Commercial: Page 49
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Spencer Platt via Getty Images
Outgoing NY governor signs bill to limit overdraft practices at state-chartered banks
The new law, which takes effect Jan. 1, comes as lawmakers and regulators are paying more attention to overdraft fees and the revenue they generated for banks amid the pandemic.
By Anna Hrushka • Aug. 20, 2021 -
Permission granted by Aspiration Bank
Sustainable banking-focused Aspiration to go public via $2.3B SPAC deal
The neobank, whose financial backers include Leonardo DiCaprio and Cindy Crawford, said the deal will provide more than $400 million in cash, which will be used for marketing, product innovation and technology.
By Anna Hrushka • Aug. 19, 2021 -
Explore the Trendline➔
Natalie Meepian via Getty Images
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 -
Jeff Swensen via Getty Images
PNC sets 5-year, $20B environmental finance goal
The funding will go toward green buildings, renewable energy, clean transportation and sustainability-linked bonds and loans. But the amount is well short of trillion-dollar pledges from the nation's three largest banks.
By Robin Bradley • Aug. 19, 2021 -
Chris Hondros via Getty Images
Goldman Sachs to acquire Dutch insurer's asset-management arm in $1.9B deal
The deal would roughly double — to more than $600 billion — the bank's assets in Europe and expand its ESG footprint.
By Dan Ennis • Aug. 19, 2021 -
Courtesy of CashApp - Square
How Square's Afterpay deal plays into its SMB, consumer banking goals
The $29 billion deal will bring the Australian firm's point-of-sale financing technology and large merchant portfolio under Square's umbrella, further enabling the fintech to continue its push into banking services.
By Anna Hrushka • Aug. 18, 2021 -
PPP loans through fintechs much more likely to be suspicious, study finds
Fintech and traditional lenders both started the program with suspicious loan rates of around 10%, but fintechs' suspicious loan rates grew to 40% when PPP ended, University of Texas, Austin, researchers found.
By Anna Hrushka • Aug. 17, 2021 -
Spencer Platt via Getty Images
State Street to vacate NYC offices amid shift to hybrid work
The bank's pivot comes as firms across the country are reevaluating office-return timelines or adopting permanent hybrid solutions.
By Anna Hrushka • Aug. 16, 2021 -
Bipartisan bill would expand SBA loan program to include fintech lenders
"You shouldn’t need a big bank to get an SBA loan," said Sen. John Hickenlooper, D-CO, who introduced the legislation alongside Sen. Tim Scott, R-SC, on Wednesday.
By Anna Hrushka • Aug. 13, 2021 -
Memphis-based Orion Federal Credit Union to buy Financial Federal Bank
The deal, which would nearly double the $1 billion-asset Orion Federal’s size, is the seventh such deal involving a credit union purchasing a bank to be announced this year.
By Anna Hrushka • Aug. 12, 2021 -
Permission granted by Citigroup
Citi seeks to pair banks and small businesses
Citi aims to strengthen relationships with smaller banking institutions and improve access to capital for businesses.
By Robin Bradley • Aug. 12, 2021 -
Chip Somodevilla via Getty Images
Big bank, merchant groups weigh in on Fed rule clarification
Bank and merchant trade groups weighed in on the Fed's debit rule clarification at the 11th hour, digging in their heels in a long-time battle over whether to ease merchant access to increased debit transaction networks.
By Lynne Marek • Aug. 12, 2021 -
Capital One delays office return, requires vaccines for on-campus employees
CEO Richard Fairbank said the bank is allowing employees who are unvaccinated to work remotely throughout its reopening period, which it said will extend through at least the first quarter of 2022.
By Anna Hrushka • Aug. 12, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo names Steven Black chairman, replacing Charles Noski
Noski stepped into the role amid heightened political scrutiny last year, stemming from the bank’s handling of its 2016 fake accounts scandal.
By Anna Hrushka • Aug. 10, 2021 -
Permission granted by Office of the Comptroller of the Currency
Circle seeks national charter to start digital currency bank
Circle co-founder and CEO Jeremy Allaire said the company intends to operate under the supervision and risk management requirements of the Fed, Treasury, the OCC and the FDIC.
By Anna Hrushka • Aug. 9, 2021 -
Steve Jennings via Getty Images
Brex withdraws ILC, deposit insurance applications
The San Francisco-based fintech, which filed the applications in February, said it will "modify and strengthen" its applications and plans to resubmit at a later date.
By Anna Hrushka • Aug. 9, 2021 -
Permission granted by Citizens Financial Group
Citizens Financial to buy valuation consulting firm
Citizens, which plans to grow its customer base by 1 million next year, said its acquisition of Willamette would place it among the top valuation services providers in the country.
By Anna Hrushka • Aug. 6, 2021 -
Retrieved from Senate Banking Committee.
Overdraft alternativesOCC conducting review of overdraft policies, acting comptroller says
Acting Comptroller Michael Hsu's remarks come as more banks are revamping their overdraft policies and as Democrats are calling for legislation that would rein in the practice.
By Anna Hrushka • Aug. 4, 2021 -
Kena Betancur via Getty Images
NY regulator asks financial institutions to share diversity data
Superintendent Linda Lacewell cited the impacts of the COVID-19 pandemic, racial injustice and climate change as primary reasons entities should boost diversity.
By Anna Hrushka • July 30, 2021 -
SBA launches streamlined PPP forgiveness portal
The agency said more than 600 banks have opted in to the program, representing 30% of loans $150,000 or less that have not yet applied for forgiveness.
By Anna Hrushka • July 28, 2021 -
Permission granted by Citizens Financial Group
Citizens Financial to acquire Investors Bancorp in $3.5B deal
The transaction, expected to close in the first or second quarter of 2022, will put Citizens' assets above $200 billion, and propel the bank to the top 10 in deposits among retail and commercial banks in the New York City market.
By Anna Hrushka • July 28, 2021 -
Sen. Cory Booker clarifies SAFE Banking Act support
"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.
By Anna Hrushka • July 27, 2021 -
Spencer Platt via Getty Images
M&T Bank to cut more than 700 jobs following People’s United takeover
The Buffalo, New York-based bank anticipates it will save about $330 million in annual expenses that would otherwise be duplicated as a result of its $7.6 billion acquisition of People's United.
By Anna Hrushka • July 26, 2021 -
Plaid taps former bank execs to help reach data-sharing goal
The company's mission to forge stronger relationships with banks and increase its API traffic comes amid a sometimes less-than-amicable interplay between data aggregators and financial institutions.
By Anna Hrushka • July 23, 2021 -
Alex Wroblewski via Getty Images
Column // Return to the officeBank of America, Deutsche and the case of the summer sequel
Commitments to de-emphasize overdraft fees, boost junior banker pay and refresh banks' card suites are hardly new. This week offers deeper tread on well-worn narratives.
By Dan Ennis • July 21, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC to rescind Trump-era revamp to anti-redlining rule
"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start," Acting Comptroller Michael Hsu said in a statement.
By Anna Hrushka • July 20, 2021
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