneva found.

By Jim Tyson • Feb. 18, 2021

Wells Fargo asset cap closer to ending as Fed reportedly OKs overhaul plan

The nation's fourth-largest bank has operated for three years under a $1.95 trillion asset cap set by the Federal Reserve in response to a 2016 fake-accounts scandal that has cost the bank billions of dollars in fines.

By Anna Hrushka • Feb. 18, 2021

Yes? No? Investment platform Kalshi will let users bet on event outcomes

Co-founder Tarek Mansour imagined the concept while interning at Goldman Sachs ahead of the Brexit vote. The company completed a $30 million funding round, aims to launch in March and has earned CFTC approval.

By Dan Ennis • Feb. 18, 2021

Citi, Bank of America cut CEOs' compensation

Citi slashed outgoing CEO Michael Corbat's pay — and that of other executive management team members — over the risk management woes that led regulators to fine the bank $400 million in October.

By Dan Ennis • Feb. 16, 2021

CFPB calls out companies that lag on complaint response

The bureau's efforts to repair relations with consumers and strengthen enforcement follow a move by the SEC to expand the authority to launch formal investigations.

By Dan Ennis • Feb. 11, 2021

NYDFS pushes CRA credit for banks investing in climate projects

The state regulator laid out examples of energy-saving and flood mitigation projects its chief says could address environmental and social justice — and give financial institutions a perk.

By Dan Ennis • Feb. 10, 2021

Robinhood faces wrongful-death lawsuit over 20-year-old trader's suicide

Since Alex Kearns's death in June, the company said it has added live voice support for some customers, revised some requirements for options traders and updated how it displays buying power.

By Dan Ennis • Feb. 9, 2021

House lawmaker continues push to include cannabis banking in COVID relief bill

With Democrats now in control of the House and Senate, and a Democrat chairing the Senate Banking Committee, some industry observers said 2021 will be the year for SAFE Banking, in addition to broader pot legislation.

By Anna Hrushka • Feb. 5, 2021

FDIC fines Apple Bank $12.5M over AML violations

The bank failed to timely comply with a 2015 consent order requiring that it hire qualified compliance staff, conduct an AML risk assessment and develop internal controls for Bank Secrecy Act compliance, the regulator said.

By Dan Ennis • Feb. 2, 2021

4 largest US banks join BMO to offer paid time off for COVID-19 vaccine

Wells Fargo is also offering free COVID-19 testing for employees at its 25 largest locations.

By Dan Ennis • Updated March 5, 2021