Boston, Dallas Fed chiefs resign amid stock-trading blowback

Boston's Eric Rosengren cited a worsening kidney condition in his departure. Dallas' Robert Kaplan, however, addressed the controversy head-on. "The recent focus on my financial disclosure risks becoming a distraction," he said.

By Dan Ennis • Updated Sept. 28, 2021

Bank of Marin CEO calls it a career after 2 extra years

The bank on Friday named 14-year veteran Tim Myers as its next CEO. It hired a firm in 2019 to find Russ Colombo's successor. Then COVID-19 hit, and Colombo said he'd stay "as long as the bank needs."

By Dan Ennis • Sept. 27, 2021

Explore the Trendline➔

Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

Cannabis banking measure couched in House-passed defense bill

The NDAA goes to the Senate, a perennial foil for the SAFE Banking Act. While some Republicans would rather the pot bill get a stand-alone vote, a number of Democrats are eyeing larger reform.

By Dan Ennis • Sept. 22, 2021

U.S. Bank to buy MUFG Union Bank in $8B deal

The transaction would add $133 billion in assets, $58 billion in loans and $90 billion in deposits to U.S. Bank's balance sheet, vaulting the Minneapolis-based lender back into fifth place among largest retail banks in the U.S.

By Robin Bradley • Sept. 21, 2021

Varo's latest $510M funding round validates bank charter decision, exec says

The bank, now reportedly valued at $2.5 billion, plans to use the new funding on account growth, brand building, its product roadmap and operational and risk management infrastructure.

By Anna Hrushka • Sept. 17, 2021

Truist, Microsoft back FDIC fund to invest in minority-owned banks

"I like to joke that this isn't your grandmother's FDIC, and this fund certainly proves that we like to think out of the box," the agency's chair, Jelena McWilliams, said Thursday.

By Anna Hrushka • Sept. 16, 2021

Yellen, IRS chief push House panel for bank data reporting boost

Democrats consider boosting to $10,000 the amount held in accounts whose inflows and outflows would be reported to the IRS. Trade groups say the compliance costs and privacy risks of the measure outweigh the windfall.

By Dan Ennis • Updated Sept. 24, 2021

Wells Fargo penalties, trial, call for breakup are part of a door-window continuum

In acknowledging the OCC had handed it a fresh $250 million fine, Wells noted that the CFPB had let a separate penalty expire. The unexpected blow, though, may have come from Sen. Elizabeth Warren.

By Dan Ennis • Sept. 15, 2021

SBA quadruples EIDL cap to $2M

The agency said it also instituted a two-year deferred payment period and has greatly increased the rate at which loans ar reviewed, clearing a backlog of more than 600,000 cases.

By Anna Hrushka • Sept. 13, 2021

OCC's proposed rule would rescind Trump-era CRA rewrite

The agency moved to revert to 1995 guidance while it coordinates with the Federal Reserve and FDIC on an interagency rule to discourage redlining. The OCC would issue the final rule in December.

By Dan Ennis • Updated Dec. 14, 2021

Bank of America debuts overdraft alternative

If a customer overdraws on one Bank of America account, Balance Connect ferries money from another of the user's accounts with the bank for a $12-per-transaction fee.

By Robin Bradley • Sept. 8, 2021

CFPB proposes rule to boost data collection on small-business loans

The bureau laid out a list of 23 data points, including the race and gender of borrowers and reasons for loan denial. But some trade groups are taking issue with the proposal's scope.

By Robin Bradley • Sept. 7, 2021

FTC fines Capital One CEO $638K in stock award disclosure violation

The agency did not penalize the executive over Hart-Scott-Rodino violations in 1999 and 2004. The fine represents a significant reduction from a maximum penalty of around $29.7 million.

By Robin Bradley • Sept. 3, 2021

ICBA calls for 'exit fee' on credit union-bank deals

The trade group's proposed fee would be equal to 10% of the gross value of the acquired bank's assets or liabilities from its most recent balance sheet — whichever are greater — and would be payable by the acquiring credit union.

By Anna Hrushka • Sept. 3, 2021

SBA 'threat' draws ire of PPP lenders, Republican lawmakers

Lenders that have not opted in to the agency's forgiveness portal could face audits, the SBA said in a letter.

By Anna Hrushka • Sept. 2, 2021

Wells Fargo seeks more time to comply with scandal consent orders: report

The bank could face additional sanctions from regulators over the pace at which it is compensating victims of its consumer abuse violations, Bloomberg reported Tuesday.

By Anna Hrushka • Sept. 1, 2021

NY governor taps ex-Obama staffer to lead state regulator

Adrienne Harris served from 2015 to 2017 as a special assistant to the president for economic policy. She still must be confirmed by the New York state Senate before taking office.

By Dan Ennis • Sept. 1, 2021

Morgan Stanley bumps first-year pay to $110K to match Goldman Sachs

Tuesday's move marks the second time in a month the bank lifted salaries for first-year investment banking and global capital markets analysts.

By Robin Bradley • Sept. 1, 2021

SBA's second-largest loan program may run out of funds this week

The pandemic and low interest rates have caused demand for SBA 504 loans to soar to record levels.

By Robin Bradley • Aug. 31, 2021

CFPB won’t recommend OppFi enforcement action, lender says

OppFi disclosed the bureau's investigation into its Military Lending Act practices in March, ahead of a planned merger with a blank-check company.

By Dan Ennis • Aug. 31, 2021

Bank regulators issue guidance on partnering with fintechs

Banks should evaluate fintechs' business experience and qualifications, financial condition, legal and regulatory compliance, risk management and controls, information security and operational resilience, regulators said Friday.

By Anna Hrushka • Aug. 30, 2021

SEC seeks public feedback on brokers' digital practices

At issue is whether in-app prompts or gamification strategies constitute investment advice. In a tweet, the agency's chairman compares such practices to streaming service recommendations that shape viewer algorithms.

By Dan Ennis • Aug. 30, 2021

PNC increasing minimum hourly pay to $18

The $3-per-hour boost represents a 20% increase for legacy PNC employees, but is a bigger jump for BBVA USA staff joining PNC in October. Minimum hourly pay there is $11, according to The Associated Press.

By Robin Bradley • Aug. 30, 2021

Bank of America execs Finucane, Montag to retire this year

The bank will roll out succession plans in the coming weeks to replace its chief ESG architect and COO. The moves may cement a new generation of leadership at the Charlotte, North Carolina-based lender.

By Dan Ennis • Aug. 27, 2021

Goldman Sachs mandates vaccine for office-based employees by Sept. 7

Occupants of the banks' offices will also be required to wear masks, regardless of their vaccination status, beginning this week. The move comes a day after the FDA approved the Pfizer vaccine against COVID-19.

By Dan Ennis • Aug. 25, 2021