Neobank HMBradley shifts to invite-only, seeks more partner banks

The fintech has accepted more than $400 million in deposits since its 2019 launch and has seen a 300% increase in deposits since January, leading its partner to pump the brakes, its CEO said.

By Anna Hrushka • July 22, 2021

Dive Deposits: The case of the summer sequel (and a $52M award for Jamie Dimon)

Commitments to de-emphasize overdraft fees, boost junior banker pay and refresh banks' card suites are hardly new. This week offers deeper tread on well-worn narratives.

By Dan Ennis • July 21, 2021

Explore the Trendline➔

Top 5 stories from Banking Dive

Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

By Banking Dive staff

OCC to rescind Trump-era revamp to anti-redlining rule

"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start," Acting Comptroller Michael Hsu said in a statement.

By Anna Hrushka • July 20, 2021

Cambridge Savings Bank launches digital bank to expand national reach

The Massachusetts-based bank said its "Ivy Bank" platform has been in the works for the past two years and will aim to compete with other digital-only banks in the marketplace.

By Anna Hrushka • July 19, 2021

Wells Fargo lays out two-wave strategy for office return

Operations and call center workers will return to the office Sept. 7. Technology, corporate and back-office workers will return in October. And some New York- and North Carolina-based bankers will be invited back Aug. 2.

By Dan Ennis • Updated July 27, 2021

The frictionless customer journey in banking starts with text messaging

Find out how to create the frictionless digital banking experience customers now expect.

July 19, 2021

SAFE Banking secondary to comprehensive pot reform, Senate Democrats say

The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.

By Anna Hrushka • July 16, 2021

Truist reports 73% Q2 profit amid loan-loss reserve release

"To thrive in today's world requires a deep commitment to continuously re-evaluating yesterday's activities and expenses associated with that, so that we can afford to invest in new activities for today's demands," CEO Kelly King said.

By Anna Hrushka • July 15, 2021

U.S. Bank sees Q2 profit nearly triple to just under $2B

The bank released fewer loan-loss reserves than in the first quarter, dropping net income in the shorter term. But the push and pull of loans and deposits appeared to reveal a recovering consumer base.

By Dan Ennis • July 15, 2021

Wells Fargo charges ahead to $6B Q2 profit

A $1.6 billion loan-loss reserve release — and an 8.3% drop in noninterest expenses, buoyed by a 5,000-person headcount cut — drove the bank's surge.

By Dan Ennis • July 14, 2021

Bank of America's Q2 profit soars as low interest rates dent revenue

A $2.2 billion loan-loss reserve release buoyed the nation's second-largest bank as it anticipates an economic rebound from the COVID-19 pandemic. 

By Anna Hrushka • July 14, 2021

Citi's Q2 profit jumps more than fivefold, but revenue slumps

"While we have to be mindful of the unevenness in the recovery globally, we are optimistic about the momentum ahead," CEO Jane Fraser said Wednesday.

By Dan Ennis • July 14, 2021

Frost Bank gives direct deposit customers early paycheck access

The product follows an overdraft grace feature the bank rolled out in April that gives direct deposit enrollees protection when they overdraw their checking accounts on transactions up to $100.

By Anna Hrushka • July 13, 2021

JPMorgan's Q2 profit more than doubles amid slight drop in revenue

The bank said its reserves for credit losses remain at $22.6 billion, an amount CFO Jeremy Barnum said reflects the remaining uncertainty around the COVID-19 pandemic and the shape of the economic recovery.

By Anna Hrushka • July 13, 2021

Rethinking overdraft

While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.

By Anna Hrushka • July 12, 2021

U.S. Bank boosts unit to advise local governments on asset management

The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.

By Dan Ennis • July 12, 2021

Biden executive orders target bank mergers, financial data sharing

One measure requires the Justice Department and bank regulators to update guidelines to boost merger scrutiny, while another encourages the CFPB to issue rules giving customers greater access to their financial data.

By Anna Hrushka • July 9, 2021

Billie Jean King-backed de novo to open this fall

Chicago-based First Women's Bank said it raised more than $30 million through its private placement offering with the support of an investor group including Bank of America, Fidelity Investments and the tennis legend.

By Anna Hrushka • July 8, 2021

Chime customers file hundreds of CFPB complaints over locked accounts: report

In an attempt to root out fraud related to government-backed pandemic aid, the fintech may have inadvertently closed hundreds of legitimate customer accounts, ProPublica reported Tuesday.

By Anna Hrushka • July 7, 2021

Chime, Current lead US banking app downloads in first half of 2021: report

The top 10 digital-first banking apps in the U.S. recorded 16.33 million installs during the first half of 2021, according to a report that indicated European neobanks are lagging their U.S.-based competitors in market share gains.

By Anna Hrushka • July 6, 2021

Fintech Karat aims to become influencers' bank, raises $26M

The company plans to move beyond credit cards and offer a suite of tools, including bank accounts and tax preparation services, for the creator economy.

By Anna Hrushka • July 2, 2021

Banks prepare for 2021's second act with office-return, banker-pay pledges

Like any good drama, last week provided a recap of several long-running narratives in banking before the industry launches into 2021's latter half.

By Dan Ennis • July 2, 2021

Wealth management fintech gets boost from Florida community bank

A $2.5 million investment from Coral Gables-based Amerant Bank accounted for half of a Series A funding round for Marstone, whose CEO says the pandemic has accelerated every institution's digital roadmap.

By Anna Hrushka • June 30, 2021

JPMorgan Chase eyes 3rd fintech acquisition in the past year

The latest tie-up follows a busy year of deal activity for the U.S.'s largest bank, which is also eyeing growth opportunities in the U.K. and Brazil.

By Anna Hrushka • June 29, 2021

TD Bank introduces no overdraft-fee account, revises overdraft policy

The account comes with a $4.95 monthly fee. The bank, effective in August, will increase its overdraft threshold to $10 and reduce the number of times a customer can be charged an overdraft fee from five per day to three.

By Anna Hrushka • June 28, 2021