Disappearing sand billboard pushes Bank of the West’s climate message

The San Francisco-based lender partnered with a nonprofit on a kelp forest-focused campaign meant to be washed away on the day it was created.

By Rajashree Chakravarty • Oct. 10, 2022

Bank of America to pay $1.84B to settle last Countrywide case

The bank will incur a $354 million third-quarter pretax expense from the settlement, to be reported at earnings Oct. 17.

By Gabrielle Saulsbery • Oct. 7, 2022

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

What decriminalization could mean for cannabis banking

De-scheduling the drug may take away the fear of prosecution, but some analysts argue the compliance burden may actually increase.

By Anna Hrushka • Oct. 7, 2022

FDIC approves first new US mutual bank in 50 years

New Hampshire-based Walden Mutual aims to provide loans along the entire farm ecosystem to build a more inclusive, sustainable and local food system, the bank’s CEO said.

By Anna Hrushka • Oct. 6, 2022

Go international or shed foreign assets? HSBC, Taiwanese bank take opposing tacks

Britain's largest lender is exploring a sale of its Canada unit, sticking to a well-worn big-bank trend. Taichung Commercial Bank, meanwhile, seized the moment to broach the U.S. market.

By Dan Ennis • Oct. 5, 2022

PPP loan servicer KServicing files for bankruptcy amid fraud probes

The firm, formerly known as Kabbage, is using the bankruptcy process to obtain a reprieve from having to defend against several federal and state investigations, the company’s restructuring adviser said.

By Anna Hrushka • Oct. 5, 2022

M&T pledges to rectify People’s United account access issues

The bank’s pledge, in response to letters of concern from five senators and Connecticut’s attorney general, came during a week when M&T disclosed 325 layoffs in the Nutmeg State.

By Gabrielle Saulsbery • Oct. 3, 2022

Pot banking firm targets talent, M&A following SPAC deal

Safe Harbor Financial is looking for a second sponsor bank, and has its eye on adding an insurance offering.

By Anna Hrushka • Oct. 3, 2022

Lakeland Bank to pay $13M in DOJ redlining settlement

The settlement comes one day after Provident Bank said it would acquire Lakeland in a $1.3 billion all-stock transaction. Provident disclosed Tuesday it was aware of the pending settlement when agreeing to the deal.

By Gabrielle Saulsbery • Sept. 29, 2022

Digital banks, credit unions should factor into merger reviews: Fed’s Bowman

Potential combinations should hinge on risk analysis, not deposit market share, in an update to 1995 guidelines, the central bank governor said Wednesday.

By Dan Ennis • Sept. 29, 2022

NJ’s Provident, Lakeland to merge in $1.3B deal

The transaction, set to close in the second quarter of 2023, aims to give the Garden State a “super-community bank” at the $25 billion-asset level, filling a gap that opened when Citizens acquired Investors Bancorp.

By Dan Ennis • Sept. 27, 2022

PNC buys restaurant point-of-sale firm Linga

The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.

By Anna Hrushka • Sept. 27, 2022

Banc of California acquires Deepstack in payment processing play

The acquisition gives the bank access to predictable fee income and enables it to capture a larger share of revenue per transaction, Banc of California said.

By Anna Hrushka • Sept. 26, 2022

Diversity, inflation, payments fraud to take center stage at hearings

Democratic lawmakers are expected to grill big-bank CEOs this week on reports of consumer abuses, while Republicans will likely target executives they say have caved to social pressures.

By Anna Hrushka • Sept. 20, 2022

Goldman grows where it can — but may have just started its cull

The bank leans into an expansion in transaction banking and a new card partnership while cutting at least 25 bankers in Asia.

By Dan Ennis • Sept. 20, 2022

OCC frees Capital One from consent order tied to 2019 breach

The Office of the Comptroller of the Currency determined the bank had reached a level of “safety and soundness” no longer requiring extra oversight regarding a leak of 106 million customers’ data.

By Gabrielle Saulsbery • Sept. 19, 2022

Bank of America to offer paid sabbaticals starting next year

Employees who have served 15 years at the bank can take four weeks, with an extra week for 20-year vets, and a sixth for those with 30.

By Dan Ennis • Sept. 15, 2022

Texas bank settles with DOJ over PPP lending allegations

In the first False Claims Act settlement by a Paycheck Protection Program lender, Houston-based Prosperity Bank will pay more than $18,000 to resolve allegations it knowingly processed a PPP loan for an ineligible business.

By Gabrielle Saulsbery • Sept. 15, 2022

How big of a deal is Q2’s deposit decline?

Deposits had seen an unsustainable 35% jump since 2020, and banks were pushing their capital limits. The real tell of consumer health from FDIC data may be a 25% spike in early delinquencies.

By Dan Ennis • Sept. 15, 2022

Wells Fargo agrees to third-party racial-equity audit

CEO Charlie Scharf called the move “a critical next step” toward closing the wealth gap, and added that diversity, equity and inclusion are “imperative” at the bank.

By Gabrielle Saulsbery • Sept. 14, 2022

JPMorgan Chase raises specter of job cuts

The bank’s president, Daniel Pinto, said he sees a 50% Q3 drop in investment-banking fees — and mentioned reduced compensation as an alternative to layoffs.

By Dan Ennis • Sept. 14, 2022

BofA pledges $25M to support Black and Latino-led CDFIs

“This collaboration demonstrates that opportunities and impact are literally doubled when we work together,” said Marla Bilonick, chair of the National Alliance of Latino CDFI Executives.

By Gabrielle Saulsbery • Sept. 9, 2022

Citi wins appeal on $500M Revlon loan blunder

“Put simply, you don’t get to keep money sent to you by mistake unless you’re entitled to it anyway,” one judge wrote in his opinion.

By Anna Hrushka • Sept. 9, 2022

10 takeaways from Michael Barr’s first speech as Fed’s supervision czar

The regulator pushed a tiered set of capital requirements and stricter living wills for regional banks. He also clarified the central bank’s stance on climate risk.

By Dan Ennis • Sept. 8, 2022

UBS, Wealthfront abandon $1.4B merger agreement

UBS did not give a reason for the deal’s disintegration, but the Swiss bank gave Wealthfront $69.7 million in financing, and the companies are “continuing to explore ways to work together in a partnership.”

By Gabrielle Saulsbery • Sept. 6, 2022