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Permission granted by Office of the Comptroller of the Currency
Crypto, cybersecurity and climate in focus in OCC risk report
"The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.
By Anna Hrushka • Dec. 7, 2021 -
Courtesy Stash
How Stash helps its customers navigate emerging wealth tools
"One of the biggest learnings for us ... was making sure that we give context to the information that we're asking for and why," said Claudio Esposito, the fintech's senior vice president of product.
By Suman Bhattacharyya • Dec. 3, 2021 -
Explore the Trendline➔
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TrendlineCustomer service
If 2020 was an exercise in banks relearning customer interaction at a core level, 2021 became the year financial institutions revamped their outreach to niches of users.
By Banking Dive staff -
CFPB signals tougher stance on banks 'hooked' on overdraft fees
"Financial institutions that have a higher share of frequent overdrafters or a higher average fee burden for overdrafting should expect us to be paying them close supervisory attention," bureau Director Rohit Chopra said.
By Anna Hrushka • Dec. 2, 2021 -
Capital One eliminates overdraft fees
The new policy is expected to cost the $425.4 billion-asset bank $150 million in lost revenue per year.
By Anna Hrushka • Dec. 1, 2021 -
Courtesy of FDIC
Bank profits jump nearly 36% year over year in Q3, FDIC says
However, net income has fallen 1.2% from this year's second quarter, as banks release fewer loan loss reserves that had been set aside earlier in the COVID-19 pandemic.
By Robin Bradley • Dec. 1, 2021 -
Daniel Berehulak via Getty Images
UBS poaches next CFO from JPMorgan Chase
Sarah Youngwood, JPMorgan's CFO of consumer and community banking since 2016, will join the Swiss bank's executive board in March.
By Dan Ennis • Dec. 1, 2021 -
Chris Hondros via Getty Images
UK fintech Thought Machine surpasses $1B valuation
The company raised $200 million in its most recent funding round, which it said will provide capital for the continued development of its SaaS product Vault, already in use by JPMorgan Chase.
By Robin Bradley • Nov. 29, 2021 -
Permission granted by Citigroup
Citi names crypto team chief, looks to hire 100 more in digital asset effort
Puneet Singhvi will become the head of digital assets for Citi's institutional clients group Dec. 1, according to an internal memo.
By Robin Bradley • Nov. 23, 2021 -
Alex Wroblewski via Getty Images
JPMorgan to reimburse Hong Kong bankers up to $5K for quarantine costs
The funds are meant to mitigate the cost of the city's harsh COVID-19 restrictions and help bank employees finance personal trips.
By Robin Bradley • Updated Nov. 24, 2021 -
Dan Kitwood/Getty Images News via Getty Images
Deep DiveBanks, fintechs navigate market's appetite for crypto amid pending regulatory guidance
From Bitcoin rewards to custody services for digital assets, banks and fintechs are carving out strategies and services tied to crypto as regulators seek to catch up with guidance.
By Anna Hrushka • Nov. 22, 2021 -
Daniel Berehulak via Getty Images
UBS nominates ex-Morgan Stanley No. 2 Kelleher as next chair
The executive would work alongside CEO Ralph Hamers on, among other initiatives, the launch of a digital bank in the U.S. targeting customers with between $250,000 and $2 million in assets.
By Dan Ennis • Nov. 22, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC orders Chicago bank entangled in Manafort scandal to boost controls
Federal Savings Bank must create a panel that will update the regulator monthly on the lender's efforts to improve risk management, anti-money laundering and consumer compliance standards.
By Robin Bradley • Nov. 19, 2021 -
Permission granted by U.S. Bank
U.S. Bank to buy travel and expense management fintech TravelBank
After a yearlong partnership, the Minneapolis lender opted to buy the fintech outright, in a deal reportedly worth $200 million.
By Robin Bradley • Nov. 17, 2021 -
LMI lender Oportun to buy digital bank Digit in $213M cash-equity deal
The deal will result in Digit and Oportun having access to a combined 1.4 million members, to whom both entities plan to cross-sell their products.
By Anna Hrushka • Nov. 16, 2021 -
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Connecticut bank, fintech merge with an eye toward digital national bank
Stamford-based Patriot National Bank will pay $119 million to buy American Challenger Development Corp., a company that had been pursuing a de novo charter, in a deal announced Monday.
By Robin Bradley • Nov. 15, 2021 -
Pascal Le Segretain via Getty Images
BNP Paribas could offload Bank of the West in $15B deal
The French bank enlisted JPMorgan and Goldman Sachs to gauge interest from bidders that could include TD, Bank of Montreal, KeyBank, Royal Bank of Canada and PNC, sources told Reuters.
By Dan Ennis • Nov. 15, 2021 -
Permission granted by BankMobile
BM Technologies to buy Seattle community bank to 'accelerate earnings power'
The $23 million deal, set to close in the second half of 2022, will allow BM Technologies to supplement fee-based income with net interest income, CEO Luvleen Sidhu said.
By Anna Hrushka • Nov. 15, 2021 -
Dan Kitwood/Getty Images News via Getty Images
Crypto creeps into the checkout line
Payments firms are betting on crypto's growth as an asset class to fuel crypto adoption at checkout.
By Suman Bhattacharyya • Nov. 10, 2021 -
Permission granted by Step
How neobanks are cashing in on the Gen Z market
While parents' banking habits influence their children, researchers found, the difference in those habits is getting progressively wider.
By Anna Hrushka • Nov. 10, 2021 -
Wikimedia Commons
Dubai bank to pay $100M to NYDFS to settle Sudan sanction violations
The regulator alleges Mashreqbank instructed its employees to omit certain details from SWIFT messages with other banks that could have linked roughly $6.5 billion in payments to the African nation.
By Robin Bradley • Nov. 10, 2021 -
First Horizon poaches its next CFO from Truist
First Horizon's CEO said Hope Dmuchowski's merger experience gives her a "unique understanding." Dmuchowski had worked at BB&T before the 2019 Truist merger. First Horizon last year merged with IberiaBank.
By Dan Ennis • Nov. 10, 2021 -
Haugland Bowen, Katie. (2014). "Houston Skyline" [Photograph]. Retrieved from Flickr.
Allegiance, CBTX eye merger to form $11B-asset bank
The all-stock deal between the two largest community banks in Houston is expected to close in the second quarter of 2022, the banks said Monday.
By Robin Bradley • Nov. 9, 2021 -
Pablo Blazquez Dominguez via Getty Images
Santander raises overdraft threshold to $100
The $89.5 billion-asset bank's new overdraft program, called Santander Safety Net, follows a recent trend of traditional institutions revamping or doing away with the fee altogether.
By Anna Hrushka • Nov. 9, 2021 -
Michael Nagle via Getty Images
Hiring tech talent a 'major priority' for Chase, CIO says
As competition heats up in the hiring space, some large banks are leveraging flexibility in the form of hybrid work schedules and larger salaries.
By Robin Bradley • Nov. 8, 2021 -
Stefani Reynolds / Stringer via Getty Images
Trade group calls for Congress to ease restrictions on hiring ex-offenders
The Bank Policy Institute wants Congress to clarify which people and jobs are covered under Section 19 of the Federal Deposit Insurance Act, which requires that ex-offenders receive FDIC approval to work at a bank.
By Anna Hrushka • Nov. 8, 2021
