Retail
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Permission granted by BankMobile
Customers Bancorp to sell BankMobile for $140M
BankMobile launched in 2015. The digital bank's banking-as-a-service platform is prolific among colleges and universities, serving more than 2 million account-holders at 722 campuses.
By Anna Hrushka • Aug. 07, 2020 -
Capital One to pay $80M penalty over 2019 data breach
In its consent order, the Office of the Comptroller of the Currency said the bank "failed to establish appropriate risk management" and "failed to identify numerous control weaknesses and gaps in the cloud operating environment."
By Anna Hrushka • Aug. 06, 2020 -
Getty
Tech hurdle will slow banks' approach to crypto custody services
"Security and technology is the foundation of making this work," Kudelski Security's Scott Carlson said. "If you don't get that right, the entire system could collapse."
By Anna Hrushka • Aug. 04, 2020 -
Six more banks partner with Google to launch co-branded checking accounts
Banks may view the Google venture as a way to expand their brand and grow customer accounts outside of their existing branch network.
By Anna Hrushka • Aug. 03, 2020 -
Postal banking pilot included in House-passed appropriations bill
The coronavirus pandemic has brought renewed attention to a proposal some advocates say would provide low-cost financial services to poor and rural communities that lack bank branches.
By Anna Hrushka • Aug. 03, 2020 -
Permission granted by Varo Money
Varo becomes first challenger bank to get national charter from OCC
The process cost nearly $100 million over three years, but lets the fintech offer credit cards, loans and potentially robo-advisory services, CEO Colin Walsh said.
By Anna Hrushka • July 31, 2020 -
Courtesy of Wells Fargo multimedia resources
Senators ask Wells Fargo CEO Scharf to explain faltered forbearance policy
"We had hoped that you would bring the needed change to Wells Fargo’s culture following years of false promises and continued scandals," wrote Sens. Elizabeth Warren, D-MA, and Brian Schatz, D-HI.
By Dan Ennis • July 31, 2020 -
Fotolia
Durbin asks Fed to probe Visa, Mastercard, issuers over PINless purchases
Many online purchases made without PINs are automatically routed through Visa or Mastercard, costing merchants more in swipe fees when more shoppers are buying remotely.
By Dan Ennis • July 27, 2020 -
Wells Fargo says it 'misinterpreted customers' intentions' in some forbearance cases
Reports that Wells Fargo took action on accounts without customer consent is a troubling look for the bank, which is still working to repair an image damaged by a series of consumer abuse scandals.
By Anna Hrushka • July 24, 2020 -
Bank of the West rolls out climate-conscious checking account
The bank will donate 1% of net revenues generated from the account to support environmental nonprofits. The account's tracking tool lets customers see the carbon impact of purchases made with the debit card.
By Dan Ennis • July 22, 2020 -
Retrieved from Bank of New York Mellon on July 21, 2020
Wells Fargo dips into BNY Mellon's pool to hire its next CFO
BNY Mellon CFO Mike Santomassimo will join the San Francisco-based lender in the fall, following the retirement of 22-year veteran John Shrewsberry.
By Jane Thier • July 21, 2020 -
Permission granted by Finicity
Q&AMastercard deal brings Finicity to global stage, CEO says
"The days of the walled garden approach to data sitting at a bank, only good for the bank and not so much good for the consumer, are over with the advent of open banking," Finicity CEO Steve Smith told Banking Dive.
By Anna Hrushka • July 17, 2020 -
Truist Financial
Truist reports $958M Q2 profit as pandemic speeds cost savings timeline
CFO Daryl Bible said the bank can achieve 40% of its goal by the fourth quarter this year rather than 30%.
By Anna Hrushka • July 16, 2020 -
Bank of America's Q2 profit falls 52% despite fixed-income trading swell
The bank set aside $5.1 billion during the quarter — less than half JPMorgan Chase's figure — sparking questions as to whether it reserved enough.
By Dan Ennis • July 16, 2020 -
BlackRock sale boosts PNC's Q2 profit to $3.7B
PNC's CEO said the company still plans to pursue "bank-like acquisitions" with the capital gained from the BlackRock sale, and is reevaluating its branch strategy in light of changing customer behavior.
By Anna Hrushka • July 15, 2020 -
Truist Financial
Truist settles trademark suit with North Carolina credit union
The bank divulged in a May court document that it would cost $34 million — and take six to nine months and a shareholder vote — to change its name again.
By Dan Ennis • July 15, 2020 -
U.S. Bank sees 62% drop in net income despite loan, deposit growth
The second quarter marked the first full three-month span to show the pandemic's impact. But also, the bank, more than most, felt reverberations from the May 25 killing of George Floyd in its hometown, Minneapolis.
By Dan Ennis • July 15, 2020 -
JPMorgan profit drops 51% as bank braces for loan losses
Record trading revenue from the bank's investment arm, however, helped minimize balance sheet impact from COVID-19.
By Anna Hrushka • July 14, 2020 -
Citi profit falls 73% as bank sets aside $7.9B over loan concerns
A 68% jump in fixed-income trading balanced out a 24% drop in credit card spending for the world's largest card issuer.
By Dan Ennis • July 14, 2020 -
Wells Fargo CEO wants to slash $10B from bank's costs
Cutting consultancies could save the bank $1 billion to $1.5 billion per year. "The things that we rely on outside people to do is beyond anything that I've ever seen," CEO Charlie Scharf said.
By Dan Ennis • UPDATED: Aug. 6, 2020 at 10:40 a.m. -
Permission granted by Aspiration Bank
Aspiration CEO banks on customers' social conscience
The bank allows debit card customers to round up purchases to the nearest dollar in an initiative that plants trees. But are consumers less apt to be green amid COVID? Not in the least, CEO Andrei Cherny says.
By Anna Hrushka • July 14, 2020 -
Permission granted by Office of the Comptroller of the Currency
Don't use coronavirus as excuse to close branches, OCC says
Some industry observers have questioned the future of bank branches in light of the pandemic, as customers grow accustomed to digital channels and banks rethink the viability of brick and mortar amid a recession.
By Anna Hrushka • July 13, 2020 -
JPMorgan, Bank of America, Wells Fargo, Goldman Sachs back launch of climate finance center
Banks are increasingly seeing the value — not just in optics but in revenue — of environmentally responsible investment.
By Dan Ennis • July 10, 2020 -
Permission granted by SoFi
SoFi files for national bank charter with OCC
A national charter would let SoFi operate under a unified set of national regulations instead of the "patchwork of varying requirements" it follows to comply with regulations across 50 states, the company said.
By Anna Hrushka • July 10, 2020 -
Wells Fargo donates $400M in PPP fees to help Black-owned businesses
A June report from the National Bureau of Economic Research found COVID-related conditions eliminated 41% of Black small-business owners between February and April.
By Dan Ennis • July 09, 2020
