Wells Fargo names Kleber Santos head of consumer lending

Santos, Wells Fargo’s diversity and inclusion chief, will continue in that role while the bank finds a replacement. In the consumer-lending position, Santos replaces Mike Weinbach, who is leaving the bank in mid-September.

By Anna Hrushka • July 12, 2022

BMO Harris boosts minimum wage to $20

The move marks the second pay bump within a year for the lowest-paid workers of the Chicago-based U.S. arm of the Bank of Montreal. The bank also gave most employees a 3% raise in June, it said.

By Dan Ennis • July 12, 2022

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President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

Brainard urges more oversight of crypto

The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars in a matter of days, was “reminiscent of classic runs throughout history.”

By Anna Hrushka • July 11, 2022

FDIC probes Voyager's language surrounding deposit insurance

The agency issued a final rule regarding misrepresentation in May. Voyager recently altered text on its website regarding customer reimbursement in the event of failure, according to two news outlets.

By Dan Ennis • July 8, 2022

Banks aren’t doing enough to address Zelle fraud, senators say

Months after writing the CEO of Zelle’s parent company, Sens. Bob Menendez and Elizabeth Warren — with six other lawmakers signing on — are seeking information from seven banks with ownership stakes in the platform.

By Anna Hrushka • July 8, 2022

Wells Fargo launches new round of home-lending layoffs

The bank notified 107 employees in Iowa, where its home mortgage division is based, that they would lose their jobs by late August, according to WARN notices filed last week.

By Dan Ennis • July 7, 2022

Truist bumps minimum hourly wage to $22

The pay boost, effective Oct. 1, matches the bottom pay rate at Bank of America, another Charlotte, North Carolina-based lender.

By Anna Hrushka • July 6, 2022

Revolut names new US CEO to accelerate North American growth

The move represents an expansion of responsibilities for Sid Jajodia, who will continue to serve as the company’s chief banking officer, a role he’s held since July 2021.

By Anna Hrushka • July 5, 2022

BMO Harris to cut overdraft fees to $15 from $36

The bank in November reduced the number of overdraft and NSF charges a customer can run up per day. It also increased — to $50 in the red — the threshold at which customers incur an overdraft fee.

By Robin Bradley • July 5, 2022

3 potential buyers emerge for Citi's Russia operations

An insurance firm and banks that once served as Russian subsidiaries of Barclays and Société Générale are in the running to snag a footprint the U.S. bank has been looking to shed for 15 months, according to the Financial Times.

By Dan Ennis • July 1, 2022

Waters urges regulators to 'escalate penalties' against Wells Fargo

The chair of the House Financial Services Committee called on the CFPB, OCC, FDIC, Fed and HUD to address mounting reports of consumer abuses and discriminatory behavior at the San Francisco-based bank.

By Robin Bradley • June 30, 2022

Chime's new CMO wants to build the industry's best marketing machine

“This is not a turnaround. This is not a reset of everything. It's about connecting the ingredients,” Chime CMO Vineet Mehra said of the new role.

By Anna Hrushka • June 30, 2022

Chamber of Commerce, trade groups blast CFPB for perceived overreach

The groups demand the regulator rescind updates to an exam manual that pushes the definition of “unfairness” to include discrimination.

By Robin Bradley • June 29, 2022

Ex-First Republic co-CEO Erkan to take the reins atop Greystone

Erkan’s abrupt departure from First Republic in January came days after the bank’s founder went on medical leave — opening a potential leadership vacuum that has sent the company’s stock price spiraling.

By Robin Bradley • June 28, 2022

Big banks pass muster in Fed's annual stress test

The 33 largest U.S. banks would be able to maintain adequate capital levels in the event of a severe recession, the Federal Reserve found in its latest annual bank stress test. 

By Robin Bradley • June 24, 2022

JPMorgan lays off hundreds in mortgage division amid rising rates

The move, which follows last week’s rate hike by the Federal Reserve, comes as rising home mortgage rates are quelling demand in the housing market.

By Anna Hrushka • June 23, 2022

CFPB takes aim at card late fees

The Consumer Financial Protection Bureau seems to think credit card late fees are out of control. Now, it plans to do something about it.

By Lynne Marek • June 23, 2022

Breach at Flagstar Bank impacts more than 1.5M customers

The breach, which occurred between Dec. 3 and Dec. 4, is the second to impact the bank in less than two years.

By Anna Hrushka • June 22, 2022

Truist opens Innovation Technology Center in Charlotte headquarters

The 100,000-square-foot space is a physical manifestation of the bank’s technology, touch and trust concept, said Ken Meyer, Truist’s divisional CIO and experience officer.

By Anna Hrushka • June 21, 2022

Ex-Amazon employee convicted over 2019 Capital One breach

Paige Thompson was found guilty of seven federal crimes in connection with the 2019 Capital One hack.

By Robin Bradley • June 19, 2022

M&T president, COO to step down next year

Richard Gold will retire as president and COO of the Buffalo, New York-based firm after the first quarter of 2023.

By Robin Bradley • June 17, 2022

Sen. Warren asks OCC to block TD merger over fraud reports

Warren cited a Capitol Forum report that alleged the Toronto-based lender signed up customers for costly services without their knowledge or consent.  

By Robin Bradley • June 16, 2022

Canada's VersaBank to buy Minnesota bank in bid to gain OCC charter

The $13.5 million deal, expected to close by October, represents a trend among financial firms to purchase the coveted OCC bank charter rather than embark on the expensive, arduous journey of applying for one.

By Anna Hrushka • June 15, 2022

Truist, PNC map out push into new markets

Truist Wealth sets its sights on the Windy City as PNC reorganizes to better manage its expanded footprint in the West after absorbing BBVA’s American arm last year.

By Robin Bradley • June 14, 2022

Citizens, Frost Bank pledge to eliminate NSF fees

The Providence, Rhode Island-based bank is also curbing savings overdraft protection fees this month and expanding its early wage access.

By Robin Bradley • Updated June 14, 2022