Retail

NY regulator asks financial institutions to share diversity data

Superintendent Linda Lacewell cited the impacts of the COVID-19 pandemic, racial injustice and climate change as primary reasons entities should boost diversity.

By Anna Hrushka • July 30, 2021

Citizens Financial to acquire Investors Bancorp in $3.5B deal

The transaction, expected to close in the first or second quarter of 2022, will put Citizens' assets above $200 billion, and propel the bank to the top 10 in deposits among retail and commercial banks in the New York City market.

By Anna Hrushka • July 28, 2021

Explore the Trendline➔

Trendline

Fraud and AML in banking

The coronavirus pandemic, the rise of cryptocurrencies and the growth of cannabis banking make it imperative for financial institutions to stay on top of the risks related to fraud and money laundering.

By Banking Dive staff

Sen. Cory Booker clarifies SAFE Banking Act support

"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.

By Anna Hrushka • July 27, 2021

M&T Bank to cut more than 700 jobs following People's United takeover

The Buffalo, New York-based bank anticipates it will save about $330 million in annual expenses that would otherwise be duplicated as a result of its $7.6 billion acquisition of People's United.

By Anna Hrushka • July 26, 2021

Opinion

A new leaf for the bank branch

A café might be a reason to visit a bank branch. But a customer journey map would let banks see how customers interact with digital channels outside the branch and inform digital-first branch remodeling.

By Mohamed Abdelsadek • July 26, 2021

Plaid taps former bank execs to help reach data-sharing goal

The company's mission to forge stronger relationships with banks and increase its API traffic comes amid a sometimes less-than-amicable interplay between data aggregators and financial institutions.

By Anna Hrushka • July 23, 2021

Neobank HMBradley shifts to invite-only, seeks more partner banks

The fintech has accepted more than $400 million in deposits since its 2019 launch and has seen a 300% increase in deposits since January, leading its partner to pump the brakes, its CEO said.

By Anna Hrushka • July 22, 2021

Column

Bank of America, Deutsche and the case of the summer sequel

Commitments to de-emphasize overdraft fees, boost junior banker pay and refresh banks' card suites are hardly new. This week offers deeper tread on well-worn narratives.

By Dan Ennis • July 21, 2021

OCC to rescind Trump-era revamp to anti-redlining rule

"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start," Acting Comptroller Michael Hsu said in a statement.

By Anna Hrushka • July 20, 2021

Cambridge Savings Bank launches digital bank to expand national reach

The Massachusetts-based bank said its "Ivy Bank" platform has been in the works for the past two years and will aim to compete with other digital-only banks in the marketplace.

By Anna Hrushka • July 19, 2021

Wells Fargo lays out two-wave strategy for office return

Operations and call center workers will return to the office Sept. 7. Technology, corporate and back-office workers will return in October. And some New York- and North Carolina-based bankers will be invited back Aug. 2.

By Dan Ennis • UPDATED: July 27, 2021 at 7:01 a.m.

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The frictionless customer journey in banking starts with text messaging

Find out how to create the frictionless digital banking experience customers now expect.

SAFE Banking secondary to comprehensive pot reform, Senate Democrats say

The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.

By Anna Hrushka • July 16, 2021

Truist reports 73% Q2 profit amid loan-loss reserve release

"To thrive in today's world requires a deep commitment to continuously re-evaluating yesterday's activities and expenses associated with that, so that we can afford to invest in new activities for today's demands," CEO Kelly King said.

By Anna Hrushka • July 15, 2021

U.S. Bank sees Q2 profit nearly triple to just under $2B

The bank released fewer loan-loss reserves than in the first quarter, dropping net income in the shorter term. But the push and pull of loans and deposits appeared to reveal a recovering consumer base.

By Dan Ennis • July 15, 2021

Wells Fargo charges ahead to $6B Q2 profit

A $1.6 billion loan-loss reserve release — and an 8.3% drop in noninterest expenses, buoyed by a 5,000-person headcount cut — drove the bank's surge.

By Dan Ennis • July 14, 2021

Bank of America's Q2 profit soars as low interest rates dent revenue

A $2.2 billion loan-loss reserve release buoyed the nation's second-largest bank as it anticipates an economic rebound from the COVID-19 pandemic. 

By Anna Hrushka • July 14, 2021

Citi's Q2 profit jumps more than fivefold, but revenue slumps

"While we have to be mindful of the unevenness in the recovery globally, we are optimistic about the momentum ahead," CEO Jane Fraser said Wednesday.

By Dan Ennis • July 14, 2021

Frost Bank gives direct deposit customers early paycheck access

The product follows an overdraft grace feature the bank rolled out in April that gives direct deposit enrollees protection when they overdraw their checking accounts on transactions up to $100.

By Anna Hrushka • July 13, 2021

JPMorgan's Q2 profit more than doubles amid slight drop in revenue

The bank said its reserves for credit losses remain at $22.6 billion, an amount CFO Jeremy Barnum said reflects the remaining uncertainty around the COVID-19 pandemic and the shape of the economic recovery.

By Anna Hrushka • July 13, 2021

Deep Dive

Rethinking overdraft

While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.

By Anna Hrushka • July 12, 2021

U.S. Bank boosts unit to advise local governments on asset management

The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.

By Dan Ennis • July 12, 2021

Biden executive orders target bank mergers, financial data sharing

One measure requires the Justice Department and bank regulators to update guidelines to boost merger scrutiny, while another encourages the CFPB to issue rules giving customers greater access to their financial data.

By Anna Hrushka • July 09, 2021

Billie Jean King-backed de novo to open this fall

Chicago-based First Women's Bank said it raised more than $30 million through its private placement offering with the support of an investor group including Bank of America, Fidelity Investments and the tennis legend.

By Anna Hrushka • July 08, 2021

Chime customers file hundreds of CFPB complaints over locked accounts: report

In an attempt to root out fraud related to government-backed pandemic aid, the fintech may have inadvertently closed hundreds of legitimate customer accounts, ProPublica reported Tuesday.

By Anna Hrushka • July 07, 2021