Wells Fargo taps former JPMorgan exec to head financial advisory unit

The firm selected Sol Gindi, a former C-suite executive for JPMorgan's wealth management and consumer banking businesses, to replace Jim Hays as the head of Wells Fargo Advisors.

By Robin Bradley • May 17, 2022

PNC ordered to pay $218M to USAA in patent infringement case

“This verdict further validates our position that we created mobile deposit capture technology,” USAA Vice President of Corporate Development Nathan McKinley said in a statement.

By Anna Hrushka • May 16, 2022

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Breaking the mainframe habit: Banks consider a cloud future

Banks are bullish on cloud migration, but challenges remain.

By Matt Ashare • May 13, 2022

Connecticut issues cease-and-desist order over fintech’s ‘tip’ structure

Including tips, the annual percentage rates on loans made to SoLo Funds borrowers in Connecticut ranged from 43% to 4,280% between June 2018 and August 2021, the state's banking commissioner said.

By Robin Bradley • May 12, 2022

Yellen urges stricter stablecoin regulation this year, amid TerraUSD crash

The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.

By Robin Bradley • May 11, 2022

Current wades into embedded banking with launch of API platform

The neobank announced Plaid as its first partner, a tie-up the two firms said will enable Current’s customers to access more than 6,000 apps and services powered by the data aggregator’s network.

By Anna Hrushka • May 11, 2022

SEC to nearly double crypto enforcement unit

The agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to an already 30-strong team. 

By Robin Bradley • May 3, 2022

Truist buys gamified finance app Long Game

Long Game, which uses prize-linked games to encourage smart financial habits, aims to help banks and credit unions with client retention and account growth, particularly among Gen Z and millennial customers.

By Anna Hrushka • May 3, 2022

Citi's role in 'flash crash' reinforces perils of manual transactions

Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.

By Dan Ennis • May 3, 2022

U.S. Bank rolls out Spanish-language voice assistant for mobile app

The Minneapolis lender cites a study indicating 25% of Hispanic Americans are "smartphone-only" internet users — double the proportion of White adults.

By Robin Bradley • May 2, 2022

TD Bank targets South Florida tech talent pool

The Toronto-based lender on Tuesday announced the launch of a hub in Fort Lauderdale, adding it intends to hire 200 tech workers in the area over the next two years.

By Anna Hrushka • April 26, 2022

Bank trade groups want more clarity on Fed master accounts

The groups want further detail on how the central bank will review and scrutinize applications. The authors also want the Fed to explain how the country's reserve banks will monitor institutions in the proposed tiered system.

By Anna Hrushka • April 25, 2022

The 3 banking challenges synthetic data is ready to meet

Three challenges AI-generated synthetic data is ready to tackle in banking: an overview.

April 25, 2022

Bank of America wants its cards made of 80% recycled plastic by 2023

The bank estimates it will produce 235 fewer tons of single-use plastics with the transition.

By Robin Bradley • April 21, 2022

Marcus brand, marketing exec leaves to join real estate investment startup

Dustin Cohn, who has taken at least partial credit in naming Goldman Sachs' consumer arm, said the departure — to become chief marketing officer at Cadre — was "completely amicable."

By Dan Ennis • April 20, 2022

Robinhood's acquisition of crypto firm puts UK, Europe in its sights

The purchase of Ziglu, which is in the good graces of the Financial Conduct Authority, marks the second attempt by the stock-trading app to broach the U.K. market. Terms of the deal were not disclosed Tuesday.

By Dan Ennis • April 19, 2022

USAA revamps mobile app

With a new predictive search function, users can transact with fewer taps, said the company, which also reduced load times and added fingerprint, face and voice recognition log-in capabilities.

By Robin Bradley • April 19, 2022

Revolut, Cross River link up to offer US consumer loans

Customers who use the personal loan offering, which will be available in the coming months, won't be subject to late fees, origination fees or prepayment penalties, the neobank said.

By Anna Hrushka • April 18, 2022

Citi sets aside $1.9B to counter Russia exposure

The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.

By Dan Ennis • April 14, 2022

Neobank Step to launch crypto, stock investing product for users under 18

The teen-focused challenger bank claims the new offering will make it the first financial app to enable customers under the age of 18 to buy, sell, hold and receive crypto.

By Anna Hrushka • April 12, 2022

How financial institutions can leverage one-to-one messaging to maintain profitable relationships with their customers

With personalized interactions, financial institutions can cut churn and increase engagement.

April 11, 2022

Buy, build or partner: How mid-market banks should approach technology selection

To deliver seamless digital customer experiences and compete in 2022, all banks must now answer the question: Do we build, buy, or partner to deliver required technology solutions?

April 11, 2022

CBDC will take years, not months, to develop, Yellen says

Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

By Dan Ennis • April 8, 2022

FDIC: Banks should alert agency of their crypto-related pursuits

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

By Anna Hrushka • April 8, 2022

Toomey bill would let OCC give charters to stablecoin issuers

The Republican senator's draft bill would preserve state-registered money transmitter status for most existing issuers and would clarify that insured depository institutions are permitted to issue the digital currency.

By Anna Hrushka • April 7, 2022