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Major banks suspend political donations after US Capitol siege
"The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now," JPMorgan's Peter Scher said.
By Anna Hrushka • Jan. 11, 2021 -
Bank leaders, trade groups condemn insurrection at US Capitol
"We have to begin reinvesting in our democracy," Goldman Sachs CEO David Solomon said in a LinkedIn post, adding that the country has "squandered" its "reservoir of goodwill around the world."
By Anna Hrushka • Jan. 7, 2021 -
Explore the Trendline➔
wildpixel via Getty Images
TrendlineThe 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 -
Courtesy of Green Dot
Green Dot launches GO2bank to compete with challenger banks
"Green Dot squandered [its] advantages in this space over the past five years," CEO Dan Henry said in May of the rise of challenger banks. "We will be working hard in the coming years to regain that lost ground."
By Anna Hrushka • Jan. 6, 2021 -
Permission granted by Office of the Comptroller of the Currency
Banks can use stablecoins, blockchains for payments, OCC says
The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.
By Anna Hrushka • Jan. 5, 2021 -
Fed allows banks to resume stock buybacks with limitations
Just minutes after the Fed released stress test results Friday, JPMorgan Chase said its board approved a new share repurchase program of $30 billion. The central bank said it would continue to cap dividend payments through March.
By Anna Hrushka • Dec. 21, 2020 -
Ally offers New Year's Eve babies a $250 head start in savings accounts
Parents and legal guardians will have from Jan. 15 to July 31 to enroll their child in the account.
By Anna Hrushka • Dec. 18, 2020 -
Yelp deposits $10M into 3 Black-owned banks
The move follows an increase in banks and corporations earmarking funds for minority-owned depository institutions and racial equality initiatives following the May killing of George Floyd at the hands of police.
By Anna Hrushka • Dec. 17, 2020 -
FDIC releases final rule on controversial ILC charters
The rule, which opponents argue eases the path for commercial companies to operate as banks without Federal Reserve oversight, comes as a growing number of nonbanks have recently applied for ILC charters.
By Anna Hrushka • Dec. 16, 2020 -
Courtesy of BioNTech
Bank tellers, loan officers should be in second group vaccinated, ABA says
The trade group wrote to the CDC, saying customer-facing front-line bank employees should be allowed to get the COVID-19 vaccine after healthcare workers and long-term care facility residents.
By Anna Hrushka • Dec. 15, 2020 -
US has lost 4,407 bank branches since 2017, study finds
Capital One, Truist, Huntington, U.S. Bank, KeyBank and Wells Fargo are among banks that shed 10% or more of their brick-and-mortar presence in that time, according to the National Community Reinvestment Coalition.
By Dan Ennis • Dec. 15, 2020 -
Huntington, TCF agree to all-stock merger
The Columbus, Ohio-based bank will close all 97 of its branches located inside Meijer grocery stores in Michigan, and plans to shutter 198 overlapping branches in the state after the deal closes.
By Dan Ennis • Updated Jan. 25, 2021 -
Courtesy of Fifth Third
Fifth Third pledges $2.8B toward racial equity, inclusion
The bank aims to increase its mortgage lending by 31% while achieving parity in its top eight markets where Black Americans reside, and is targeting a 25% increase in small-business lending in majority-minority communities.
By Anna Hrushka • Dec. 11, 2020 -
Banks could face deadline for board diversity requirements
While most of Nasdaq's companies would have at least one woman director, many fail on the second tenet: to include an underrepresented minority.
By Anna Hrushka • Dec. 10, 2020 -
Kendall Davis/Banking Dive
Dive Awards
The Banking Dive Awards for 2020
The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.
By Banking Dive Team • Dec. 9, 2020 -
Permission granted by Citizens Bank of Edmond
Dive Awards
Executive of the Year: Jill Castilla, Citizens Bank of Edmond
"A little bank in Oklahoma with one location can have a seat at the table because we have a network," Castilla said.
By Anna Hrushka • Dec. 9, 2020 -
Permission granted by Gohenry
Gohenry targets US expansion after closing $40M funding round
The bulk of the funding will be used to expand the British challenger's marketing efforts in the U.S. and to grow the company's U.S.-based team, gohenry CEO Alex Zivoder said.
By Anna Hrushka • Dec. 8, 2020 -
CFPB sues LendUp for allegedly violating Military Lending Act
The bureau alleges the lender made over 4,000 single-payment or installment loans to more than 1,200 covered borrowers in violation of a federal law that caps interest rates at 36% for active-duty service members.
By Anna Hrushka • Dec. 7, 2020 -
Column
Morgan Stanley, JPMorgan, Bank of America diverge on bonuses
Banks usually move in lockstep on issues such as environmentally conscious investing, but compensation may prove an individual decision.
By Dan Ennis • Dec. 7, 2020 -
Capital One halts buy-now-pay-later credit card transactions
The move stands in contrast to fellow credit-card issuers Citi and JPMorgan Chase, which last year launched fixed-payoff options. PayPal and Ally Financial this year announced they were rolling out installment loans.
By Dan Ennis • Dec. 7, 2020 -
Permission granted by Step
Teen-aimed banking app Step gets celebrity boost
The platform said it raised $50 million in a Series B funding round that included investment from singer Justin Timberlake, music group The Chainsmokers and retired athlete Eli Manning.
By Anna Hrushka • Dec. 3, 2020 -
Permission granted by LendUp
LendUp's new digital bank targets emerging middle class
"Our customer aspires to be established in the middle class," said LendUp CEO Anu Shultes, who will also head a subsidiary called Ahead Financials. "They are not there yet."
By Anna Hrushka • Dec. 2, 2020 -
Noam Galai via Getty Images
JPMorgan, Lloyds express interest in buying Starling
The British challenger's CEO said in May she "didn't start a bank to sell out to the big boys." But buying Starling would give JPMorgan a 1.8 million-customer head start on building a U.K. digital platform from the ground up.
By Dan Ennis • Dec. 1, 2020 -
HSBC considers leaving US retail banking
The London lender has closed 79 of its U.S. branches this year. Sacrificing the rest in a pivot to Asia may not be too great a loss. The U.S. arm's $62 billion loan book represents less than 6% of HSBC's total.
By Dan Ennis • Nov. 30, 2020 -
Carlos Alvarez via Getty Images
BBVA, Sabadell merger talks fall apart
BBVA valued Sabadell at $3 billion, but the smaller bank wanted at least 12% of the merged company, Bloomberg reported, adding it also had an issue with board composition. BBVA denied the latter.
By Dan Ennis • Nov. 30, 2020 -
OCC fines JPMorgan $250M over weak controls in its advisory business
Last week's fine from the OCC comes amid a surge of settlements some banks may be looking to secure before the Biden administration takes office.
By Anna Hrushka • Nov. 25, 2020
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