Retail


  • JPMorgan Chase sign in front of building in street level view.
    Image attribution tooltip
    Chris Hondros via Getty Images

    Banks turn to automation to realize efficiency gains

    Automation will increasingly support customer experience improvements, product releases and other client-relations objectives, analysts and companies said.

    By Sept. 30, 2022
  • The exterior of the Consumer Financial Protection Bureau building
    Image attribution tooltip
    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB sues MoneyLion, alleging Military Lending Act violations

    The fintech required customers to join a membership program to access its low-APR installment loan product, but wouldn’t let members cancel their memberships until their loans were paid, the bureau said.

    By Sept. 30, 2022
  • Trendline

    Marketing trends

    Established and up-and-coming challengers show how they embrace new business silos such as cannabis, BaaS and the metaverse — or connect “ingredients” to stimulate growth.

    By Banking Dive staff
  • The Department of Justice in Washington, D.C.
    Image attribution tooltip
    Drew Angerer via Getty Images

    Lakeland Bank to pay $13M in DOJ redlining settlement

    The settlement comes one day after Provident Bank said it would acquire Lakeland in a $1.3 billion all-stock transaction. Provident disclosed Tuesday it was aware of the pending settlement when agreeing to the deal.

    By Sept. 29, 2022
  • The exterior of the Consumer Financial Protection Bureau building
    Image attribution tooltip
    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB fines Regions $191M on overdraft practices

    The bureau demanded Regions pay $141 million in redress to customers and a $50 million penalty over “authorized-positive” fees the bank charged related to the order in which it posted transactions.

    By Sept. 28, 2022
  • Image attribution tooltip
    Michael Nagle via Getty Images

    JPMorgan’s UK retail bank hits 1M customers, aims to double staff by 2024

    JPMorgan said it plans to introduce new features and enhancements to the current Chase U.K. account, including new savings options and lending products, such as a Chase credit card.

    By Sept. 28, 2022
  • The concept of the word M&A on cubes on a beautiful green background. Business concept
    Image attribution tooltip
    Zhanna Hapanovich via Getty Images

    NJ’s Provident, Lakeland to merge in $1.3B deal

    The transaction, set to close in the second quarter of 2023, aims to give the Garden State a “super-community bank” at the $25 billion-asset level, filling a gap that opened when Citizens acquired Investors Bancorp.

    By Sept. 27, 2022
  • PNC Bank
    Image attribution tooltip
    "PNC" by ParentingPatch is licensed under CC BY-SA 3.0

    PNC buys restaurant point-of-sale firm Linga

    The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.

    By Sept. 27, 2022
  • Bank CEOs sit in front of the Senate Banking Committee.
    Image attribution tooltip
    Drew Angerer via Getty Images

    Bank CEOs defend Zelle in Senate hearing

    Sen. Elizabeth Warren, D-MA, called the peer-to-peer payments network “unsafe,” claiming Zelle users were defrauded out of $500 million last year.

    By Sept. 23, 2022
  • citi london headuqarters
    Image attribution tooltip
    Oli Scarff via Getty Images

    Citi proposes UK retail exit

    The move wouldn’t materially affect the bank. Citi has one U.K. retail branch and intends to ask qualifying clients to use the bank’s private banking services.

    By Sept. 23, 2022
  • The CEOs of the nation's largest banks face members of the House Committee on Financial Services.
    Image attribution tooltip
    Alex Wong via Getty Images

    Republicans grill bank CEOs on handling of new merchant gun code

    GOP lawmakers, during a wide-ranging hearing Wednesday, demanded the CEOs of the nation’s top banks share how they plan to respond to a new category code for gun and ammunition retailers.

    By Sept. 22, 2022
  • chicago
    Image attribution tooltip
    Tim Boyle via Getty Images

    Chicago mayoral candidate proposes public bank

    The bank would start with $500 million in assets, with half coming from the city’s “cash on hand.” The rest could come from federal stimulus funds, or the Illinois General Assembly could be asked to “match funds.”

    By Sept. 21, 2022
  • Image attribution tooltip
    Jeff Swensen via Getty Images

    PNC gears up for Round 3 in USAA patent dispute

    Lawyers for PNC asked a judge for a new trial in a $218 million case days after a jury found the bank should pay USAA another $4.3 million in a related matter.

