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Permission granted by Remitly
Q&ARemitly banks on trust as it expands financial services for immigrants
"We have a track record in the communities we serve where we built a really trusted financial services brand," Remitly co-founder and CEO Matt Oppenheimer said.
By Anna Hrushka • March 6, 2020 -
U.S. Bank to take over State Farm banking operations
The insurance giant will be getting out of the banking business, which it's been in virtually since 1999.
By Robert Freedman • March 6, 2020 -
Explore the Trendline➔
Permission granted by Millbury National Bank
TrendlineTop 5 stories from Banking Dive
Amid a swell of activity, financial institutions large and small are leaning into their aspirations. For PNC, it’s scale. For some fintechs, it’s a charter. For Millbury National Bank, it may simply be niceness.
By Banking Dive staff -
House report slams Wells Fargo, regulators' failure to rein in 'reckless' bank
The report claims regulators knew about "serious, enterprise-wide deficiencies" without taking public enforcement action, and the bank’s board "failed to ensure management could competently address the company’s risk management deficiencies."
By Anna Hrushka • March 5, 2020 -
Wells Fargo to launch accounts that limit overdraft fees
Wells Fargo’s announcement about the new accounts comes ahead of the bank’s back-to-back hearings in front of the House Financial Services Committee.
By Anna Hrushka • March 4, 2020 -
Courtesy of Kabbage Media
Kabbage takes aim at big banks with its small-business cash flow tools
The company's sweet spot for making its tools available is a customer with fewer than 10 employees whose owners are "wearing 15-20 hats to run a company," a company executive said.
By Kate Patrick Macri • March 4, 2020 -
Coronavirus could hit fintechs hard as card transactions drop
Fintechs’ reliance on the fees merchants pay when consumers make credit and debit purchases will be tested as people stay home.
By Robert Freedman • March 4, 2020 -
Stock trading app Robinhood suffers system outage during market rebound
The outage came as the market rebounded from its worst week since the 2007-08 financial crisis, amid the coronavirus outbreak.
By Anna Hrushka • March 3, 2020 -
National Institute of Allergy and Infectious Disease. (2020). "Novel Coronavirus SARS-CoV-2" [Microscope image]. Retrieved from https://www.flickr.com/photos/nihgov/49565158853/.
Fed announces rate cut as US banks respond to coronavirus threat
As regulators convene to discuss COVID-19's economic impact, U.S. banks are implementing precautions such as travel restrictions and virtual events.
By Anna Hrushka • Updated March 3, 2020 -
Spike in fintech M&A shows industry is maturing
Fintechs are growing, accumulating users and establishing themselves in the financial services space. And it’s attracting attention.
By Anna Hrushka • Feb. 28, 2020 -
TD Bank misses expectations on U.S. operations
The bank increased its earnings, but its performance faced headwinds in the U.S. from interest rate cuts and a drop in trading commissions.
By Robert Freedman • Feb. 28, 2020 -
Challenger bank touts ties to employers as differentiator
Minneapolis-based Branch hired its first CFO as it seeks to grow its reach by taking a workplace-first approach.
By Robert Freedman • Feb. 27, 2020 -
Consumer data-sharing debate highlights bank, fintech divide
Screen scraping and APIs were among the topics discussed at the CFPB's symposium on Consumer Access to Financial Records on Wednesday.
By Anna Hrushka • Feb. 27, 2020 -
National Park Service. (N/A). "First bank of the United States" [Photo]. Retrieved from https://www.nps.gov/inde/learn/historyculture/places-firstbank.htm.
Banks generated $233.1B in net income last year, down 1.5%
The decline in net income was primarily due to slower growth in net interest income and higher loan-loss provisions. All in all, though, banking looks healthy, the FDIC says.
By Robert Freedman • Feb. 26, 2020 -
Democrats slam Wells Fargo settlement as bank faces 3 congressional hearings
Last week’s settlement may have closed the book on several criminal and civil investigations, but the ramifications of Wells Fargo’s fake-accounts scandal are far from over as it once again becomes the subject of several hearings.
By Anna Hrushka • Feb. 25, 2020 -
Banks closed 3,164 branches last year, opened 1,500
Expect branch consolidation to continue at about 2% a year even as bank deposits tick up at more than 4% a year, a report says.
By Robert Freedman • Feb. 25, 2020 -
Permission granted by LendingClub
Q&ALendingClub, Radius execs talk regulation, tech integration ahead of merger
In a wide-ranging interview, executives said they don’t foresee any pushback from regulators or any significant post-merger complications associated with integrating the two companies’ platforms or IT.
By Anna Hrushka • Feb. 24, 2020 -
JPMorgan Chase reportedly launching UK digital bank
JPMorgan would have its fair share of digital bank competitors in the U.K., including Monzo, Starling, Revolut, as well as fellow U.S. bank Goldman Sachs's Marcus.
By Anna Hrushka • Feb. 24, 2020 -
Banks moving away from in-store branch model, study finds
Despite the uptick in in-store deposits, they remain at their lowest level since 2014, according to an S&P Global report.
By Tatiana Walk-Morris • Feb. 24, 2020 -
Wells Fargo to pay $3B to settle fake accounts scandal
The settlement with the Justice Department and the Securities and Exchange Commission comes about a month after the OCC fined former Wells CEO John Stumpf $17.5 million and banned him for life.
By Anna Hrushka • Feb. 21, 2020 -
LendingClub's Radius deal paves the way for more fintech purchases, experts say
Industry experts say the deal could be a tipping point, ushering in more fintech-bank purchases. But it won't come without its complexities.
By Anna Hrushka • Feb. 21, 2020 -
Stephen Chernin via Getty Images
Morgan Stanley to buy E*Trade in $13B deal
The acquisition represents a monumental shift for the investment bank as it focuses on smaller customers, not just high net worth clients.
By Anna Hrushka • Updated Oct. 1, 2020 -
Getty Images
UK fintech Curve offers ‘over-the-top’ banking service in card, mobile app
The startup's eponymous card is designed to unify all existing debit and credit card accounts, but will face heavy payments competition when it attempts to enter U.S. markets.
By Kate Patrick Macri • Feb. 20, 2020 -
Lawmakers call out big banks for lack of leadership diversity
"There is no shortage of diverse people and businesses for banks to hire and promote," one congressman said — only a shortage of leaders "with the will to make it happen."
By Sheryl Estrada • Feb. 20, 2020 -
LendingClub to purchase Radius Bank for $185M
LendingClub says the acquisition of Radius will provide greater regulatory clarity and cheaper funding for its loans and, if approved, would mark the first time a U.S. fintech has purchased a bank.
By Anna Hrushka • Feb. 19, 2020 -
Opinion
3 ways community banks can harness the changing definition of 'community'
Catering to a group that shares an affinity such as a local sports team can help a community bank strengthen its bond with potential customers, writes Dondi Black, a senior manager of payment services at FIS.
By Dondi Black • Feb. 19, 2020
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