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Valley Bank unveils payments app for cannabis businesses
Valley Bank is partnering with a large processor to offer the service, which is similar to using a reloadable Starbucks wallet gift card, Chief Digital Product Officer Stuart Cook said.
By Anna Hrushka • Oct. 27, 2021 -
Permission granted by Citigroup
Citi agrees to undergo racial audit
The bank joins institutions such as BlackRock and Morgan Stanley in agreeing to such a probe. Shareholders held off on the prospect of a racial audit in April, with the motion gaining 38% approval.
By Robin Bradley • Oct. 25, 2021 -
Explore the Trendline➔
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TrendlineM&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 -
Courtesy of Ally Financial
Ally to return to credit cards with $750M deal to buy Fair Square Financial
The deal is expected to close in early 2022. The Detroit lender abandoned credit cards in 2019 in favor of point-of-sale lending, then reneged on plans to merge with subprime card lender CardWorks last year.
By Robin Bradley • Oct. 22, 2021 -
Permission granted by Vast Bank
Vast Bank's new platform aims for the 'crypto curious'
"Banks for centuries have been safe keepers and custodians of what people value," said CEO Brad Scrivner. "And in today's world, that's now digital assets."
By Anna Hrushka • Oct. 21, 2021 -
Permission granted by Office of the Comptroller of the Currency
Biden's OCC pick faces a delicate balance among moderates
Sen. Jon Tester, D-MT, said he would "hold off" expressing support "until after I meet with her." One attorney said the OCC pick should "balance mitigating risk with encouraging innovation."
By Anna Hrushka • Oct. 20, 2021 -
Chris Hondros via Getty Images
Goldman Sachs, AmEx debut cloud-based payments service for corporate clients
The investment bank is partnering with the world's largest card issuer for businesses in an effort to make payments easier and more efficient for institutional clients.
By Robin Bradley • Oct. 20, 2021 -
Capital One to acquire healthcare investment bank TripleTree
Capital One's latest move puts the $423 billion-asset bank in the company of several other lenders, including KeyBank and JPMorgan, which have made recent investments in the healthcare space.
By Anna Hrushka • Oct. 18, 2021 -
Luis Alvarez via Getty Images
Sponsored by West MonroeSmall businesses' trust in banks rose during COVID-19 — here's how they can keep it
Banks earned the trust of small businesses amid the pandemic. We asked them how banks can keep it. Here's what they said
Oct. 18, 2021 -
Truist Financial
Truist nets $1.6B profit, marks major conversion milestone in Q3
"We're committed to having a business that has positive operating leverage and has industry leading efficiency," new CEO Bill Rogers said Friday. "I feel more confident about that today than I did the day we announced the merger."
By Anna Hrushka • Oct. 15, 2021 -
Jeff Swensen via Getty Images
PNC sees double-digit boon in revenue, deposits and loans
The bump comes during the first full quarter during which BBVA USA assets were included. The bank converted systems and branches in seven states this month to the PNC brand.
By Robin Bradley • Oct. 15, 2021 -
Permission granted by Citigroup
Citi's profit climbs 48% for Q3 as it releases $1.6B in reserves
The bank's global consumer banking revenue fell by 13% as it shed its Australia operations, but investment banking revenue saw a 39% jump.
By Robin Bradley • Oct. 14, 2021 -
Drew Angerer via Getty Images
Bank of America sees 58% Q3 profit jump
The Charlotte, North Carolina-based lender reported a 23% jump in investment-banking fees, record consumer deposits, and a $1.1 billion release of loan-loss reserves Thursday.
By Dan Ennis • Oct. 14, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo reports 59% profit bump amid $1.7B release in reserves
CEO Charlie Scharf said he thinks the bank is "making significant progress" against the bank's regulatory hurdles, "though we may continue to have setbacks along the way."
By Anna Hrushka • Oct. 14, 2021 -
Alex Wroblewski via Getty Images
JPMorgan's $2.1B reserve release drives 24% profit spike
The bank's $2.1 billion release of credit reserves this quarter eclipses the $569 million it unlocked in the prior year.
By Anna Hrushka • Oct. 13, 2021 -
Automation helped Black borrowers get more out of PPP at fintechs, big banks: study
"The human brain is a much scarier black box than any machine-learning algorithm," said Sabrina T. Howell, the paper's lead author. The ICBA, however, disputed some of the study's findings.
By Anna Hrushka • Oct. 12, 2021 -
Umpqua, Columbia to merge in $5.2B, all-stock deal
The transaction, slated to close in mid-2022, would create a $50 billion-asset bank that would operate branches in California, Idaho, Nevada, Oregon and Washington.
By Robin Bradley • Oct. 12, 2021 -
Mark Wilson via Getty Images
SBA overpaid $4.5B in EIDL grants, IG report finds
The agency's inspector general said it found instances where sole proprietors or independent contractors improperly claimed to have as many as 1 million employees.
By Anna Hrushka • Oct. 8, 2021 -
Liberty Bank's Tri-State acquisition to form largest Black-owned bank in US
The deal, which will form an institution with more than $1 billion in assets, will allow Liberty Bank to expand its loan limit for qualified borrowers from about $1.2 million to $5 million, the bank said.
By Anna Hrushka • Oct. 7, 2021 -
Green Dot
Republic Bank sues Green Dot for calling off $165M deal
The prepaid card company said it was unable to get the Fed's approval or non-objection to the acquisition of Republic's tax refund processing unit. But it's not the only transaction held up by an unresponsive Fed.
By Dan Ennis • Oct. 6, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America, BMO Harris boost their minimum wages
Bank of America's nudge to $21 per hour pushes it toward its goal of $25 by 2025. BMO's bump — to $18 hourly from $15 — parrots a move PNC Bank announced in August.
By Robin Bradley • Oct. 6, 2021 -
Chris Hondros via Getty Images
JPMorgan stiffens vaccination policy
Unvaccinated staff must be tested for COVID-19 twice a week, and will receive heftier payroll deductions to cover the cost of testing beginning next year, according to an internal memo Monday.
By Robin Bradley • Oct. 5, 2021 -
US Postal Service not equipped to handle banking, industry trade groups say
"The USPS already has its hands full with its current mission and lacks the bandwidth needed to run such a large and complex operation," NAFCU President and CEO Dan Berger said.
By Anna Hrushka • Oct. 5, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America poaches Citi's consumer-banking CMO
In taking a role as BofA's head of consumer and small-business products, Mary Hines Droesch becomes at least the second Citi marketing executive since July to leave for a Wall Street competitor.
By Robin Bradley • Sept. 29, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo fined $37.3M to settle DOJ foreign-exchange case
The penalty comes in addition to $35.3 million in restitution the bank has paid 771 harmed commercial customers.
By Robin Bradley • Sept. 28, 2021 -
SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.
New York Fed researchers design climate stress test for banks
The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.
By Robin Bradley • Sept. 27, 2021
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