Wells Fargo's Scharf leapfrogs JPMorgan's Dimon as highest-paid banking CEO

Scharf received $36.4 million in total compensation in 2019, according to S&P Global. Dimon, with $31.6 million, had led the sector in each of the previous three years.

By Dan Ennis • Aug. 12, 2020

Barclays faces $1.1B fine over alleged monitoring of employees

"Employees are worried to step away from their desks, have full lunch breaks, take bathroom breaks or even get up for water," a whistleblower told City A.M. in February.

By Dan Ennis • Aug. 10, 2020

Explore the Trendline➔

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

Trump administration blasts pot banking provision in virus relief bill

After stalling in the Senate, the SAFE Banking Act saw no movement for several months until Democrats attached it to the House relief package in May, arguing its inclusion was a matter of public safety amid the pandemic.

By Anna Hrushka • Aug. 10, 2020

Capital One to pay $80M penalty over 2019 data breach

In its consent order, the Office of the Comptroller of the Currency said the bank "failed to establish appropriate risk management" and "failed to identify numerous control weaknesses and gaps in the cloud operating environment."

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

As Congress scrambles to extend PPP, loan data casts light on inequality

Black-owned small businesses are closing at nearly twice the rate of small businesses overall, the New York Fed found, while nearly a third of workers who were reinstated on payroll reported being laid off a second time.

By Dan Ennis • Aug. 5, 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

Postal banking pilot included in House-passed appropriations bill

The coronavirus pandemic has brought renewed attention to a proposal some advocates say would provide low-cost financial services to poor and rural communities that lack bank branches.

By Anna Hrushka • Aug. 3, 2020

Democrats express 'Kraninger fatigue' in Hill testimony

The CFPB chief faced calls to resign, criticism over alleged question-dodging amid hearings before House and Senate panels this week.

By Dan Ennis • July 31, 2020

Varo becomes first challenger bank to get national charter from OCC

The process cost nearly $100 million over three years but lets Varo offer credit cards, loans and potentially robo-advisory services, the fintech's CEO said.

By Anna Hrushka • July 31, 2020

Senators ask Wells Fargo CEO Scharf to explain faltered forbearance policy

"We had hoped that you would bring the needed change to Wells Fargo’s culture following years of false promises and continued scandals," wrote Sens. Elizabeth Warren, D-MA, and Brian Schatz, D-HI.

By Dan Ennis • July 31, 2020

Trade groups, nonprofit seek 3-year moratorium on ILC charter approvals

The charters have drawn steady flak from opponents who say nonbanks are exploiting a gap that allows them to have a banking arm without registering as a bank holding company, thus avoiding Federal Reserve supervision.

By Dan Ennis • July 30, 2020

Bank trade groups push back on OCC's payments charter plans

The regulator should take care not to introduce risks that would encourage regulatory arbitrage, the groups said, urging the OCC to be transparent when considering a new charter.

By Anna Hrushka • July 30, 2020

Citi, Bank of America join Morgan Stanley in carbon-disclosure group

Citi also pledged $250 billion over the next five years to finance low-carbon solutions in renewable energy, water quality and conservation, sustainable transportation, green buildings and sustainable agriculture.

By Dan Ennis • July 30, 2020

Bank of America, 30 lawmakers ask SBA to fix PPP data flaws

Members of Congress asked the agency to explain its "jobs retained" figures and whether the SBA made efforts to verify those numbers independently.

By Dan Ennis • July 29, 2020

GOP plan tweaks PPP, proposes loans for seasonal businesses

Under the plan, applicants who run seasonal or low-income-area businesses could borrow twice the company's annual revenue, up to $10 million, for as long as 20 years at 1% fixed interest. Repayment would be deferred two years.

By Dan Ennis • July 28, 2020

Goldman overhauls performance reviews in possible step toward job cuts

Banks including Morgan Stanley and Bank of America pledged not to cut jobs in 2020, while Goldman's overall headcount is up 10% from a year ago. 

By Dan Ennis • July 28, 2020

Durbin asks Fed to probe Visa, Mastercard, issuers over PINless purchases

Many online purchases made without PINs are automatically routed through Visa or Mastercard, costing merchants more in swipe fees when more shoppers are buying remotely.

By Dan Ennis • July 27, 2020

FDIC makes it easier for banks to hire people with minor criminal offenses

The final rule, approved Friday, is expected to cut by 30% the number of applications through Section 19 without increasing risk, agency Chairman Jelena McWilliams said.

By Anna Hrushka • July 27, 2020

Seattle-area tech exec transferred PPP funds to Robinhood account, DOJ says

One of Mukund Mohan's eight applications claimed the loan would retain 24 jobs. However, the company, which Mohan bought on the internet in May, had no employees and no business activity, a complaint says.

By Dan Ennis • July 24, 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

Goldman Sachs settles 1MDB scandal with Malaysia for $3.9B

The bank restated its second-quarter earnings to reflect a $2 billion legal charge related to a case for which the country's ex-prime minister, Najib Razak, was sentenced to 12 years in prison.

By Dan Ennis • Updated Aug. 7, 2020

Banks can provide crypto custody service, OCC says

"This opinion clarifies that banks can continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency," the OCC's Brian Brooks said.

By Anna Hrushka • July 23, 2020

FDIC hatches plan to help fintechs, community banks partner

Under the idea, fintechs could apply for one certification that would be accepted at a number of banks rather than negotiating individual agreements.

By Dan Ennis • July 23, 2020

Truist pushes office return date to end of January

While many banks in North America are using Labor Day as a benchmark, the North Carolina-based lender became the first of its size to extend its remote-work option past the new year.

By Dan Ennis • Updated Aug. 14, 2020