Ally, Huntington launch efforts to curb overdraft fees

Huntington's new $1,000 line of credit may cost the bank $1 million a month but earn customers' loyalty. Ally, meanwhile, eliminated overdraft fees altogether.

By Anna Hrushka • June 2, 2021

Old National would broach Chicago in $2.5B First Midwest merger

The deal, which may close late this year, would forge a $45 billion-asset bank with dual headquarters. Indiana-based Old National would add between 90 and 100 locations around the nation's third-largest city.

By Dan Ennis • June 2, 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

Overdrafts take a second bow as bank CEOs testify in muted House 'sequel'

Citi said it would reconsider a racial audit, Bank of America confirmed a June 1 office return, and Goldman Sachs's David Solomon pushed back on a slavery question.

By Dan Ennis • May 28, 2021

Senators, bank CEOs spar on Capitol Hill over compensation, voting rights

Wednesday's hearing showcased how the country's banking sector has become a battleground for lawmakers to debate politically charged issues dividing Republicans and Democrats.

By Anna Hrushka • May 27, 2021

HSBC sells 80 branches to Citizens Bank, 10 to Cathay in US retreat

Europe's largest lender is closing 35 to 40 branches but repurposing 20 to 25 other locations as international wealth centers to serve its mostly Asia-based private-banking and wealth-management clients.

By Dan Ennis • May 27, 2021

Neobank Paybby to bring crypto investing to Black and Brown communities

"It's a great new investment class, and the people of our community should have access to this investment class just like anybody else," CEO Hassan Miah said.

By Anna Hrushka • May 25, 2021

Morgan Stanley, ex-chief diversity officer end discrimination case

The bank, which called Marilyn Booker's allegations "sweeping, sensationalized and conclusory," had sought in March to have the case dismissed. Oral arguments had been set for November.

By Dan Ennis • May 25, 2021

Square may soon offer small-business checking and savings accounts, app code shows

The code indicates the company will not charge monthly service fees, minimum balance fees or overdrafts on its checking account, and will offer a 0.5% interest rate on its savings account through 2021, Bloomberg reported.

By Dan Ennis • May 25, 2021

Wells Fargo’s marketing chief is leaving as bank retires that position

The San Francisco-based lender is also losing its regulatory relations chief, a Wells Fargo spokesman confirmed this week.

By Dan Ennis • Updated May 28, 2021

Banks' succession strategies include 'testing ground' for CEO candidates

JPMorgan Chase and Morgan Stanley's moves show leaders would rather see contenders vie for the top spot than groom a particular candidate, one headhunter says.

By Anna Hrushka • May 21, 2021

JPMorgan Chase unveils solo healthcare venture

Morgan Health, a successor in spirit to the recently defunct Haven, will come armed with $250 million to invest in innovations in employer coverage and advancements in health equity.

By Dan Ennis • May 21, 2021

Wells Fargo to offer crypto investment product for wealthy clients

The bank's decision to wade into crypto follows similar moves made by other large institutions, and comes as the nation's top bank regulator has indicated it plans to review past crypto-friendly actions.

By Anna Hrushka • May 20, 2021

Morgan Stanley names co-presidents, sets up Gorman succession race

The investment bank's CEO has told the board he intends to stay in the top role for at least three more years. "You make these changes when you can and from a position of strength," he said.

By Dan Ennis • May 20, 2021

Post office, Fed checking accounts won't solve underbanking, trade groups say

Organizations such as The Clearing House urged officials to consider creating alternative identity verification methods for low- to middle-income consumers, as well as improved broadband internet, in a paper published Tuesday.

By Dan Ennis • May 19, 2021

OCC reconsiders controversial revamp to anti-redlining law

Tuesday's move to halt the implementation of the CRA revamp comes as new Acting Comptroller Michael Hsu has signaled a change in direction for the agency.

By Anna Hrushka • May 19, 2021

JPMorgan management shuffle puts 2 women in line to succeed Dimon as CEO

CFO Jennifer Piepszak and consumer-lending chief Marianne Lake will co-lead the bank's consumer and community banking unit, effective immediately, in a shift that also sees Co-President Gordon Smith retiring at the end of this year.

By Dan Ennis • May 19, 2021

Bank of America to increase minimum hourly wage to $25 by 2025

CEO Brian Moynihan said the increase will cost the bank "a few hundred million dollars a year" but called the move "an investment."

By Anna Hrushka • May 18, 2021

Wells Fargo rolls out 10-year effort to boost options for underbanked

The bank is developing a task force with Black and Hispanic nonprofits and aims to redesign 100 of its branches in low- to moderate-income neighborhoods to emphasize one-on-one consultations.

By Dan Ennis • May 18, 2021

Neobank Lance targets gig economy's income volatility

The New York City-based challenger divides a user's payments into sub-accounts for salary, tax withholdings, business expense balance and a savings account.

By Anna Hrushka • May 18, 2021

Bank trade groups take aim at VyStar-Heritage deal

In a letter to the FDIC, bank trade groups called out VyStar Credit Union's history of closing branches and said the $195.7 million deal would cut regulatory safeguards for low- and moderate-income consumers.

By Anna Hrushka • May 17, 2021

Bank of America, TD to pay a combined $116.5M to settle overdraft fee suits

Plaintiffs accused each bank of charging customers for each time a transaction was "retried" after an initial failure.

By Dan Ennis • Updated May 19, 2021

Goldman's Marcus hires Uber vice president as its next chief

The move comes days after the consumer bank announced its CFO is leaving for JPMorgan Chase in the latest of a raft of executive departures this year.

By Dan Ennis • May 17, 2021

Green Dot doubles down on tax refund processing

The prepaid card company-turned-bank's plan to buy Republic Bank's tax refund processing unit for $165 million is expected to close in this year's fourth quarter.

By Lynne Marek • May 14, 2021

Figure's journey with the SEC proves itself the anti-Ripple

Citi's court battle and Diem's narrowed ambitions may lend credence to Ripple's argument that authorities pick winners and losers, but Diem could now be trying the Figure approach.

By Dan Ennis • May 14, 2021

Facebook-backed Diem withdraws Finma application, shifts to US

Diem Networks U.S. will register as a money services business with the Financial Crimes Enforcement Network, and Silvergate Bank will become the exclusive issuer of Diem's dollar-backed stablecoin.

By Anna Hrushka • May 13, 2021