Commercial: Page 34

  • A person uses a red Bank of America ATM.
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    David McNew via Getty Images
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    BofA, BMO push to close racial property ownership gap

    Bank of America launched a program offering a zero-down payment, zero-closing-cost mortgage solution to first-time homebuyers in nonwhite-majority areas, and another aimed at small businesses.

    By • Aug. 31, 2022
  • Ford started resuming production and operations in the United States, May 18, 2020.
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    Courtesy of Ford Media Center
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    Ford ILC application gets pushback from ICBA, consumer groups

    In a joint letter to the FDIC, four groups called the car maker’s bid to use the charter to promote the electrification of its vehicle fleet disingenuous, while the ICBA said the ILC charter exploits a regulatory loophole.

    By • Aug. 30, 2022
  • People walk around the new headquarters of Creve Coeur, Missouri-based First Bank. Explore the Trendline➔
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    Trendline

    Top 5 stories from Banking Dive

    Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.

    By Banking Dive staff
  • Citi sign outside of skyscraper
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    Mario Tama via Getty Images
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    Citi to wind down its Russia retail presence

    The bank expects to incur roughly $170 million in costs, mostly over the next 18 months, in a move expected to affect about 2,300 employees and 15 branches.

    By • Aug. 25, 2022
  • A Truist sign hangs on a building.
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    Truist acquires data governance platform from Zaloni

    The platform’s founder and chief technology officer will be among 20 employees to transition to Truist as part of the deal, which highlights the bank’s continuing emphasis on nonbank and niche M&A.

    By • Aug. 24, 2022
  • The Credit Suisse logo on a building front
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    Dan Kitwood via Getty Images
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    Credit Suisse emerges as missing piece in neobank’s crumbled merger

    American Challenger sued the Swiss lender in July, accusing it of failing to conclude the sale of a $650 million commercial loan portfolio — a critical component in a tie-up with Patriot National Bank.

    By • Aug. 22, 2022
  • Business owner uses tablet to manage inventory in deli
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    alvarez via Getty Images
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    First Internet Bank launches small-business account

    The account allows business owners to earn interest, make unlimited transactions, and link their business and personal checking or savings accounts, credit cards, loans and investments.

    By • Aug. 18, 2022
  • Securities and Exchange Commission, SEC, Building in Washington DC
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    qingwa via Getty Images
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    SEC, Fed fine EagleBank $22.9M, ban ex-CEO over insider lending

    EagleBank had deficient internal controls between 2015 and 2018, allowing the bank to lend to entities its then-CEO owned or controlled, including certain family trusts, the Fed said.

    By • Aug. 17, 2022
  • Citi sign outside of skyscraper
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    Mario Tama via Getty Images
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    Column

    Citi sues Revlon to recoup errant payoff

    The cosmetics firm should reimburse the bank for the unreturned $500 million it paid out of its own pocket by mistake to Revlon's creditors, Citi told a judge.

    By • Aug. 16, 2022
  • Closeup shot of two unrecognisable businesspeople shaking hands in an office
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    Delmaine Donson via Getty Images
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    MVB bulks up on SBA, USDA lending with $98M acquisition

    The West Virginia bank is buying Raleigh, North Carolina-based Integrated Financial Holdings in a tie-up that aims to create an “industry-leading juggernaut in government guaranteed lending,” according to a statement.

    By • Aug. 15, 2022
  • A young woman customer placing her order at a fast food convenience restaurant.
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    YinYang via Getty Images
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    Nashville bank execs launch Sonata to serve fast-food industry

    Dan Dellinger and Farzin Ferdowsi, with their third venture, aim to solve turnover and banking access issues in the quick-service space, and add telehealth and financial literacy to help franchisees retain talent.

    By • Aug. 12, 2022
  • A headshot of BM Technologies CEO Luvleen Sidhu
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    Permission granted by BM Technologies
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    Q&A

    BM Technologies’ Luvleen Sidhu bets on BaaS, bank charter

    “For those that can combine the charter with the technology, that is the most competitive way to play in the banking-as-a-service space,” said Luvleen Sidhu, BM Technologies’ chair, CEO and founder.

    By • Aug. 10, 2022
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    FDIC signals greater scrutiny of commercial real estate loans

    “CRE loan concentrations add dimensions of risk that necessitate continued attention from banks and their regulators, especially as the pandemic lingers and uncertainties remain,” the FDIC said last week.

