Retail: Page 54
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Why Seattle Bank allied itself with Google
"The banking experience is just ripe for a Tesla-Peloton kind of experience, and we don't have that today. I think Google clearly can help drive that, and that's pretty cool," Seattle Bank's CEO said.
By Anna Hrushka • Nov. 24, 2020 -
Banks whose assets grew amid PPP get temporary relief from regulators
The interim final rule will give banks more time to either reduce their balance sheets or prepare for the stricter regulatory and reporting standards associated with the higher asset thresholds, the agencies said.
By Anna Hrushka • Nov. 23, 2020 -
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 -
LGBT-focused digital bank Daylight aims for December beta launch
Traditional banks "may be switching their social media icons to rainbows in June, but when it comes to actually solving real pain points, it's just not cutting it," co-founder Billie Simmons said.
By Anna Hrushka • Nov. 20, 2020 -
Google revamps Google Pay, adds 3 new partner banks
With a redesigned app and an expanded network of banks that have signed on to offer co-branded accounts, the tech giant continues its push into the consumer financial services space.
By Anna Hrushka • Nov. 19, 2020 -
Jeff Swensen via Getty Images
PNC agrees to buy BBVA’s US arm for $11.6B
The Federal Reserve signed off on the plan — the last regulatory hurdle ahead of an expected June 1 closing to a deal that would create the nation's fifth-largest bank. But at least one Fed governor is stressing caution.
By Dan Ennis • Updated May 17, 2021 -
SEC charges 2 ex-Wells Fargo executives with misleading investors
The regulator settled charges against former CEO John Stumpf for $2.5 million, and will litigate fraud charges against former community bank chief Carrie Tolstedt in court in connection to the bank's 2016 fake accounts scandal.
By Anna Hrushka • Nov. 13, 2020 -
Twitter to invest $100M in CDFIs in effort to combat racial wealth gap
The social media giant follows a growing number of corporations, including Netflix and PayPal, that have embarked on similar initiatives to funnel more capital to Black and Latinx financial institutions and businesses.
By Anna Hrushka • Nov. 13, 2020 -
Deutsche researchers propose 5% tax on remote workers, post-pandemic
The tax could generate $48 billion a year, which could fund $1,500 grants for 29 million lower earners in the U.S., the researchers said.
By Dan Ennis • Nov. 13, 2020 -
BMO pledges $5.1B toward closing racial wealth gap
The Canadian lender joins JPMorgan Chase, Bank of America, PNC, American Express and Huntington Bank in rolling out billion-dollar efforts to better serve non-White communities. It also updated its diversity goals in September.
By Dan Ennis • Nov. 12, 2020 -
JPMorgan drops from top of FSB's list of systemically important banks
The lower ranking means any instability at the largest U.S. bank puts the global financial system at less risk. Goldman Sachs and Wells Fargo also ranked less risky, according to the panel's assessment Wednesday.
By Dan Ennis • Nov. 12, 2020 -
BBVA partners with Prosper on digital HELOC platform
Early results indicate the digital solution is helping BBVA close home equity lines of credit 14 days faster on average when compared to turn times on applications submitted in other channels, the bank said.
By Anna Hrushka • Nov. 11, 2020 -
Kendall Davis/Industry Dive/Banking Dive, data from Marc Nozell
Bank executives, trade groups react to Biden-Harris victory
Several bank and credit union trade groups, as well as top bank executives, not waiting on a Trump concession, have released statements and congratulatory posts on the highly contested 2020 election.
By Anna Hrushka • Nov. 9, 2020 -
Permission granted by Office of the Comptroller of the Currency
Ex-SoFi CEO's company Figure seeks national bank charter
The company issues home equity lines of credit on a private blockchain network. But it also plans to pilot a small-dollar installment-loan product in January targeting the unbanked.
By Dan Ennis • Nov. 9, 2020 -
Courtesy of TIAA Bank
TIAA Bank aims to reach unbanked with grade-school financial literacy program
The 12-week course runs in more than 100 schools, including in Puerto Rico, which is well outside of the bank's CRA assessment area but still reeling from 2017's Hurricane Maria.
By Anna Hrushka • Nov. 4, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo picks Capital One executive to head diversity efforts
The appointment comes after CEO Charlie Scharf apologized for citing a shortage of diverse talent when aiming to double Black leadership at the bank. The Labor Department has questioned that initiative.
By Anna Hrushka • Nov. 3, 2020 -
Capital One to let most US call-center workers stay remote after pandemic
The move further illustrates a divide between investment-heavy banks such as JPMorgan Chase that pushed to repopulate offices and card-heavy models such as American Express that are keeping employees home longer.
By Dan Ennis • Oct. 30, 2020 -
Pandemic could accelerate de novos' profitability timeline, experts say
Customers' increased adoption of digital banking amid the pandemic, and the realization banks can operate with less physical space, have enabled de novos to tailor their operating models to a new normal, one attorney said.
By Anna Hrushka • Oct. 30, 2020 -
Bank of America ends $200 pandemic pay for front-line workers
The nation's second-largest bank will continue to give employees $100 per day for child or elder care. The move comes as TD Bank promises $500 bonuses to about 90,000 workers for their pandemic efforts.
By Anna Hrushka • Updated Oct. 30, 2020 -
Permission granted by SoFi
SoFi gets OCC's preliminary approval for bank charter, launches credit card
The card will offer up to 2% cash back when rewards are redeemed to pay down student loans or personal loans financed through the company. SoFi's charter application still needs sign-off from the FDIC and Federal Reserve.
By Anna Hrushka • Oct. 29, 2020 -
Truist's new CMO looks to 'meet the moment where it is'
A big challenge is ensuring the bank's tone and narrative "fits where all of us are as a community," said Vinoo Vijay, who previously held marketing roles at H&R Block, TD Bank, Ally Financial, Bank of America and FedEx.
By Anna Hrushka • Oct. 27, 2020 -
Courtesy of Fifth Third
Fifth Third names president, sparking succession speculation
Impending retirements and health crises among top executives at two of the nation's four largest banks have made succession top of mind in the past year.
By Dan Ennis • Oct. 27, 2020 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
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Banks moving into branchless towns amp up community ties
From sponsoring Little League and Girl Scouts initiatives to helping a local library recover from a fire, small banks show deep roots when moving into banking deserts.
By Ken McCarthy • Oct. 26, 2020 -
Fintechs hopeful as CFPB seeks to modify data access rule
Section 1033 of the Dodd-Frank Act won't prevent banks from overstepping their authority and blocking consumers from sharing their data with certain companies, fintechs argue.
By Anna Hrushka • Oct. 23, 2020 -
Courtesy of FDIC
Regulators finalize rule requiring big banks to keep year's worth of liquidity
Most of the nation's 20 largest banks already meet the rule's demands, regulators said. However, at least one bank — unidentified — needs to come up by 8%.
By Anna Hrushka • Oct. 21, 2020
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