Bank of America boosts its ESG financing goal to $1 trillion by 2030

Combined with the bank's $500 billion pledge toward socially inclusive finance, the figure effectively doubles Goldman Sachs's landmark $750 billion ESG pledge from 2019.

By Dan Ennis • April 12, 2021

California bill would create free banking services for state's residents

The effort comes as the FDIC launches a campaign in the Atlanta and Houston markets to get more Black and Hispanic households to open bank accounts.

By Anna Hrushka • April 7, 2021

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Top 5 stories from Banking Dive

As the banking sphere prepares for a second Trump presidency, institutions are weighing branch strategy and regulatory changes — and looking at how past crises have altered their perception of risk.

By Banking Dive staff

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

Climate-risk players take a one-level-higher approach

A guerrilla tactic of sorts may be helping Fed officials, the Treasury secretary and a U.S. senator push discussion about the proper venue for research on global warming.

By Dan Ennis • April 6, 2021

The growing interest in servicing the cannabis industry

Have you considered working with the cannabis industry? Explore these free resources to learn more.

April 5, 2021

Citi hires FinCEN chief to lead compliance in bank's new unit

The change of leadership at FinCEN comes as the regulator is seeking public comment on how to implement new rules on reporting the identity of corporations' beneficial owners.

By Dan Ennis • April 5, 2021

Wells Fargo, Bank of America roll out office-return benchmarks

Wells extended remote-work arrangements through Sept. 6 but said it would return to a "more normal operating model" soon after. Meanwhile, BofA said it aims to have its 1,800 new-graduate hires working in the office by October.

By Dan Ennis • March 31, 2021

Those footsteps Citi hears on diversity and inclusion are JPMorgan's

The nation's largest bank pledged to hire 300 new Black and Latinx wealth advisers by 2025. The move comes as Citi poaches its next chief diversity officer — in another executive loss for Goldman.

By Dan Ennis • March 29, 2021

Fed to lift dividend, buyback limits June 30 for banks that pass stress tests

The central bank is releasing stress test results June 24. Four banks — Regions, BMO and the U.S. units of MUFG and the Royal Bank of Canada — have opted in to the tests, alongside the 19 institutions already subject to them.

By Dan Ennis • Updated June 8, 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

CFPB sees 54% jump in consumer complaints in 2020

Nearly three in five pertain to the nation's credit bureaus. The agency said it plans to issue a separate report this year on those.

By Dan Ennis • March 26, 2021

Illinois moves to create special charter for digital assets trust

"I had to get out of the bubble of the way I look at money in our country," said the bill's sponsor, state Rep. Margaret Croke, D-Chicago.

By Lynne Marek • March 26, 2021

SBA more than triples EIDL cap to $500K

The change applies to loans approved beginning the week of April 6. The SBA said it will email borrowers who have already received loans but would qualify for more under the new limit.

By Dan Ennis • March 25, 2021

Goldman cleared of bias claims in NYDFS's Apple Card probe

The regulator found no evidence of disparate impact in the bank's credit decisions but said the case should serve as a reminder that credit-scoring models and anti-discrimination laws need a refresh.

By Dan Ennis • March 24, 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

Citi hopes a 'reset' with hybrid schedules, Zoom-free Fridays will preserve bank's 'soul'

Most Citi employees' schedule after the COVID-19 pandemic subsides will include at least three days a week from the office and as many as two days remote, CEO Jane Fraser wrote in a memo.

By Dan Ennis • March 24, 2021

Powell reiterates 'no-rush' stance on Fed's digital dollar

Powell insists on Congress's approval before proceeding with a CBDC, but researchers are hoping to unveil prototypes as early as July. Meanwhile, the Senate's new banking panel chair is calling for faster action.

By Dan Ennis • March 23, 2021

Revolut applies for California charter, launches Revolut Business

The challenger bank is showing it's expanding its target to include small and medium-sized U.S. businesses, in addition to the consumer accounts that fellow digital players Chime and Varo Bank are chasing.

By Anna Hrushka • March 22, 2021

Coinbase settles CFTC 'wash trading' probe for $6.5M

The settlement comes as the cryptocurrency exchange is delaying until next month its hotly anticipated IPO, but a CFTC commissioner said the enforcement action is a poor reflection of the regulator's priorities.

By Dan Ennis • March 22, 2021

Visa's debit card business comes under DOJ scrutiny

Visa said in an SEC filing that it hasn't received a civil investigative demand from the agency but that the Justice Department sent a notice telling the company "to preserve relevant documents related to the investigation."

By Lynne Marek • Updated March 19, 2021

Goldman takes heat for first-year analysts' 100-hour workweeks

In a voice memo, Goldman CEO David Solomon commended the analysts for taking their concerns to their management. "We want a workplace where people can share concerns freely," he said.

By Dan Ennis • Updated March 22, 2021

House lawmakers reintroduce cannabis banking bill

While supported by bank trade groups and cannabis advocates, not all stakeholders are convinced the bill would have a sweeping effect on how banks respond to serving the industry.

By Anna Hrushka • March 19, 2021

Warren, Brown press Goldman on dividends, lending as SLR window wanes

The Fed's decision to let changes to the supplemental leverage ratio expire March 31 means Treasurys and deposits will again count as assets. As a result, some banks may have to take fewer of both or increase their capital requirements.

By Dan Ennis • Updated March 19, 2021

Early prep for stimulus payments pays off for digital banks, customers

"Digital banks are nimbly making strides, and incumbents are fully captivated," said Lane Martin, a partner at the consulting firm Capco.

By Anna Hrushka • March 16, 2021

How Citi can vanquish Revlon's ghost

The bank is barring the companies it sued from participating in debt deals — and is adding safeguards to its debt contracts. But a quicker office return via a COVID testing pilot may turn Citi's fortunes.

By Dan Ennis • March 12, 2021