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    Nashville bank execs launch Sonata to serve fast-food industry

    Dan Dellinger and Farzin Ferdowsi, with their third venture, aim to solve turnover and banking access issues in the quick-service space, and add telehealth and financial literacy to help franchisees retain talent.

    By Aug. 12, 2022
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    PNC eliminates NSF fees

    The Pittsburgh lender in April 2021 began curtailing the penalty for customers of its Virtual Wallet tool and is now extending that policy across its user base.

    By Aug. 12, 2022
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    ESG concerns in banking

    Banks' ESG considerations stretch far beyond climate change. This snapshot touches on banks' inclusion efforts along lines of race, gender and income, social stances and a look at the LMI-area investment one big bank is making ahead of a merger.

    By Banking Dive staff
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    CFPB fines fintech Digit $2.7M over ‘faulty’ savings algorithm

    In addition to the fine, the bureau will require Digit to redress harmed customers. Oportun, which acquired Digit last year, said the fintech owes 1,947 customers approximately $35 each, for a total of $68,145.

    By Aug. 11, 2022
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    Seacoast eyes Miami expansion with $488.6M deal to buy Professional Bank

    The transaction, set to close in the first quarter of 2023, would be the third — and largest — Seacoast has announced since March.

    By Aug. 9, 2022
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    TD to buy Wall Street brokerage firm Cowen for $1.3B

    TD sold 28.4 million nonvoting common shares of its Charles Schwab stock to fund the transaction, which is expected to close in the first quarter of 2023.

    By Aug. 2, 2022
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    Heritage Southeast finds another buyer, a month after the VyStar deal crumbled

    Mississippi-based The First Bank agreed Wednesday to pay $207 million in a deal that would give it 23 new locations and access to the Atlanta, Jacksonville and Savannah markets.

    By July 29, 2022
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    CFPB fines U.S. Bank $37.5M over customer data misuse

    The bank was aware that sales pressure was leading employees to access customers’ credit reports and personal data to apply for and open unauthorized accounts, the bureau said.

    By July 28, 2022
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    Berkshire Hathaway subsidiary to pay $20M to settle redlining allegations

    A government investigation uncovered “problematic conduct” at Trident Mortgage Co., including distribution of emails containing racial slurs and racist content about certain neighborhoods, the CFPB said.

    By July 28, 2022
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    Credit Suisse names new CEO, launches review of business amid $1.7B loss

    Ulrich Körner, the bank’s asset-management chief, takes his new role Aug. 1 as the Swiss lender embarks on a strategy to cut costs and de-emphasize its investment bank.

    By July 27, 2022
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    Truist names new diversity, equity and inclusion chief

    Dominica Groom Williams’ predecessor, Wendy McSweeney, has transitioned to a role on the bank's new environmental, social and governance and impact advisory team.

    By July 26, 2022
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    2021's M&A winners BMO, Citizens strike again for smaller deals

    Buyers of Bank of the West and a swath of former HSBC locations prove that just because they made big acquisitions last year, they haven't lost sight of niche growth.

    By July 25, 2022
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    Varo Bank lays off 75, launches tech-focused unit

    The digital bank has also limited hiring and pulled back on marketing investments in the near term to shore up capital, CEO Colin Walsh wrote in a blog post.

    By July 22, 2022
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    Patriot, neobank American Challenger terminate merger

    Unlike other recent scrapped deals, regulator approval appeared not to play a part. American Challenger cited “the parties’ expected inability to satisfy certain ... closing conditions to the merger and recapitalization.”

    By July 22, 2022
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    KeyBank, Truist execs share their approaches to fintech partnerships

    Acquiring a startup can help a bank keep up with consumer demand for new products, reach new customers and compete with nonbank entities. And, as Truist learned, banks don't always have to initiate.

    By July 21, 2022
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    Truist Financial

    Truist eyes M&A growth amid rising expenses

    The initiative comes as the bank said investments in wages, hiring and technology are expected to contribute to a 2% to 3% rise in noninterest expenses this year.

    By July 20, 2022
  • CEO of Starling Bank Anne Boden answers questions during an onstage interview at TechCrunch Disrupt Berlin.
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    UK fintech Starling pulls Irish banking license application

    "Sometimes changing course is the right option," CEO Anne Boden wrote Monday in a memo to employees. The company still plans to expand to Europe through software-as-a-service deals with other lenders, Boden said.

    By July 19, 2022
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    Truist launches accounts with no overdraft fees

    The new accounts, along with several other fee-related changes Truist instituted this year, will eliminate $300 million in service charges per year by 2024, the bank said.

    By July 18, 2022
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    House-passed NDAA includes banking provisions for cannabis

    SAFE Banking’s inclusion in the defense bill marks the seventh time the legislation has passed in the House. Another measure in the bill would allow individuals with a conviction history to work in the financial sector.

    By July 18, 2022
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    JPMorgan's Dimon blasts 'capricious, arbitrary' Fed stress tests

    “It’s inconsistent. It’s not transparent. It’s too volatile,” the CEO said of the stress test. JPMorgan said last month it would keep its dividend payouts flat in response to the central bank’s capital requirements.

    By July 15, 2022
  • BMO, community groups square off at merger hearing

    Advocates assailed the bank's home-lending record toward nonwhite borrowers and expressed skepticism over its promise not to close any Bank of the West branches.

    By July 15, 2022
  • Lawmakers air CRA concerns over race, data collection

    The rule’s focus on income level rather than race does not do enough to address disparities along racial lines, some Democrats say.

    By July 14, 2022
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    Lawmakers renew push for overdraft legislation

    Meanwhile, a New York regulator said Tuesday it is conducting a review aimed at curtailing banks from double-charging users in the event of an overdraft.

    By July 13, 2022
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    Gen Z banking app GoHenry expands to Europe through Pixpay acquisition

    As a growing number of neobanks compete for young customers, GoHenry’s acquisition of Pixpay, which also targets the Gen Z crowd, is a move in the direction of potential additional industry consolidation.

    By July 12, 2022
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    Wells Fargo names Kleber Santos head of consumer lending

    Santos, Wells Fargo’s diversity and inclusion chief, will continue in that role while the bank finds a replacement. In the consumer-lending position, Santos replaces Mike Weinbach, who is leaving the bank in mid-September.

    By July 12, 2022
  • BMO Harris boosts minimum wage to $20

    The move marks the second pay bump within a year for the lowest-paid workers of the Chicago-based U.S. arm of the Bank of Montreal. The bank also gave most employees a 3% raise in June, it said.

    By July 12, 2022