US Postal Service not equipped to handle banking, industry trade groups say

"The USPS already has its hands full with its current mission and lacks the bandwidth needed to run such a large and complex operation," NAFCU President and CEO Dan Berger said.

By Anna Hrushka • Oct. 5, 2021

Postal banking pilot brings check cashing, bill pay in 4 areas

The program, launched in September, aims to bring financial services to low- to moderate-income people and is set to expand after the holiday season.

By Robin Bradley • Oct. 4, 2021

Explore the Trendline➔

Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

Google abandons plans to offer Plex checking accounts

The tech giant's decision to scrap its Plex checking accounts comes after a series of project delays and the March departure of Caesar Sengupta, the Google Pay executive who headed the project.

By Anna Hrushka • Oct. 4, 2021

First Citizens, CIT extend timeline for $2.2B merger over Fed delay

The FDIC and a North Carolina regulator have approved the deal, the banks said, adding that they're waiting on the central bank. If the deal is not completed by March 1, either bank may back out, American Banker reported.

By Dan Ennis • Oct. 1, 2021

Regions unveils overdraft alternative

The Birmingham, Alabama-based bank's new checking account charges $5 monthly to provide overdraft protection without transfer fees.

By Robin Bradley • Oct. 1, 2021

Why becoming a bank is paying off for LendingClub

With its 2020 deal to acquire Radius Bank, LendingClub gained a banking charter — and also a means to cut costs, grow revenue and position itself to offer tailored products.

By Suman Bhattacharyya • Sept. 30, 2021

Bank of America poaches Citi's consumer-banking CMO

In taking a role as BofA's head of consumer and small-business products, Mary Hines Droesch becomes at least the second Citi marketing executive since July to leave for a Wall Street competitor.

By Robin Bradley • Sept. 29, 2021

New York Fed researchers design climate stress test for banks

The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.

By Robin Bradley • Sept. 27, 2021

Bank of Marin CEO calls it a career after 2 extra years

The bank on Friday named 14-year veteran Tim Myers as its next CEO. It hired a firm in 2019 to find Russ Colombo's successor. Then COVID-19 hit, and Colombo said he'd stay "as long as the bank needs."

By Dan Ennis • Sept. 27, 2021

Ex-Marcus chief Talwar to leave Goldman Sachs in October

Omer Ismail took over day-to-day oversight of Goldman's consumer bank late last year, but he left to join Walmart's fintech startup, sparking an unexpected return to duty for Talwar.

By Dan Ennis • Sept. 24, 2021

JPMorgan Chase buys college financial planning platform Frank

The deal opens the bank to 5 million students Frank serves. It also cashes in on JPMorgan CEO Jamie Dimon's 2020 pledge to be "much more aggressive with acquisitions across the board."

By Robin Bradley • Sept. 22, 2021

U.S. Bank to buy MUFG Union Bank in $8B deal

The transaction would add $133 billion in assets, $58 billion in loans and $90 billion in deposits to U.S. Bank's balance sheet, vaulting the Minneapolis-based lender back into fifth place among largest retail banks in the U.S.

By Robin Bradley • Sept. 21, 2021

First Interstate to buy Great Western Bank in $2B, all-stock deal

The transaction would more than double First Interstate's branch footprint and give it entry to eight new states. The combined bank would have more than $32 billion in assets, $18.4 billion in loans and $27.1 billion in deposits.

By Robin Bradley • Sept. 17, 2021

Varo's latest $510M funding round validates bank charter decision, exec says

The bank, now reportedly valued at $2.5 billion, plans to use the new funding on account growth, brand building, its product roadmap and operational and risk management infrastructure.

By Anna Hrushka • Sept. 17, 2021

JPMorgan’s UK digital bank set to launch

Named simply Chase, the platform will initially offer current accounts with a rewards program but is set to expand into savings, personal lending and investment, and mortgages.

By Dan Ennis • Sept. 17, 2021

Truist, Microsoft back FDIC fund to invest in minority-owned banks

"I like to joke that this isn't your grandmother's FDIC, and this fund certainly proves that we like to think out of the box," the agency's chair, Jelena McWilliams, said Thursday.

By Anna Hrushka • Sept. 16, 2021

Goldman Sachs names new CFO as Scherr steps down

Denis Coleman will become deputy CFO effective immediately and succeed Scherr in January. Goldman is the fourth of the six largest U.S. banks to make a change at CFO this year.

By Robin Bradley • Sept. 14, 2021

Why PayPal Ventures' Peggy Mangot thinks vertical neobanks are poised for growth

While mass-market neobanks continue to turn heads with user numbers and funding rounds, affinity neobanks are poised to experience their own market expansion soon, the executive told the Finovate Fall conference.

By Anna Hrushka • Sept. 14, 2021

Capital One beta-tests BNPL option, marking turnabout

The McLean, Virginia-based bank barred customers last December from using its credit cards to clear buy-now-pay-later debt.

By Dan Ennis • Sept. 14, 2021

Bank of America to scrap CMO role after top marketer leaves this year

The bank pushed ahead with a raft of executive moves last week. Bank of America is not the first big U.S. bank to do away with the chief marketing role. Wells Fargo said in May it would do the same.

By Robin Bradley • Sept. 13, 2021

Bank of America names new CFO, adds 3 women to senior management

The bank's chief administrative officer and general counsel are also retiring. The shuffle of more than a dozen leaders comes two weeks after two longtime Bank of America executives said they were retiring at year's end.

By Dan Ennis • Sept. 10, 2021

Georgia bank's new owners eye a digital makeover without losing the personal touch

ST Hldgs acquired Rochelle State Bank with the aim to bolster the single-branch institution's web portal and mobile options, while keeping the bank's close-knit model intact.

By Anna Hrushka • Sept. 9, 2021

Citizens Bank to acquire JMP Group in $149M, all-cash deal

The move, slated to close in the fourth quarter, is the latest in a busy year for Citizens, which bought 80 HSBC branches in May, as well as a New Jersey-based bank and an Oregon consulting firm.

By Robin Bradley • Sept. 9, 2021

Wells Fargo seeks more time to comply with scandal consent orders: report

The bank could face additional sanctions from regulators over the pace at which it is compensating victims of its consumer abuse violations, Bloomberg reported Tuesday.

By Anna Hrushka • Sept. 1, 2021

Citizens Bank of Edmond to launch national digital bank with partner Moven

The platform is meant to target an underserved affinity group, Citizens CEO Jill Castilla said, adding she would share more details about the customer base in the next 60 days.

By Anna Hrushka • Aug. 31, 2021