Kansas regulators close Almena State Bank in year's 4th bank failure

Almena is the second U.S. bank to shutter within a week. The bank's two branches opened Monday under the banner of Equity Bank, which is purchasing roughly all of Almena's $65.8 million in assets and its deposits.

By Dan Ennis • Oct. 26, 2020

PayPal launches crypto payment platform

The payments company will convert consumers' Bitcoin, Ethereum, Bitcoin Cash and Litecoin holdings into fiat currencies when they check out. That cuts the risk merchants assume from any volatility in cryptos' value.

By Dan Ennis • Updated March 30, 2021

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Top 5 stories from Banking Dive

Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

By Banking Dive staff

Citi drops lawsuit against second Revlon creditor after $900M errant payment

The bank said it's "pleased" that Investcorp has returned a reported $18.9 million share of the overpayment for which Citi is taking a dozen companies to court. A trial on the remaining claims is set for Dec. 9.

By Dan Ennis • Oct. 15, 2020

Community banks cite 'business conditions' as top challenge in COVID year

PPP prompted a 40% swell in small-business loans originating from community banks, but the program had its share of detractors, per a recent survey. However, the pandemic chased away bankers' concerns about deposits.

By Dan Ennis • Oct. 6, 2020

​Varo turns focus to new products after national charter milestone

The launch of the Varo Bank app, which the company says is imminent, will free up resources and energy to "pivot on to the customer," Chief Risk Officer Philippa Girling said.

By Anna Hrushka • Oct. 2, 2020

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

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 mandates Sept. 21 office return for sales, trading managers and teams

But an updated directive lets most consumer-unit workers — excluding branch employees and some in operations — stay remote until 2021.

By Dan Ennis • Updated Sept. 29, 2020

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

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. 8, 2020

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. 8, 2020

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. 4, 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. 2, 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, manually adjusting the payment amount on a disputed loan, selected an option allowing the loan to be paid in full with interest years ahead of schedule. Colleagues acting as a safeguard failed to catch the error.

By Dan Ennis • Aug. 26, 2020

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

Bank 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

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

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. 4, 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 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