Risk
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FinCEN overhaul to AML rules would bring clarity, experts say
However, not all institutions will favor the "one size fits all" solution, said regulatory, risk and compliance expert Julie Copeland.
By Anna Hrushka • Sept. 18, 2020 -
Fotolia
PNC looks to shutter 280 branches by the end of next year
The bank is on track to double the number of closures it expected this year, thanks to the pandemic. But the Pittsburgh-based lender has been in the "consolidation business" for some time, executives have said.
By Dan Ennis • Sept. 16, 2020 -
Citi resumes job cuts, faces regulator reprimand over risk management
The prospect of the multiyear system revamp prompted CEO Michael Corbat to push up his plans to retire so his successor could see the effort through from the beginning.
By Dan Ennis • Sept. 15, 2020 -
JPMorgan lets most consumer-unit workers stay remote until 2021
The directive, which reportedly excludes branch workers and some in operations, marks a break from the company policy that mandated Wall Street senior traders return to the office last week.
By Dan Ennis • UPDATED: Sept. 29, 2020 at 6:35 a.m. -
Morgan Stanley, Citi, JPMorgan sign off on CFTC panel climate report
Forcing businesses to pay for their greenhouse gas emissions would be the most efficient way to ensure financial markets reduced climate risk, a regulator subcommittee wrote.
By Dan Ennis • Sept. 10, 2020 -
JPMorgan Chase fires employees after finding they improperly obtained EIDL funds
The bank's discovery of suspicious amounts of money in checking accounts owned by bank employees comes after the SBA's inspector general called for closer oversight of the program.
By Dan Ennis • UPDATED: Sept. 10, 2020 at 7:43 a.m. -
Aleksandr Kravtsov/Getty Images
Fewer banks servicing pot businesses, FinCEN report finds
The agency attributed the decline to several factors, including new guidance for hemp-related businesses, as well as the impact of the coronavirus pandemic.
By Anna Hrushka • Sept. 08, 2020 -
Anna Hrushka/Banking Dive
Fed error spurs Goldman Sachs, Morgan Stanley to lower stress capital buffers
The central bank said it overestimated hypothetical losses on certain public welfare investments, such as those made in funds or companies that back housing and community development in low- and moderate-income areas.
By Dan Ennis • Sept. 08, 2020 -
Fotolia
Alabama credit union to buy bank in 6th such deal of 2020
The tie-up represents Alabama One's second takeover of the year, following a July merger that brought Alabama Rural Electric Credit Union under its umbrella.
By Dan Ennis • Sept. 04, 2020 -
Huntington launches 5-year, $20B effort toward income equality
The Ohio-based bank joins Bank of America, U.S. Bank, PNC, PayPal and Netflix in pledging billions in the wake of racial unrest accelerated by the May death of George Floyd.
By Dan Ennis • Sept. 02, 2020 -
Capital One cuts borrowing limits amid unemployment aid reduction
The credit card issuer's decision comes as the $600 in additional weekly unemployment benefits under the CARES Act, which were keeping some Americans afloat amid the pandemic, expired at the end of July.
By Anna Hrushka • Aug. 28, 2020 -
Citi cites human error in accidental $900M transfer
A Citi employee who was supposed to manually adjust the amount of a disputed loan failed to select the correct system options in the bank's software, and colleagues acting as a safeguard failed to catch the error.
By Dan Ennis • Aug. 26, 2020 -
Courtesy of American Express
AmEx, Regions Bank top J.D. Power's satisfaction index of card issuers
Customers were headed for record-high satisfaction before the pandemic hit. Then they grew displeased with credit-card terms and a lack of proactive communication from issuers.
By Dan Ennis • Aug. 21, 2020 -
Permission granted by Bank of Marin
Q&ABank of Marin CEO: 'Sit tight and [don't] make drastic changes'
In a COVID-free world, Russ Colombo would have moved on by now. But the pandemic spurred the veteran Bay Area exec to keep working "as long as the bank needs."
By Ken McCarthy • Aug. 17, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's chief compliance officer quits as bank revamps risk team
Hiring unit-level risk execs may appear contradictory for a bank that says it wants to trim management layers. But risk and compliance will be crucial in Wells' journey toward putting its 12 enforcement actions behind it.
By Dan Ennis • Aug. 14, 2020 -
Biggest US, European banks added 19K employees through June
Some of the banks in the plus column should be no surprise. Citi, for example, announced plans to hire 2,500 coders. However, Wells Fargo's days with a net-positive headcount may be numbered.
By Dan Ennis • Aug. 13, 2020 -
Getty
Tech hurdle will slow banks' approach to crypto custody services
"Security and technology is the foundation of making this work," Kudelski Security's Scott Carlson said. "If you don't get that right, the entire system could collapse."
By Anna Hrushka • Aug. 04, 2020 -
ZenBusiness acquires entrepreneur-focused challenger bank Joust
Joust's client base grew more than 600% between January and March, CEO Lamine Zarrad said. "Ultimately, [the goal] is to build the marketplace," said Ross Buhrdorf, CEO and co-founder of ZenBusiness.
By Suman Bhattacharyya • July 30, 2020 -
Banks can provide crypto custody service, OCC says
"This opinion clarifies that banks can continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency," the OCC's Brian Brooks said.
By Anna Hrushka • July 23, 2020 -
Truist Financial
Truist pushes office return date to end of January
While many banks in North America are using Labor Day as a benchmark, the North Carolina-based lender became the first of its size to extend its remote-work option past the new year.
By Dan Ennis • UPDATED: Aug. 14, 2020 at 10:55 a.m. -
What US fintechs can learn from Wirecard's collapse
"Think about diversifying your supply chain and your partners," said Kim Muhota, vice president at SSA & Company. "It's really just a risk management play — the classic, don't have all your eggs in one basket."
By Anna Hrushka • July 22, 2020 -
Banks, fintechs weigh fallout from H1-B work visa restrictions
Opening a Vancouver office gives corporate card startup Brex a workaround. Others may rely on remote consultants.
By Suman Bhattacharyya • July 15, 2020 -
Permission granted by Office of the Comptroller of the Currency
Don't use coronavirus as excuse to close branches, OCC says
Some industry observers have questioned the future of bank branches in light of the pandemic, as customers grow accustomed to digital channels and banks rethink the viability of brick and mortar amid a recession.
By Anna Hrushka • July 13, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo may start cutting tens of thousands of jobs this year
The bank vowed to pause staff reductions as the pandemic escalated. Any announcement — not expected with Tuesday's earnings — could tell other banks that window is over.
By Dan Ennis • July 10, 2020 -
Kendall Davis/HR Dive
Colorado credit union adds lending to pot banking effort
The move completes a "huge piece of the puzzle" that's missing for cannabis businesses, most of which don't have access to government funding, such as the PPP, the credit union's president says.
By Anna Hrushka • July 08, 2020