    By • Aug. 9, 2022
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    Win McNamee via Getty Images
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    New laws extend statute of limitations to 10 years in PPP, EIDL fraud cases

    Two laws signed Friday give prosecutors the same time frame to bring fraud charges against fintechs as they have for banks in cases tied to COVID-19 relief loan applications.

    By • Aug. 8, 2022
  • TD Bank
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    "TD Bank" by Tdorante10 is licensed under CC BY-SA 4.0
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    TD to buy Wall Street brokerage firm Cowen for $1.3B

    TD sold 28.4 million nonvoting common shares of its Charles Schwab stock to fund the transaction, which is expected to close in the first quarter of 2023.

    By • Aug. 2, 2022
  • $100 bills fan out on top of each other.
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    breeze393/iStock via Getty Images
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    Grasshopper Bank raises $30M amid push into SMB lending, BaaS

    The fresh capital comes as the bank reports 192% year-over-year growth in core deposits amid an effort to broaden its focus to serve small businesses and offer banking-as-a-service (BaaS), in addition to targeting the startup market.

    By • Aug. 1, 2022
  • A cannabis leaf placed on a one dollar bill partially shields President George Washington's portrait.
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    Kendall Davis/HR Dive
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    How Cogent Bank treats cannabis account holders like ‘any other client’

    To help broaden the lender’s cannabis banking program, Cogent Bank partnered with Green Check Verified, a fintech that works with banks to provide compliant cannabis banking services.

    By • July 29, 2022
  • A close up of two people shaking hands.
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    Justin Sullivan via Getty Images
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    Grasshopper Bank leans into BaaS

    The deal to offer banking-as-a-service to fintech Treasure Financial marks a first for the New York City-based bank, which, under CEO Mike Butler, has broadened its focus to include the small-business sector.

    By • July 27, 2022
  • The Credit Suisse logo on a building front
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    Dan Kitwood via Getty Images
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    Credit Suisse names new CEO, launches review of business amid $1.7B loss

    Ulrich Körner, the bank’s asset-management chief, takes his new role Aug. 1 as the Swiss lender embarks on a strategy to cut costs and de-emphasize its investment bank.

    By • July 27, 2022
  • Truist Innovation Technology Center
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    Truist names new diversity, equity and inclusion chief

    Dominica Groom Williams’ predecessor, Wendy McSweeney, has transitioned to a role on the bank's new environmental, social and governance and impact advisory team.

    By • July 26, 2022
  • A purple and white sign featuring the Truist logo.
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    Truist Financial
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    Truist eyes M&A growth amid rising expenses

    The initiative comes as the bank said investments in wages, hiring and technology are expected to contribute to a 2% to 3% rise in noninterest expenses this year.

    By • July 20, 2022
  • The skyline of New York City
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    Sean Pavone via Getty Images
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    Jefferies restructures to refocus on investment-banking core

    The company will sell its timber business, create an oil-and-gas spinoff and consolidate its CFO function by merging the investment bank into its parent company.

    By • July 19, 2022
  • The photo shows cannabis plants growing in a greenhouse.
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    Drew Angerer via Getty Images
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    House-passed NDAA includes banking provisions for cannabis

    SAFE Banking’s inclusion in the defense bill marks the seventh time the legislation has passed in the House. Another measure in the bill would allow individuals with a conviction history to work in the financial sector.

    By • July 18, 2022
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    Alex Wroblewski via Getty Images
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    JPMorgan's Dimon blasts 'capricious, arbitrary' Fed stress tests

    “It’s inconsistent. It’s not transparent. It’s too volatile,” the CEO said of the stress test. JPMorgan said last month it would keep its dividend payouts flat in response to the central bank’s capital requirements.

    By • July 15, 2022
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    Wikimedia
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    BMO, community groups square off at merger hearing

    Advocates assailed the bank's home-lending record toward nonwhite borrowers and expressed skepticism over its promise not to close any Bank of the West branches.

    By • July 15, 2022
  • A front facing view of the U.S. Capitol building.
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    Creative Commons
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    Lawmakers air CRA concerns over race, data collection

    The rule’s focus on income level rather than race does not do enough to address disparities along racial lines, some Democrats say.

    By • July 14, 2022