Wells Fargo CEO: Bank to refund some checking account fees next year

The move comes in response to a letter Rep. Katie Porter wrote to Wells chief Charlie Scharf last month regarding a policy that may have confused customers.

By Dan Ennis • Dec. 5, 2019

Suncoast Credit Union targets Miami market with Apollo Bank buy

If regulators approve the deal, it would be the 16th bank acquisition by a credit union this year and the largest since 2012.

By Anna Hrushka • Dec. 4, 2019

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

Banks don't need to file SARs when servicing hemp businesses, regulators say

The guidance comes as welcome news to hemp growers, banks and some lawmakers who have long called for clarification.

By Anna Hrushka • Dec. 3, 2019

Bakkt CEO's Senate assignment sets up potential conflict of interest

The agriculture panel on which Sen. Kelly Loeffler, R-GA, will serve oversees the CFTC, which regulates markets for derivatives that trade on exchanges run by Intercontinental Exchange, where Loeffler's husband is chairman.

By Dan Ennis • Updated Jan. 8, 2020

Wells Fargo names Santander executive COO

Scott Powell, who is set to start at Wells Fargo on Dec. 9, will fill a position that has been vacant since Tim Sloan became the bank's CEO in October 2016.

By Anna Hrushka • Dec. 3, 2019

Robinhood pulls bank charter application

The company may not have reached the size needed to own a bank, an analyst said. Robinhood halted its first savings account endeavor in October after neglecting to notify regulators beforehand.

By Anna Hrushka • Dec. 2, 2019

CFPB constitutionality case gets March date in Supreme Court

Supreme Court Justice Brett Kavanaugh wrote about the bureau's leadership structure in 2016, while sitting on a panel of the U.S. Court of Appeals for the D.C. Circuit.

By Anna Hrushka • Nov. 27, 2019

OCC's 10% supervision fee cut could save banks $85M in 2020

The second straight yearly cost reduction reflects operating efficiencies, including optimized real estate and contracting costs, the agency said.

By Anna Hrushka • Nov. 26, 2019

Bank of America CEO: People still want regulation, security amid tech competition

"If you take deposits, make loans ... you end up with a lot of people's money," Moynihan says. "And if something goes kablooey, it's a problem."

By Anna Hrushka • Nov. 25, 2019

2 in 3 consumers uncomfortable with financial apps' level of access to data

Most of the 4,000 surveyed were unclear on how long financial apps could hold their information; 10% said users themselves were primarily responsible for their own data in the event of a breach, a study found.

By Kate Patrick • Nov. 22, 2019

Shared zeal for CRA reform leads OCC chief, entrepreneur to rare rapport

"I would have bet my last dollar you wouldn't come to D.C. and make CRA your linchpin," Operation HOPE founder John Hope Bryant told OCC chief Joseph Otting. "This whole time, you’ve been scheming on how to do good."

By Dan Ennis • Nov. 21, 2019

Big banks would get climate stress tests under Senate bill

World economies could lose as much as $72 trillion by 2060 in the event of climate inaction, Citigroup predicted.

By Dan Ennis • Updated Jan. 24, 2020

Google checking, Apple Card illustrate blurred spectrum in bank-fintech partnerships

Clear boundaries between companies can help foster innovation, determine regulatory responsibility and put customers at ease, panelists said Tuesday at a conference in New York.

By Dan Ennis • Nov. 20, 2019

Fed, FDIC approve BB&T-SunTrust merger

The deal to create the sixth-largest U.S. bank is expected to close Dec. 6, but on several conditions: The Fed issued a consent order against SunTrust regarding "misleading or inaccurate statements" made to business customers from 2013 to 2017.

By Anna Hrushka • Nov. 19, 2019

House panel approves cannabis legalization bill

The legislation would impose a 5% tax on pot sales, and some of that money would be set aside for loans to small cannabis businesses owned by socially and economically disadvantaged individuals.

By Dan Ennis • Updated Nov. 21, 2019

NJ governor creates board to establish public bank

Democratic Gov. Phil Murphy campaigned on the idea two years ago. But opponents say he could move taxpayer funds out of overseas financial institutions and into state ones without creating another bank.

By Dan Ennis • Nov. 14, 2019

Senate bill challenges industrial loan company 'loophole'

"If they're allowed to handle your banking services, they're going to turn into continents," said Sen. John Kennedy, R-LA. "The Rakutens and the Googles of the world shouldn't be able to circumvent the [Federal Reserve]."

By Anna Hrushka • Nov. 14, 2019

4 questions with FDIC Chair Jelena McWilliams

"I think that the biggest challenge we have is not allowing innovation to happen, or standing in the way of technological developments that could make the system better," McWilliams told Banking Dive. 

By Anna Hrushka • Nov. 12, 2019

Apple Card under investigation for alleged gender discrimination

Customers, such as software developer David Heinemeier Hansson, took to Twitter to complain the credit line offered by his Apple Card was 20 times higher than what was offered to his spouse.

By Anna Hrushka • Nov. 11, 2019

SunTrust selling 30 branches to satisfy DOJ antitrust concerns over BB&T merger

First Horizon will assume approximately $2.4 billion in deposits for a deposit premium of 3.4%, and will purchase about $410 million in loans.

By Anna Hrushka • Nov. 8, 2019

7 questions with SunTrust CMO Susan Somersille Johnson

The executive spoke with Banking Dive about fintech partnerships, the challenges that come with a major rebrand, and how tech is transforming the bank’s marketing efforts.

By Anna Hrushka • Nov. 6, 2019

Goldman Sachs bumps up its paid parental leave to 20 weeks

The policy change comes as many other Wall Street banks give less leave to "secondary" caregivers. JPMorgan Chase, for example, faced accusations this spring that it discouraged male employees from taking "primary" status.

By Dan Ennis • Nov. 5, 2019

Bank of America boosts its minimum wage to $20 per hour a year early

The nation's second-largest bank pledged in April to pay at least $20 per hour by 2021. That rate will now go into effect by the end of the first quarter of 2020, the bank said Monday.

By Dan Ennis • Nov. 5, 2019

FDIC says hemp-banking interagency guidance coming within weeks

Agency Chair Jelena McWilliams told Banking Dive she has held meetings with various state officials, asking about applications and how hemp products would be regulated to ensure their THC level is below 0.3%.

By Anna Hrushka • Nov. 5, 2019

OCC shutters NJ bank, marking 3rd failure in a week

Industrial Bank of Washington, D.C., agreed to buy City National Bank of New Jersey's $120.6 million in assets and $111.2 million in deposits. It reopened the failed bank's three branches Saturday under the Industrial name.

By Dan Ennis • Nov. 4, 2019