    By Sept. 21, 2022
  • The United States Capitol surrounded by trees
    Image attribution tooltip
    Megan Quinn/Banking Dive

    Diversity, inflation, payments fraud to take center stage at hearings

    Democratic lawmakers are expected to grill big-bank CEOs this week on reports of consumer abuses, while Republicans will likely target executives they say have caved to social pressures.

    By Sept. 20, 2022
  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
    Image attribution tooltip
    Chris Hondros via Getty Images
    Column

    Goldman grows where it can — but may have just started its cull

    The bank leans into an expansion in transaction banking and a new card partnership while cutting at least 25 bankers in Asia.

    By Sept. 20, 2022
  • closeup of hands holding smartphone in cafe
    Image attribution tooltip
    anyaberkut via Getty Images

    M&T-People’s United conversion issues draw AG scrutiny

    Some customers have been unable to access online banking following M&T’s conversion of People’s United accounts over the Labor Day weekend, Connecticut's attorney general wrote last week in a letter.

    By Sept. 19, 2022
  • Woman stands under TD Bank sign.
    Image attribution tooltip
    Drew Angerer via Getty Images

    TD to expand in Charlotte area, with 15 new branches

    At least 25% will be in majority-nonwhite or LMI areas, TD said, in perhaps an olive branch to community advocates concerned over the impact of the bank’s pending acquisition of First Horizon.

    By Sept. 16, 2022
  • A person uses a red Bank of America ATM.
    Image attribution tooltip
    David McNew via Getty Images

    Bank of America to offer paid sabbaticals starting next year

    Employees who have served 15 years at the bank can take four weeks, with an extra week for 20-year vets, and a sixth for those with 30.

    By Sept. 15, 2022
  • People walk across a brick path.
    Image attribution tooltip
    The image by Hobiecat93 is licensed under CC BY-SA 3.0

    Citizens to buy college planning platform College Raptor

    The deal will give Citizens, which already has several student lending products, greater access to the college student market, the bank’s executive vice president and head of student lending said.

    By Sept. 15, 2022
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
    Image attribution tooltip
    Anna Hrushka/Banking Dive
    Column

    How big of a deal is Q2’s deposit decline?

    Deposits had seen an unsustainable 35% jump since 2020, and banks were pushing their capital limits. The real tell of consumer health from FDIC data may be a 25% spike in early delinquencies.

    By Sept. 15, 2022
  • Majority's features are displayed on three smartphone screens.
    Image attribution tooltip
    Permission granted by Majority

    Majority raises $37M as neobank expands immigrant outreach

    The neobank, which declined to share its current valuation or number of users, has raised $83.5 million to date.

    By Sept. 14, 2022
  • Wells Fargo branch exterior
    Image attribution tooltip
    Courtesy of Wells Fargo multimedia resources

    Wells Fargo agrees to third-party racial-equity audit

    CEO Charlie Scharf called the move “a critical next step” toward closing the wealth gap, and added that diversity, equity and inclusion are “imperative” at the bank.

    By Sept. 14, 2022
  • Bank of America ATMs are seen in NYC.
    Image attribution tooltip
    Mario Tama via Getty Images

    BofA pledges $25M to support Black and Latino-led CDFIs

    “This collaboration demonstrates that opportunities and impact are literally doubled when we work together,” said Marla Bilonick, chair of the National Alliance of Latino CDFI Executives.

    By Sept. 9, 2022
  • A purple Truist sign sticks out of a building.
    Image attribution tooltip
    Permission granted by Truist

    Truist taps insider as CFO as Bible retires

    Mike Maguire, the Charlotte, North Carolina-based lender’s chief consumer finance and payments officer, will become CFO, effective Sept. 15. Current CFO Daryl Bible will stay on through a transition period.

    By Sept. 8, 2022
  • Michael Barr
    Image attribution tooltip
    Tasos Katopodis via Getty Images

    10 takeaways from Michael Barr’s first speech as Fed’s supervision czar

    The regulator pushed a tiered set of capital requirements and stricter living wills for regional banks. He also clarified the central bank’s stance on climate risk.

    By Sept. 8, 2022
  • Fifth Third Bank
    Image attribution tooltip
    "Fifth Third" by Ed (Talk) is licensed under CC BY-SA 3.0

    Black woman, 71, sues Fifth Third over alleged refusal to cash check

    The retiree alleges three White bank employees “insisted” the five-figure casino jackpot check was fraudulent. She later deposited it at JPMorgan Chase.

    By Sept. 7, 2022