Retail
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Fintechs hopeful as CFPB seeks to modify data access rule
Section 1033 of the Dodd-Frank Act won't prevent banks from overstepping their authority and blocking consumers from sharing their data with certain companies, fintechs argue.
By Anna Hrushka • Oct. 23, 2020 -
Courtesy of FDIC
Regulators finalize rule requiring big banks to keep year's worth of liquidity
Most of the nation's 20 largest banks already meet the rule's demands, regulators said. However, at least one bank — unidentified — needs to come up by 8%.
By Anna Hrushka • Oct. 21, 2020 -
Explore the Trendline➔
Fotolia
TrendlineCustomer service in the COVID era
The pandemic situation has altered, maybe forever, how banks must meet customer needs.
By Banking Dive staff -
Pandemic could reverse uptick in banked households, FDIC says
"[F]indings from multiple years of the survey suggest that the unbanked rate is likely to rise as the unemployment rate rose from its level prior to the pandemic," said the agency's chairman, Jelena McWilliams.
By Anna Hrushka • Oct. 20, 2020 -
Retrieved from Unsplash.
Regulators close Florida's First City Bank, 2020's 3rd bank failure
The bank's chairman and CEO in January attributed its struggles to the 2008 financial crisis and the Deepwater Horizon oil spill.
By Anna Hrushka • Oct. 19, 2020 -
Permission granted by Varo Money
Varo Bank launches small-dollar loan product
Varo's new product follows Bank of America's rollout this month of Balance Assist, and comes as regulators have encouraged banks to issue small-dollar loans amid the ongoing coronavirus pandemic.
By Anna Hrushka • Oct. 16, 2020 -
Truist Financial
Truist posts $1.1B profit, continues merger-related job cuts and branch closures
The Charlotte, North Carolina-based bank cut 769 jobs during the third quarter and plans to close 104 branches in December and January, it said Thursday.
By Anna Hrushka • Oct. 15, 2020 -
TD sues Plaid over trademark infringement, false advertising
"We were surprised by TD Bank’s decision to file suit in the midst of our good-faith discussions, which are still ongoing," Plaid told American Banker. "We ... are disappointed that they resorted to litigation and false allegations."
By Dan Ennis • UPDATED: Oct. 19, 2020 at 11:08 a.m. -
Permission granted by Office of the Comptroller of the Currency
OCC fines USAA $85M over compliance, IT failures
"[W]e did not sufficiently invest in the capabilities and expertise necessary to meet regulatory requirements and evolving business needs," USAA CEO Wayne Peacock said.
By Anna Hrushka • Oct. 15, 2020 -
Wells Fargo fires up to 125 employees over misuse of EIDL aid
The terminations come a month after fellow banking titan JPMorgan Chase launched an internal investigation that found more than 500 of its employees accessed the program's funds, though dozens shouldn't have.
By Dan Ennis • Oct. 15, 2020 -
Bank of America profit tumbles 16% despite consumer spending rebound
Profit has fallen 15% or more for the third straight quarter at the nation's second-largest bank, but loan-loss set-asides, at $1.4 billion, are down 73% from three months earlier.
By Suman Bhattacharyya • Oct. 14, 2020 -
PNC sees bump in Q3 revenue as bank reaches 'stable reserve levels'
After padding its loan-loss reserves over the past two quarters, the Pittsburgh-based lender set aside $2.4 billion less than it did in the previous three months.
By Anna Hrushka • Oct. 14, 2020 -
U.S. Bank confirms branch closure acceleration
The Minneapolis-based lender originally sought to reduce its footprint by 10% to 15% by early 2021. Now the bank wants to close an additional 15% of its branches, on top of the 10% it has shuttered, in the same time frame.
By Ken McCarthy • Oct. 14, 2020 -
Wells Fargo rebounds with $2B Q3, tempered by jump in expenses
The bank set aside $961 million for customer remediation and $718 million for restructuring charges, mostly severance, as it resumed job cuts that might number in the tens of thousands.
By Dan Ennis • Oct. 14, 2020 -
JPMorgan's Q3 profit buoyed by 30% jump in trading revenue
The bank set aside $611 million in credit reserves in the third quarter — a precipitous drop for a figure that stood at $10.4 billion three months earlier.
By Anna Hrushka • Oct. 13, 2020 -
Sharp drop in set-asides pushes Citi to $3.2B net income
While net income has fallen 34% compared with this time last year, it's more than double what the bank reported last quarter.
By Dan Ennis • Oct. 13, 2020 -
LendingClub
LendingClub exits peer-to-peer loan space
Before its acquisition of Radius Bank closes, the P2P pioneer is pivoting toward institutional investing, discontinuing its Notes platform Dec. 31.
By Dan Ennis • Oct. 12, 2020 -
Fotolia
New bank CEOs come of age amid coronavirus trial by fire
Net interest margin is so 2019. Bankers taking top roles during the pandemic have found branch cleanliness and small-business lending just as crucial.
By Ken McCarthy • Oct. 12, 2020 -
Values-based Climate First Bank seeks Florida de novo charter
"I wanted to do something that would give back and not just make a bunch of people a bunch of money again, even though I have no opposition to that," said founder Ken LaRoe. "I just wanted there to be more meaning to life than that."
By Anna Hrushka • Oct. 09, 2020 -
JPMorgan Chase
JPMorgan Chase pledges $30B to fight racial wealth gap
The bank said it would spend $8 billion to originate 40,000 mortgages for Black and Latinx households over the next five years, and provide $14 billion in loans and investments to create 100,000 affordable rental units.
By Anna Hrushka • Oct. 08, 2020 -
How Bank of America's decentralized innovation approach conceives the future
The bank doesn't have a dedicated budget for its patent projects, but it relies on more than 5,600 inventors based in 42 states and 12 countries — and a philosophy that innovation is "part of everyone's job."
By Anna Hrushka • Oct. 07, 2020 -
E-commerce boom fuels Citizens Bank's point-of-sale lending activity
As fintechs expand their offerings, the Rhode Island-based lender is differentiating through big-ticket purchases and giving merchants flexibility with its products and pricing.
By Suman Bhattacharyya • Oct. 06, 2020 -
Sen. Warren asks Fed to weigh Wells Fargo's mortgage missteps in asset cap evaluation
Of the 904 accounts for which forbearance was not requested, 344 told the bank they did not want the help, Warren indicated to the central bank.
By Dan Ennis • Oct. 05, 2020 -
Bank of America invests in 7 minority-owned institutions
The investments, which are part of a $50 million commitment to MDIs and CDFIs, will go toward lending, housing, neighborhood revitalization and other banking services.
By Anna Hrushka • Oct. 05, 2020 -
Varo
Varo turns focus to new products after national charter milestone
The launch of the Varo Bank app, which the company says is imminent, will free up resources and energy to "pivot on to the customer," Chief Risk Officer Philippa Girling said.
By Anna Hrushka • Oct. 02, 2020 -
As Goldman, JPMorgan resume cuts, Bank of America reiterates no-layoff vow
Brian Moynihan, the CEO of the nation's second-largest bank, touted the Charlotte, N.C.-based lender's progress on diversity Thursday in perhaps a direct counter to comments that put Wells Fargo chief Charlie Scharf in hot water.
By Dan Ennis • UPDATED: Oct. 2, 2020 at 11:21 a.m.
