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

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

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

OCC halts controversial fair access rule

Pausing publication of the rule will allow the next confirmed comptroller to review it — along with the more than 35,000 public comments the OCC received, the regulator said Thursday.

By Anna Hrushka • Jan. 28, 2021

SBA outlines steps to improve PPP, reports $35B in approved loans

The agency said a review of first-draw loans identified data mismatches and eligibility concerns in about 4.7% of the lender-submitted data.

By Anna Hrushka • Jan. 27, 2021

Biggest banks pledge to boost diverse hiring, or make it more transparent

Citi said it will require, effective this year, that at least two diverse candidates be interviewed for assistant vice president roles and above, up from one in previous years.

By Dan Ennis • Jan. 27, 2021

PPP portal glitch bungles second-draw loans, advocacy group says

The portal does not appear to allow lenders to upload a borrower's application for a second-draw loan if the forgiveness application for that borrower's first-draw loan is still pending, ABA President Rob Nichols wrote.

By Dan Ennis • Jan. 26, 2021

Raises at top 6 US banks average fraction of a percentage point

JPMorgan CEO Jamie Dimon's pay is standing pat, too. Meanwhile, Bank of America is offering $750 bonuses for employees making $100,000 or less, and Citi continues narrowing the wage gap.

By Dan Ennis • Jan. 22, 2021

Alternative credit data, fair lending may take focus under Biden

Among his first actions as president, Joe Biden signed an executive order to extend the pause on student loan payments through Sept. 30.

By Anna Hrushka • Jan. 21, 2021

Kraninger resigns from CFPB post at Biden's request

The bureau, under Kraninger's oversight, saw an enforcement downturn. President Joe Biden appointed nine-year CFPB veteran Dave Uejio to serve as the agency's acting chief.

By Dan Ennis • Jan. 21, 2021

4 banking trends to watch in 2021

Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.

By Dan Ennis , Anna Hrushka • Jan. 20, 2021

Plaid sees 'opportunity' after $5.3B Visa deal ends

The data aggregator's biggest priority now is getting 75% of its traffic dedicated to application programming interfaces by the end of 2021 — a prospect John Pitts, Plaid's head of policy, calls an "immense challenge."

By Anna Hrushka • Jan. 19, 2021

Ex-Wells Fargo general counsel fined $3.5M by OCC

James Strother is the seventh former Wells exec to settle with the regulator in the past year over the fake accounts scandal. He must show the OCC's cease-and-desist order to leaders of any bank with which he is or will be affiliated.

By Dan Ennis • Jan. 19, 2021