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

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

Explore the Trendline➔

The 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

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

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

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

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

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

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

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