Fewer banks servicing pot businesses, FinCEN report finds

The agency attributed the decline to several factors, including new guidance for hemp-related businesses, as well as the impact of the coronavirus pandemic.

By Anna Hrushka • Sept. 8, 2020

Banks went all in on construction lending in Q2, despite delinquencies

Wells Fargo was by far the leading nonresidential construction lender. But Arkansas's Bank OZK boosted its nonresidential loans by the greatest percentage. Construction accounts for 36.4% of the bank's outstanding loans.

By Joe Bousquin , Jennifer Goodman • Sept. 4, 2020

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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

City First-Broadway merger would create largest US Black-led bank

The combined institution will maintain bicoastal headquarters, as well as its CDFI status, which requires it to deploy at least 60% of its lending into low- to moderate-income communities.

By Anna Hrushka • Aug. 27, 2020

Wells Fargo resumes much-anticipated job cuts

Initial layoffs will affect employees who were told before the pandemic their roles would "ultimately go away," CEO Charlie Scharf previously said. "It's like an onion: The more we do, the more clearer the next round will become."

By Dan Ennis • Aug. 21, 2020

Scotiabank fined $127M over price manipulation scheme

For more than eight years, four Scotiabank traders placed thousands of unlawful orders for precious metals futures contracts in an effort to manipulate prices to benefit themselves and the bank, authorities said.

By Anna Hrushka • Aug. 20, 2020

Rakuten again withdraws application for deposit insurance

If the e-commerce giant decides to submit a third application, industrial loan company charter opponents, which have railed against the model for more than a decade, will likely continue their fight.

By Anna Hrushka • Aug. 19, 2020

Banks eye loan specialists, marketers as pandemic boosts debt, digital demands

"Four months ago, a workout specialist couldn't find a job anywhere," said Paul Schaus, president, CEO and founder of the consulting firm CCG Catalyst.

By Anna Hrushka • Aug. 14, 2020

Banks rethink office space, branch strategy to sync with new customer, employee habits

With 70% of bank staff working remotely and more clients using digital channels, cutting back on square footage is the new efficiency.

By Anna Hrushka • Aug. 13, 2020

BankMobile to transition from bank to tech company after Customers spinoff

"It gives us the runway, while we still have the stability of Customers partnership," BankMobile's Luvleen Sidhu said of the planned acquisition by Megalith Financial Acquisition Corp.

By Anna Hrushka • Aug. 12, 2020

Customers Bancorp to sell BankMobile for $140M

BankMobile launched in 2015. The digital bank's banking-as-a-service platform is prolific among colleges and universities, serving more than 2 million account-holders at 722 campuses.

By Anna Hrushka • Aug. 7, 2020

EBay partners with LendingPoint for merchant loans

The tie-up gives merchants an alternative to PayPal Working Capital, a financing solution eBay sellers have used in the past. PayPal's five-year operating agreement with eBay expired last month.

By Anna Hrushka • Aug. 6, 2020

PPP cases against JPMorgan, Bank of America, Wells Fargo to stay separate

A panel of judges denied motions to consolidate cases alleging the banks favored larger loans over first-come, first-served processing. JPMorgan Chase called the claims a "jigsaw puzzle of unmatched pieces."

By Dan Ennis • Aug. 6, 2020

Tech hurdle will slow banks' approach to crypto custody services

"Security and technology is the foundation of making this work," Kudelski Security's Scott Carlson said. "If you don't get that right, the entire system could collapse."

By Anna Hrushka • Aug. 4, 2020

Second half of 2020 may yield same dearth of M&A as first, analysts say

Some banks may have bigger concerns, such as padding loan loss reserves. However, PPP success may have others looking on the bright side — while still more look for a master acquirer.

By Ken McCarthy • Aug. 3, 2020

ZenBusiness acquires entrepreneur-focused challenger bank Joust

Joust's client base grew more than 600% between January and March, CEO Lamine Zarrad said. "Ultimately, [the goal] is to build the marketplace," said Ross Buhrdorf, CEO and co-founder of ZenBusiness.

By Suman Bhattacharyya • July 30, 2020

OnDeck Capital lands with Enova in $90M deal

Before being acquired Tuesday, OnDeck was pursuing a bank charter — a process Enova CEO David Fisher said the combined company could explore.

By Dan Ennis • July 29, 2020

JPMorgan Chase, Marqeta partner to launch virtual corporate cards

The deal comes as payment networks have seen contactless transactions spike by as much as 150% since March 2019.

By Anna Hrushka • July 29, 2020

Wells Fargo says it 'misinterpreted customers' intentions' in some forbearance cases

Reports that Wells Fargo took action on accounts without customer consent is a troubling look for the bank, which is still working to repair an image damaged by a series of consumer abuse scandals.

By Anna Hrushka • July 24, 2020

Kabbage launches small-business checking account

The fintech said it plans to roll out several additional features connected to the account this year, including wire transfers and mobile remote deposits.

By Anna Hrushka • July 22, 2020

Wells Fargo dips into BNY Mellon's pool to hire its next CFO

BNY Mellon CFO Mike Santomassimo will join the San Francisco-based lender in the fall, following the retirement of 22-year veteran John Shrewsberry.

By Jane Thier • July 21, 2020

Congress should consider forgiving all 'small' PPP loans, Mnuchin says

The treasury secretary's comments come as trade groups, including some representing the nation's largest banks, have called for blanket forgiveness for PPP loans under $150,000.

By Anna Hrushka • July 20, 2020

Houston man charged with investing PPP loan money in crypto

A GAO report last month said the number of loans approved, the speed with which they were processed, and PPP's limited safeguards leave it open to "significant risk" of fraud.

By Dan Ennis • July 17, 2020

Truist reports $958M Q2 profit as pandemic speeds cost savings timeline

CFO Daryl Bible said the bank can achieve 40% of its goal by the fourth quarter this year rather than 30%.

By Anna Hrushka • July 16, 2020

Bank of America's Q2 profit falls 52% despite fixed-income trading swell

The bank set aside $5.1 billion during the quarter — less than half JPMorgan Chase's figure — sparking questions as to whether it reserved enough.

By Dan Ennis • July 16, 2020

BlackRock sale boosts PNC's Q2 profit to $3.7B

PNC's CEO said the company still plans to pursue "bank-like acquisitions" with the capital gained from the BlackRock sale, and is reevaluating its branch strategy in light of changing customer behavior.

By Anna Hrushka • July 15, 2020