Bank of America, JPMorgan, Goldman consider abortion travel policies

"With all things like this, we look at what our team needs from us," Bank of America CEO Brian Moynihan told CBS. A leaked Supreme Court draft opinion ignited a political firestorm tied to the possible overturn of Roe v. Wade.

By Anna Hrushka • May 6, 2022

Democratic senators zero in on overdraft fees at hearing

Sen. Elizabeth Warren, D-MA, and two other lawmakers urged the CEOs of JPMorgan Chase, Bank of America and Wells Fargo to reconsider the practice, in letters published Wednesday.

By Robin Bradley • May 5, 2022

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M&A

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

Banking trade group CBA names next CEO

Lindsey Johnson will become the first woman to lead the group upon the retirement of longtime chief Richard Hunt this summer.

By Robin Bradley • May 4, 2022

CFPB fines Bank of America $10M over illegal garnishments

The bank "unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders," the bureau said.

By Anna Hrushka • May 4, 2022

Truist buys gamified finance app Long Game

Long Game, which uses prize-linked games to encourage smart financial habits, aims to help banks and credit unions with client retention and account growth, particularly among Gen Z and millennial customers.

By Anna Hrushka • May 3, 2022

U.S. Bank rolls out Spanish-language voice assistant for mobile app

The Minneapolis lender cites a study indicating 25% of Hispanic Americans are "smartphone-only" internet users — double the proportion of White adults.

By Robin Bradley • May 2, 2022

First Century Bank scraps First Internet deal

The Federal Reserve signed off on the combination April 29, but the banks couldn't close the tie-up by an April 30 deadline because of statutory waiting periods, and could not agree on extension terms, First Internet said.

By Dan Ennis • May 2, 2022

KeyBank to cut overdraft charge to $20, eliminate NSF fees

The bank also will cut — from five to three — the maximum number of times per day a customer can be charged an overdraft fee. It is also instituting a $20 negative account balance threshold.

By Robin Bradley • April 29, 2022

Frost Bank: 'Build over buy' expansion plan is paying off

The San Antonio-based bank opened 25 branches in Houston over the past four years, and is in the midst of a similar expansion in Dallas, where next quarter it plans to open its third of 28 new locations.

By Anna Hrushka • April 29, 2022

Wisconsin credit union targets Illinois bank in 6th such tie-up of 2022

Financial terms of CoVantage Credit Union's proposed acquisition of LincolnWay Community Bank were not disclosed. The deal is expected to close in the fourth quarter.

By Robin Bradley • April 28, 2022

TD Bank targets South Florida tech talent pool

The Toronto-based lender on Tuesday announced the launch of a hub in Fort Lauderdale, adding it intends to hire 200 tech workers in the area over the next two years.

By Anna Hrushka • April 26, 2022

Wells Fargo starts layoffs in home lending unit

The bank did not put a number to the job cuts. Wells Fargo saw a 33% year-over-year decrease in mortgage origination volume. Interest rates accompanying 30-year fixed mortgages have climbed to a 12-year high.

By Dan Ennis • April 25, 2022

Goldman Sachs expands Marcus checking account beta tests to all US-based employees

The bank is expected to release the product to the public this year. The fee-free accounts will include a physical debit card and offer a competitive interest rate, but a Goldman spokesperson did not detail the specific rate.

By Robin Bradley • April 22, 2022

Bank of America wants its cards made of 80% recycled plastic by 2023

The bank estimates it will produce 235 fewer tons of single-use plastics with the transition.

By Robin Bradley • April 21, 2022

Banks face 'tight deadline' under new cyber notification rule

The May 1 cutoff to comply with the rule comes as the Biden administration has warned U.S. businesses about the increasing risk of Russian cyberattacks.

By Anna Hrushka • April 21, 2022

Marcus brand, marketing exec leaves to join real estate investment startup

Dustin Cohn, who has taken at least partial credit in naming Goldman Sachs' consumer arm, said the departure — to become chief marketing officer at Cadre — was "completely amicable."

By Dan Ennis • April 20, 2022

CFPB focuses on rural banking access

Rural Americans visit bank branches nearly twice as often as urban and suburban customers, yet are more likely to be in a banking desert, generally have less internet access and submit fewer complaints on the agency's portal.

By Anna Hrushka • April 20, 2022

USAA revamps mobile app

With a new predictive search function, users can transact with fewer taps, said the company, which also reduced load times and added fingerprint, face and voice recognition log-in capabilities.

By Robin Bradley • April 19, 2022

Truist posts flat Q1 profit, completes transition to 'one brand'

The bank completed its largest merger-related conversion during the quarter, transitioning nearly 7 million customers to the Truist ecosystem and rebranding more than 6,000 branches and ATMs, CEO Bill Rogers said Tuesday.

By Anna Hrushka • April 19, 2022

Bank of America sees 12% Q1 profit dip

The bank, however, saw a 9.5% surge in equity trading revenue and set aside far less than its competitors — $30 million — to cover potential Russia exposure.

By Dan Ennis • April 18, 2022

Revolut, Cross River link up to offer US consumer loans

Customers who use the personal loan offering, which will be available in the coming months, won't be subject to late fees, origination fees or prepayment penalties, the neobank said.

By Anna Hrushka • April 18, 2022

Citi sets aside $1.9B to counter Russia exposure

The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.

By Dan Ennis • April 14, 2022

Wells Fargo sees 21% Q1 profit drop amid weaker home lending

The home lending results came a day after the bank pledged $210 million in two programs aimed at narrowing a much-publicized mortgage refinancing gap along racial lines.

By Anna Hrushka • April 14, 2022

U.S. Bank profit dips 31% on buildup for credit losses

At the same time, the bank reported a 2.3% jump in revenue year over year, and 6.5% growth in loans and average total deposits.

By Robin Bradley • April 14, 2022

BBVA addition gives PNC earnings a dual picture

Profit either dropped 21% or jumped 9%, depending on the vantage point. The deal, as inflation swells and interest rates rise, came at the right time for the bank — at least for year-over-year optics.

By Dan Ennis • April 14, 2022