Retail: Page 33
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USAA banking division job cuts number in ‘triple digits’: report
Layoffs appear aimed at restructuring the business. They affect IT, business continuation, client advising and human resources, the San Antonio Express-News reported.
By Anna Hrushka • Aug. 19, 2022 -
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SEC, Fed fine EagleBank $22.9M, ban ex-CEO over insider lending
EagleBank had deficient internal controls between 2015 and 2018, allowing the bank to lend to entities its then-CEO owned or controlled, including certain family trusts, the Fed said.
By Anna Hrushka • Aug. 17, 2022 -
Explore the Trendline➔
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
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Nashville bank execs launch Sonata to serve fast-food industry
Dan Dellinger and Farzin Ferdowsi, with their third venture, aim to solve turnover and banking access issues in the quick-service space, and add telehealth and financial literacy to help franchisees retain talent.
By Anna Hrushka • Aug. 12, 2022 -
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PNC eliminates NSF fees
The Pittsburgh lender in April 2021 began curtailing the penalty for customers of its Virtual Wallet tool and is now extending that policy across its user base.
By Dan Ennis • Aug. 12, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB fines fintech Digit $2.7M over ‘faulty’ savings algorithm
In addition to the fine, the bureau will require Digit to redress harmed customers. Oportun, which acquired Digit last year, said the fintech owes 1,947 customers approximately $35 each, for a total of $68,145.
By Anna Hrushka • Aug. 11, 2022 -
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Seacoast eyes Miami expansion with $488.6M deal to buy Professional Bank
The transaction, set to close in the first quarter of 2023, would be the third — and largest — Seacoast has announced since March.
By Dan Ennis • Aug. 9, 2022 -
TD to buy Wall Street brokerage firm Cowen for $1.3B
TD sold 28.4 million nonvoting common shares of its Charles Schwab stock to fund the transaction, which is expected to close in the first quarter of 2023.
By Anna Hrushka • Aug. 2, 2022 -
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Heritage Southeast finds another buyer, a month after the VyStar deal crumbled
Mississippi-based The First Bank agreed Wednesday to pay $207 million in a deal that would give it 23 new locations and access to the Atlanta, Jacksonville and Savannah markets.
By Dan Ennis • July 29, 2022 -
Permission granted by U.S. Bank
CFPB fines U.S. Bank $37.5M over customer data misuse
The bank was aware that sales pressure was leading employees to access customers’ credit reports and personal data to apply for and open unauthorized accounts, the bureau said.
By Anna Hrushka • July 28, 2022 -
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Berkshire Hathaway subsidiary to pay $20M to settle redlining allegations
A government investigation uncovered “problematic conduct” at Trident Mortgage Co., including distribution of emails containing racial slurs and racist content about certain neighborhoods, the CFPB said.
By Anna Hrushka • July 28, 2022 -
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Credit Suisse names new CEO, launches review of business amid $1.7B loss
Ulrich Körner, the bank’s asset-management chief, takes his new role Aug. 1 as the Swiss lender embarks on a strategy to cut costs and de-emphasize its investment bank.
By Dan Ennis • July 27, 2022 -
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Truist names new diversity, equity and inclusion chief
Dominica Groom Williams’ predecessor, Wendy McSweeney, has transitioned to a role on the bank's new environmental, social and governance and impact advisory team.
By Anna Hrushka • July 26, 2022 -
2021’s M&A winners BMO, Citizens strike again for smaller deals
Buyers of Bank of the West and a swath of former HSBC locations prove that just because they made big acquisitions last year, they haven't lost sight of niche growth.
By Dan Ennis • July 25, 2022 -
Courtesy of https://www.varomoney.com/press/
Varo Bank lays off 75, launches tech-focused unit
The digital bank has also limited hiring and pulled back on marketing investments in the near term to shore up capital, CEO Colin Walsh wrote in a blog post.
By Anna Hrushka • July 22, 2022 -
Zhanna Hapanovich via Getty Images
Patriot, neobank American Challenger terminate merger
Unlike other recent scrapped deals, regulator approval appeared not to play a part. American Challenger cited “the parties’ expected inability to satisfy certain ... closing conditions to the merger and recapitalization.”
By Dan Ennis • July 22, 2022 -
Courtesy of KeyBank
KeyBank, Truist execs share their approaches to fintech partnerships
Acquiring a startup can help a bank keep up with consumer demand for new products, reach new customers and compete with nonbank entities. And, as Truist learned, banks don't always have to initiate.
By Anna Hrushka • July 21, 2022 -
Truist eyes M&A growth amid rising expenses
The initiative comes as the bank said investments in wages, hiring and technology are expected to contribute to a 2% to 3% rise in noninterest expenses this year.
By Anna Hrushka • July 20, 2022 -
Courtesy of Starling Bank
UK fintech Starling pulls Irish banking license application
"Sometimes changing course is the right option," CEO Anne Boden wrote Monday in a memo to employees. The company still plans to expand to Europe through software-as-a-service deals with other lenders, Boden said.
By Anna Hrushka • July 19, 2022 -
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Truist launches accounts with no overdraft fees
The new accounts, along with several other fee-related changes Truist instituted this year, will eliminate $300 million in service charges per year by 2024, the bank said.
By Anna Hrushka • July 18, 2022 -
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House-passed NDAA includes banking provisions for cannabis
SAFE Banking’s inclusion in the defense bill marks the seventh time the legislation has passed in the House. Another measure in the bill would allow individuals with a conviction history to work in the financial sector.
By Anna Hrushka • July 18, 2022 -
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JPMorgan's Dimon blasts 'capricious, arbitrary' Fed stress tests
“It’s inconsistent. It’s not transparent. It’s too volatile,” the CEO said of the stress test. JPMorgan said last month it would keep its dividend payouts flat in response to the central bank’s capital requirements.
By Anna Hrushka • July 15, 2022 -
BMO, community groups square off at merger hearing
Advocates assailed the bank's home-lending record toward nonwhite borrowers and expressed skepticism over its promise not to close any Bank of the West branches.
By Dan Ennis • July 15, 2022 -
Lawmakers air CRA concerns over race, data collection
The rule’s focus on income level rather than race does not do enough to address disparities along racial lines, some Democrats say.
By Anna Hrushka • July 14, 2022 -
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Lawmakers renew push for overdraft legislation
Meanwhile, a New York regulator said Tuesday it is conducting a review aimed at curtailing banks from double-charging users in the event of an overdraft.
By Anna Hrushka • July 13, 2022 -
Permission granted by Gohenry
Gen Z banking app GoHenry expands to Europe through Pixpay acquisition
As a growing number of neobanks compete for young customers, GoHenry’s acquisition of Pixpay, which also targets the Gen Z crowd, is a move in the direction of potential additional industry consolidation.
By Anna Hrushka • July 12, 2022
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