DOJ reportedly investigating Kabbage, fintech lenders, over PPP loans

Some fintechs' use of automated lending platforms with few manual checks caused errors to be replicated across thousands of loans, one source said.

By Anna Hrushka • May 10, 2021

Inside Boston’s turn as ground zero for M&A in 2021

Geographic expansion and desire for scale have spurred four deal announcements in as many months around New England's hub.

By Anna Hrushka • May 5, 2021

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

FDIC bans former Bank of the West banker over loan fraud

The regulator said Mark Wong made fraudulent loans in the names of bank customers without their authorization or knowledge while serving as a vice president and business banking officer at the BNP Paribas subsidiary.

By Anna Hrushka • May 3, 2021

How Quontic Bank adapts to crypto, remote work and wearable tech

Since purchasing the institution in 2009, CEO Steven Schnall, an entrepreneur and former mortgage banker, has been molding the bank to reflect his vision.

By Anna Hrushka • April 30, 2021

Senate Democrats call on OCC to revoke Trump-era 'true lender' rule

Supporters of the rule say it provides regulatory clarity and expands access to credit, while Democrats and consumer advocates argue it allows nonbanks to take advantage of vulnerable borrowers.

By Anna Hrushka • April 29, 2021

Wells Fargo shareholders give tepid pass to bank's pay packages

A proxy adviser recommended investors reject the bank's high salaries and slighter reliance on performance-based stock awards. Other gripes could stem from a dip in net income or the lack of an end date for the bank's asset cap.

By Dan Ennis • April 29, 2021

Barclays US to offer merchants buy-now-pay-later feature

"We plan to use this to supercharge our growth and give our partners and our customers more options to buy stuff with," said Barclays US CEO Denny Nealon.

By Anna Hrushka • April 27, 2021

New York Community Bank to buy Flagstar in $2.6B all-stock deal

The combined bank will have over $87 billion in assets and operate nearly 400 branches in nine states and 87 loan production offices across a 28-state footprint.

By Anna Hrushka • April 26, 2021

Senate banking chair 'not ready to move' on pot banking bill

Republicans have historically been cannabis bill holdouts. Now, Sen. Sherrod Brown, D-OH, says the panel's "too much about Wall Street and not enough about housing ... rural and urban affairs and people's everyday economic lives."

By Anna Hrushka • April 23, 2021

JPMorgan expects July rotating return for US employees

"We know that many of you are excited to come back, but we also know that for some, the idea of coming in on a regular basis is a change through which you'll need to manage," the bank's operating committee wrote in a memo Tuesday.

By Dan Ennis • Updated April 27, 2021

JPMorgan-backed European Super League unravels

The biggest U.S. bank agreed to underwrite up to $4.8 billion in the endeavor. Backlash has been harsh in the U.K., where the lender plans to launch a digital platform. The bank's corporate sustainability rating has even taken a hit.

By Anna Hrushka • April 21, 2021

House lawmakers pass cannabis banking bill

Rep. Ed Perlmutter, D-CO, has introduced the bill every Congress since 2013. It passed in the House in 2019, only to stall in the then-Republican-controlled Senate, where the bill heads now.

By Anna Hrushka • April 20, 2021

Policy questions remain as global governments explore CBDCs

Bank Policy Institute's chief examines the impact and drawbacks of various models of digital coin as the Fed and other countries forge ahead.

By Anna Hrushka • April 19, 2021

PNC reports $1.8B Q1 profit, forges ahead with BBVA deal

PNC CEO Bill Demchak said the bank is on track to complete its acquisition of the Spanish lender's U.S. arm by midyear, adding he thinks the current economic environment will give rise to more acquisition opportunities.

By Anna Hrushka • April 16, 2021

Truist sees Q1 boost over insurance acquisitions, investment-banking boon

Truist's Insurance Holdings division reported a 400% increase in net income for the quarter — to $131 million from $26 million in 2020's comparable three-month span.

By Anna Hrushka • April 15, 2021

Bank of America's Q1 profits double as it reinstates pre-COVID credit standards

The bank released $2.7 billion in loan loss reserves, but saw a 15% jump in noninterest expenses, driven by COVID-19-related costs, including incentive changes, real estate charges and compensation boosts for associates.

By Suman Bhattacharyya • April 15, 2021

Citi looks to exit 13 retail markets, hire 2,300 in Asia wealth push

The bank's effort to boost its assets under management in Asia to $450 billion by 2025 means the segment would have to grow at about triple the rate Citi has seen there since 2015.

By Dan Ennis • Updated April 19, 2021

JPMorgan Chase reports $14.3B profit, boosted by $5.2B reserve release

During a call with analysts, CEO Jamie Dimon teased several upcoming features, including personalized apps, robo investing and global wallets, as the bank tries to keep pace with fintech innovations.

By Anna Hrushka • April 14, 2021

Wells Fargo profits jump nearly sevenfold amid signs of economic recovery

The bank's provision for credit losses was down $5.1 billion year-over-year. The first quarter also included a $1.6 billion decrease in the allowance for credit losses.

By Suman Bhattacharyya • April 14, 2021

BancorpSouth to buy Cadence Bank in $2.8B all-stock deal

The deal, expected to close in the fourth quarter, would create a financial institution with $44 billion in assets with dual headquarters in Mississippi and Houston.

By Anna Hrushka • April 12, 2021

BlackRock bets its interest rate on ESG progress

The company agreed to pay lenders on a $4.4 billion credit facility more — or less — depending on the strides it makes to hire more Black and Latinx people, put more women in leadership roles and boost its sustainable investments.

By Dan Ennis • April 7, 2021

Chance for early feedback spurs banks to join FedNow pilot program

More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.

By Anna Hrushka • April 6, 2021

H&R Block eyes digital banking market

The tax preparer's brand awareness and physical presence could give it an advantage over fintechs in a competitive field where digital players vie for consumer and small-business accounts.

By Anna Hrushka • March 29, 2021

Senate passes bill extending PPP deadline to May 31

The bill, which advanced on a 92-7 vote, also gives the SBA until June 30 to close pending PPP applications.

By Anna Hrushka • Updated March 31, 2021

Federal Reserve forms 2nd climate change risk panel

Separately, Fed Chair Jerome Powell and Treasury Secretary Janet Yellen detailed their stances on climate-related risks Tuesday in front of the House Financial Services Committee.

By Anna Hrushka • March 24, 2021