Banks see nearly 40% uptick in overdraft fees year over year: S&P

The second-quarter $1.97 billion is well beyond the amount collected in 2020's comparable three-month span, when consumers spent markedly less in the pandemic's early days. But it falls far short of figures from 2019.

By Dan Ennis • Aug. 26, 2021

Fintech veteran gears neobank toward musicians

Kasasa executive John Waupsh decided to launch Nerve after noticing musicians, struggling to access business accounts, often rely on personal checking accounts for business deposits and expenses.

By Anna Hrushka • Aug. 25, 2021

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

Optimism turns around for Black small-business owners in Bank of America survey

About 95% of Black business owners reported the pandemic added stress to normal business operations, but about 84% said they expect revenue to increase over the next 12 months.

By Robin Bradley • Aug. 25, 2021

Santander Holdings USA to buy rest of US consumer unit for $2.5B

The deal, which includes the remaining 20% of the consumer unit's shares, values the division at $12.7 billion, and is expected to close in the fourth quarter of 2021.

By Anna Hrushka • Aug. 24, 2021

Serial acquirer Seacoast to buy 2 Florida banks

The deals, expected to close in the first quarter of 2022, would add $600 million in assets to Seacoast and value Sarasota-based Sabal Palm Bank at $53.9 million and Business Bank of Florida at about $28.4 million.

By Dan Ennis • Aug. 24, 2021

SBA forgiveness portal accepts more than 340K submissions, but many lenders opt out

More than 1,230 lenders, representing over half of outstanding loan forgiveness applications, have opted in to the SBA's direct borrower forgiveness portal. But 4,237 have opted to use their own internal portals.

By Anna Hrushka • Aug. 23, 2021

Canada’s largest banks to require employee vaccinations before office return

Staff at TD, the Royal Bank of Canada, Bank of Montreal and the Canadian Imperial Bank of Commerce must demonstrate proof of vaccination by October. Scotiabank also will require vaccines for its workers but has not set a date.

By Robin Bradley • Aug. 23, 2021

Outgoing NY governor signs bill to limit overdraft practices at state-chartered banks

The new law, which takes effect Jan. 1, comes as lawmakers and regulators are paying more attention to overdraft fees and the revenue they generated for banks amid the pandemic.

By Anna Hrushka • Aug. 20, 2021

Sustainable banking-focused Aspiration to go public via $2.3B SPAC deal

The neobank, whose financial backers include Leonardo DiCaprio and Cindy Crawford, said the deal will provide more than $400 million in cash, which will be used for marketing, product innovation and technology.

By Anna Hrushka • Aug. 19, 2021

How Square's Afterpay deal plays into its SMB, consumer banking goals

The $29 billion deal will bring the Australian firm's point-of-sale financing technology and large merchant portfolio under Square's umbrella, further enabling the fintech to continue its push into banking services.

By Anna Hrushka • Aug. 18, 2021

State Street to vacate NYC offices amid shift to hybrid work

The bank's pivot comes as firms across the country are reevaluating office-return timelines or adopting permanent hybrid solutions.

By Anna Hrushka • Aug. 16, 2021

Memphis-based Orion Federal Credit Union to buy Financial Federal Bank

The deal, which would nearly double the $1 billion-asset Orion Federal’s size, is the seventh such deal involving a credit union purchasing a bank to be announced this year.

By Anna Hrushka • Aug. 12, 2021

Capital One delays office return, requires vaccines for on-campus employees

CEO Richard Fairbank said the bank is allowing employees who are unvaccinated to work remotely throughout its reopening period, which it said will extend through at least the first quarter of 2022. 

By Anna Hrushka • Aug. 12, 2021

Revolut readies for US growth with marketing push, product expansions

Since launching quietly stateside last year, the fintech has rolled out a small-business banking product, applied for a bank charter, and has begun offering remittances between the U.S. and Mexico.

By Anna Hrushka • Aug. 11, 2021

Citi requires vaccines for employees returning to offices

The bank is not extending the vaccine mandate to branch workers, according to the bank's head of HR, but will "strongly encourage them to get vaccinated and will require rapid testing and wearing of masks for all colleagues." 

By Robin Bradley • Aug. 11, 2021

Wells Fargo names Steven Black chairman, replacing Charles Noski

Noski stepped into the role amid heightened political scrutiny last year, stemming from the bank’s handling of its 2016 fake accounts scandal.  

By Anna Hrushka • Aug. 10, 2021

Brex withdraws ILC, deposit insurance applications

The San Francisco-based fintech, which filed the applications in February, said it will "modify and strengthen" its applications and plans to resubmit at a later date.

By Anna Hrushka • Aug. 9, 2021

Citizens Financial to buy valuation consulting firm

Citizens, which plans to grow its customer base by 1 million next year, said its acquisition of Willamette would place it among the top valuation services providers in the country.

By Anna Hrushka • Aug. 6, 2021

Digital-only credit union latest institution to scrap overdraft fees

Alliant’s move follows a similar one made by Ally Bank in June, and comes as a growing number of financial institutions are revamping their overdraft policies amid pushback from Democratic lawmakers. 

By Anna Hrushka • Aug. 5, 2021

Chase study highlights growing popularity of digital banking

The COVID-19 pandemic has increased consumers' reliance on mobile banking tools to manage their savings.

By Robin Bradley • Aug. 5, 2021

OCC conducting review of overdraft policies, acting comptroller says

Acting Comptroller Michael Hsu's remarks come as more banks are revamping their overdraft policies and as Democrats are calling for legislation that would rein in the practice.

By Anna Hrushka • Aug. 4, 2021

Neobank Dave shifts to virtual-first model, implements national pay scale

"I think the silver lining of the pandemic is that it really forced companies to listen to what their team members want, maybe more so than they have in the past," said Dave executive Shannon Sullivan.

By Anna Hrushka • Aug. 3, 2021

Square buys BNPL player Afterpay for $29B

The acquisition of the Australian company is Square's biggest ever, and underscores CEO Jack Dorsey's ambitious plans to build his merchant and banking empire in new retail directions and across the globe.

By Lynne Marek • Aug. 2, 2021

Mastercard CFO: consumers 'ready and willing' to increase spending

"The U.S. has always been a laggard when it comes to contactless payments, but that’s changing," Sachin Mehra said after the company reported a successful quarter. "The aversion to cash is one component; it’s just a good user experience."

By Jane Thier • Aug. 2, 2021

Inside MoneyLion's quest to become a financial 'super app'

The neobank is diversifying its revenue sources and aiming to boost engagement frequency to transcend beyond finance to "life transactions."

By Suman Bhattacharyya • Aug. 2, 2021