Retail
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FDIC's regulatory framework 'ripe for revisiting,' chair McWilliams says
"If we have rules and regulations that we have not touched internally for 10 years or more, open them up to procurement," she recalled telling the FDIC in taking the role.
By Anna Hrushka • Oct. 23, 2019 -
ICBA launches 'Wake Up' campaign in ongoing fight against credit unions
The Credit Union National Association has criticized the campaign, issuing a statement refuting many of the ICBA's claims.
By Anna Hrushka • Oct. 22, 2019 -
JPMorgan Chase expands effort to hire people with criminal backgrounds
The U.S. loses $78 billion to $87 billion a year by excluding people with criminal records from the workforce, according to the bank's research.
By Anna Hrushka • Oct. 21, 2019 -
Wells Fargo must offer 66 jobs to applicants it rejected in 2014
The bank also must pay $603,612 in back wages, benefits and interest in a settlement with the Labor Department alleging racial and gender discrimination.
By Dan Ennis • Oct. 21, 2019 -
Affirm launches mobile app for payment installments
The payment platform is targeting credit card-averse millennials and Gen Z shoppers ahead of the holiday season.
By Tatiana Walk-Morris • Oct. 18, 2019 -
Chime outage keeps customers from accessing cash
Galileo, the platform that powers Chime, told Banking Dive it is working to restore Chime's mobile app, "which is currently unavailable or slow to respond." Chime's card services have since been restored.
By Anna Hrushka • Oct. 17, 2019 -
Mortgage banking boosts U.S. Bancorp's Q3 profits
Strategic investments in loan officers and its digital platform have contributed to the growth of U.S. Bancorp's mortgage arm, the company's CFO said.
By Anna Hrushka • Oct. 17, 2019 -
PNC's revenue is growing, but profits are flat amid expansion
The bank has expanded into 10 new cities, rolled out a digital retail bank last year and opened retail locations, or "solution centers," in Kansas City, Missouri, and the Dallas area.
By Anna Hrushka • Oct. 17, 2019 -
Bank of America prioritized internal cloud. Now it's evaluating third-party providers
"We don't need to own the hardware, we just need to find out who can provide the right way," said CEO Brian Moynihan.
By Naomi Eide • Oct. 17, 2019 -
11% boost in North America card revenue buoys Citi's earnings
The card segment's growth stands as somewhat of a relief after the bank lowered its expectations on net interest income. Expenses also are up slightly as the company continues to cut jobs.
By Dan Ennis • Oct. 16, 2019 -
$2.1B charge dents Bank of America Q3 profits
The bank said a one-time impairment charge related to the end of its tie-up with payment-processing company First Data caused a drop in net income.
By Anna Hrushka • Oct. 16, 2019 -
Wells Fargo earnings suffer on $1.6B legal charge
The nation's fourth-largest bank is in transition, with a new CEO stepping in Oct. 21.
By Dan Ennis • Oct. 15, 2019 -
JPMorgan Chase jumps to record revenue on consumer banking gains
Profit for the bank’s consumer unit, which includes home loans, auto loans and consumer credit cards, rose 5% to $4.27 billion.
By Anna Hrushka • Oct. 15, 2019 -
Most Americans still have reservations on going cashless, survey finds
Emergencies were the No. 1 reason respondents said they carry cash (60%), followed by small purchases (50%), tips (42%) and to manage their finances (20%), the J.D. Power report found.
By Anna Hrushka • Oct. 14, 2019 -
Digital bank eyes US immigrant market with unlimited money transfers
Remittance fees for Majority's customers are covered in its $5 monthly membership fee.
By Anna Hrushka • Oct. 11, 2019 -
HSBC to cut 10K jobs, FT reports
The staff reduction comes amid conflicting reports regarding the future of the bank's French retail arm, and after HSBC announced in August that it was shedding 4,700 positions.
By Anna Hrushka • Oct. 07, 2019 -
Wells Fargo CEO pick marks crucial step to restoring confidence
Charles Scharf's stint at BNY Mellon shows he has the gravitas and experience to turn around a bank that has hemorrhaged consumer trust, an analyst tells Banking Dive.
By Anna Hrushka • Oct. 03, 2019 -
Community banks won't survive without tech innovation, FDIC chair says
The agency's Tech Lab aims to collaborate with smaller financial institutions on how to deploy technology to better serve customers.
By Anna Hrushka • Oct. 02, 2019 -
Wells Fargo names BNY Mellon's Charles Scharf CEO
The appointment ends a six-month search that began after former CEO Tim Sloan resigned from the scandal-plagued bank in March.
By Anna Hrushka • Sept. 27, 2019 -
House OKs landmark cannabis banking bill
If the Senate also passes the SAFE Banking Act, it would be a major win for the cannabis industry and banks that want a piece of a market that could grow to $41 billion by 2025, according to data firm Nielsen.
By Anna Hrushka • Sept. 26, 2019 -
Kabbage founders aim to connect small businesses, gig influencers
Drum has the potential to serve as a pipeline for startups to which Kabbage could lend.
By Dan Ennis • Sept. 24, 2019 -
Capital One, Walmart rolling out 2 cards offering 5% back
The cash-back offers — some time-limited — improve upon the retailer's previous deals through Synchrony, and help Walmart keep pace with competitors Amazon and Target.
By Dan Ennis • Sept. 19, 2019 -
CFPB investigating possible fake accounts at Bank of America
The CFPB's civil investigation stems from the fallout of the 2016 Wells Fargo account scandal, where employees opened more than 3.5 million unauthorized accounts to meet sales goals.
By Anna Hrushka • Sept. 18, 2019 -
Wells Fargo tests blockchain waters with internal settlement service
Wells Fargo's renewed interest in blockchain comes at a time when banks are still gauging the technology's benefits.
By Anna Hrushka • Sept. 17, 2019 -
HSBC's shrinking footprint in France goes against US plan
The bank won't sell its retail arm in France but plans to close nine branches, a union representative told Reuters. However, its U.S. arm hired a new CEO and looks to grow.
By Anna Hrushka • Sept. 16, 2019
