Retail
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Challenger bank Stilt eyes immigrant market for loans, bank accounts
Rohit Mittal slept on a couch at Columbia University his freshman year because he couldn't get an apartment after coming to the U.S. from India. He started a fintech so other immigrants wouldn't have to.
By Kate Patrick Macri • May 21, 2020 -
ColumnHow Citi earned its day off
The nation's third-largest bank this week said it would buy $50 million in PPP loans from nonwhite-owned depository institutions. It's shopping for suburban, post-COVID office space. And it stood up an environmental sustainability unit.
By Dan Ennis • May 21, 2020 -
Santander agrees to pay $550M to settle auto-lending lawsuit
A group of 34 attorneys general contends Santander violated consumer protection laws by locking subprime borrowers into auto loans it knew, in some cases, carried default rates of greater than 70%.
By Dan Ennis • May 20, 2020 -
Truist Financial
Truist spent $125M on rebrand, court document shows
The disclosure came amid a copyright infringement lawsuit Truliant Federal Credit Union filed against the bank. Truist said it would cost $34 million — and take six to nine months and a shareholder vote — to change its name again.
By Dan Ennis • May 19, 2020 -
Permission granted by Plaid
Plaid Exchange aims to level the API playing field for banks
"The last thing we would want is a future where the digital options for customers of Wall Street banks are different from the digital options of the customers of Main Street banks," said John Pitts, Plaid's head of policy.
By Anna Hrushka • May 19, 2020 -
Courtesy of https://news.samsung.com/us/next-evolution-samsung-pay-experience/
Samsung to launch US debit card this summer with SoFi
The South Korean company joins competitors Apple and Google, as more tech giants announce plans to offer banklike products.
By Anna Hrushka • May 11, 2020 -
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Capital One employees to stay remote through at least Labor Day
A number of big banks are pondering how and when to return to the office. One potential plan at JPMorgan Chase would have employees working remotely on a rotating basis, reducing demand for office space.
By Dan Ennis • May 06, 2020 -
Do bank branches have a future? Pandemic reveals ultimate 'A/B test'
Many customers turned to digital options once banks began temporarily closing branches in March. Most may not be missing the trip.
By Anna Hrushka • May 06, 2020 -
Varo
Varo CEO: Pandemic can be 'brand-defining' for digital banks
"If we're going to be living in a world of more isolation ... we've got to help (consumers) navigate through this, give them that steady drumbeat of assurance," Colin Walsh said.
By Hillary Richard • May 05, 2020 -
Israeli bank fined $900M over tax evasion, role in soccer bribery scandal
The enforcement action against Hapoalim comes as regulators hit banks with a near-record $10 billion in fines over 15 months, a figure European startup Fenergo expects will increase.
By Anna Hrushka • May 04, 2020 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
Millennials endure virus's greatest financial strain, TransUnion finds
About 69% of Americans between the ages of 26 and 40 said their household income was negatively affected by the coronavirus, the credit reporting agency reported Thursday. That compares with 58% for other generations.
By Dan Ennis • May 01, 2020 -
Opinion
Don't fight for deposits. Win the hearts of consumers.
A product-agnostic and engagement-friendly approach encourages employees to solve for customers' end dreams — not to hard-sell a particular piece of technology, writes Alden Seabolt, consumer banking lead at Blend.
By Alden Seabolt • April 29, 2020 -
Sen. Gillibrand calls on Congress to reestablish postal banking service
A return to the postal banking system would aid in the delivery of coronavirus stimulus checks, said Mehrsa Baradaran, a law professor specializing in banking law at the University of California, Irvine.
By Anna Hrushka • April 28, 2020 -
Seattle bank, credit union execs look to other side of flattened COVID curve
Panicked withdrawals, SBA loan requests and an eased stance toward customer face masks have all been part of the temporary normal in the U.S.'s ground-zero coronavirus market.
By Ken McCarthy • April 24, 2020 -
Courtesy of Monzo press kit
Monzo applies for US banking license
The British digital bank, which is furloughing up to 295 U.K. employees and closing a Las Vegas office, told the OCC it expects most of the disruption from the coronavirus pandemic to have subsided by its launch date.
By Anna Hrushka • April 23, 2020 -
Moven's lean toward B2B was part reach, part mission, CEO says
"Part of our original vision ... was to improve the lives of tens of millions of consumers, so that becomes a more critical imperative for us ... versus what type of a business model we have," Moven CEO Marek Forysiak said.
By Kate Patrick Macri • April 23, 2020 -
Betterment launches checking, savings accounts
The robo-adviser has seen signups grow, even in the worst weeks of the coronavirus pandemic, CEO Jon Stein said.
By Anna Hrushka • April 22, 2020 -
Coronavirus delays First Horizon's acquisition of 30 Truist branches until Q3
The Memphis-based bank's proposed merger with Iberiabank should still close on schedule, CEO Bryan Jordan said. Shareholders are set to vote Friday on the deal.
By Dan Ennis • April 22, 2020 -
LendingClub
LendingClub lays off its president, cuts 460 jobs
The layoffs come two months after the online lender announced plans to buy Radius Bank for $185 million. Since then, the coronavirus crisis has slashed demand for personal loans.
By Dan Ennis • April 22, 2020 -
Opinion
Reciprocal deposits can help community banks save small business
Allotting space on their balance sheets allows banks to immediately increase lending to small businesses before having to scour for additional deposits, writes Tom Nelson, CIO at Reich & Tang.
By Tom Nelson • April 22, 2020 -
Opinion
Banks prioritize technology to deliver during coronavirus crisis
At a time when human-to-human contact presents a risk, automation is seeming less like a disruption, writes Octavio Marquez, senior vice president and managing director, Banking Americas, at Diebold Nixdorf.
By Octavio Marquez • April 20, 2020 -
Truist Financial
Truist reports 31.6% profit, weighs COVID-19 impact
The pandemic could affect the timeline of the bank's $1.6 billion post-merger cost-savings goal, which it plans to hit by the end of 2022.
By Anna Hrushka • April 20, 2020 -
Varo
Challenger bank Moven endorses Varo ahead of account closures
Moven began notifying its customers last month that it would close its consumer banking accounts April 30. The fintech had planned to spin off its digital bank, but the coronavirus crisis put a dent in the project's funding.
By Anna Hrushka • April 17, 2020 -
PNC profit drops 29% as bank prepares for coronavirus-related loan losses
The bank will likely increase its reserve build in the second quarter because the pandemic's impact on the economy has worsened since Q1 wrapped up, PNC CEO Bill Demchak said.
By Anna Hrushka • April 16, 2020
