LA plans to create California's first public bank

The city has expressed disfavor with for-profit banks, moving funds out of its Wells Fargo account in 2017 after the bank's fake customer accounts scandal.

By Anna Hrushka • Oct. 8, 2019

California law allows cities, counties to create public banks

Public banks help provide capital for public projects including affordable housing, advocates say. But opponents argue they could cause community banks to lose business and put taxpayer dollars at risk.

By Anna Hrushka • Oct. 4, 2019

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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

Square opens digital payments platform to more CBD businesses

The San Francisco-based payment processor's move comes more than four months after it rolled out an invite-only pilot program.

By Anna Hrushka • Oct. 4, 2019

Wells Fargo CEO pick marks crucial step to restoring confidence

Charlie Scharf's stint at BNY Mellon shows he has the gravitas and experience to turn around a bank that has hemorrhaged consumer trust, an analyst tells Banking Dive.

By Anna Hrushka • Oct. 3, 2019

House lawmakers urge Fed to launch digital dollar pilot

The central bank would harm the government's ability to enforce anti-money laundering rules if private companies continue to lead the charge on digital currency development, two congressmen wrote.

By Dan Ennis • Oct. 3, 2019

Banks serving cannabis businesses have a twofold responsibility

Pioneering financial institutions serving the industry have passed multiple exam cycles. The playbook doesn't have to be written from scratch, writes Tony Repanich, president and chief operations officer at Shield Compliance.

By Tony Repanich • Oct. 3, 2019

PayPal withdraws from Facebook's Libra crypto project

Lawmakers may seek additional congressional hearings to press the company for details on why it walked away, research firm Cowen said.

By Dan Ennis • Updated Oct. 8, 2019

Community banks won't survive without tech innovation, FDIC chair says

The agency's Tech Lab aims to collaborate with smaller financial institutions on how to deploy technology to better serve customers.

By Anna Hrushka • Oct. 2, 2019

Bank of America, Goldman Sachs, Dell to pay $20M to settle discrimination claims

Spokespeople for the two banks said they disagreed with a Labor Department subsidiary's allegations or related statistical analysis. 

By Ryan Golden • Oct. 2, 2019

GOP lawmakers push CFPB to extend remittance rule exemption

If the exemption ends, many banks may stop providing money transfers abroad for fear they'd no longer comply with the rule, the 16 members of the House Financial Services Committee wrote.

By Dan Ennis • Oct. 2, 2019

Industry execs question cannabis banking bill's potential impact

One compliance officer says she is concerned "there's not enough teeth" to provide safety for banks that service pot-related businesses.

By Anna Hrushka • Oct. 1, 2019

AI in anti-money laundering isn't just compliance, it's good business

A reduction in automated false positive alerts means anti-money laundering investigators can spend more time working to catch criminals.

By Tim Mueller • Oct. 1, 2019

Fannie Mae, Freddie Mac can boost capital buffers to $45B

Ending the "net worth sweep" is seen as the first step in unwinding the mortgage giants from government conservatorship. But the FHFA's chief said that process will "probably take a decade."

By Dan Ennis • Sept. 30, 2019

Lawmaker wants to put CECL standard up for public comment

The standard, requiring banks to record expected future losses as soon as loans are issued, takes effect by the end of the year at the country's biggest financial institutions.

By Robert Freedman • Sept. 30, 2019

Capital One accused of age bias in EEOC ruling over Facebook ads

The bank and six other companies have denied any wrongdoing. But if they don't settle, the equal employment agency or plaintiffs could file lawsuits in federal court.

By Dan Ennis • Sept. 27, 2019

Wells Fargo names BNY Mellon's Charlie Scharf CEO

The appointment ends a six-month search that began after former CEO Tim Sloan resigned from the scandal-plagued bank in March.

By Anna Hrushka • Sept. 27, 2019

Women-focused de novo gets conditional approval from FDIC

First Women's Bank is targeting the 42% of all businesses that are women-owned, which generate $1.9 trillion in annual revenue, according to the bank.

By Anna Hrushka • Updated July 17, 2020

House OKs landmark cannabis banking bill

If the Senate also passes the SAFE Banking Act, it would be a major win for the cannabis industry and banks that want a piece of a market that could grow to $41 billion by 2025, according to data firm Nielsen.

By Anna Hrushka • Sept. 26, 2019

Banks worth $47T adopt UN-backed responsible banking principles

The launch of the initiative on the eve of the U.N. Climate Action Summit in New York comes as more financial institutions are emphasizing their commitments to socially responsible investing.

By Anna Hrushka • Sept. 24, 2019

NCUA doubles the amount offered in payday alternative loan

Credit unions can let members borrow up to $2,000 for a year, according to a final rule. But the vote wasn't unanimous.

By Dan Ennis • Sept. 20, 2019

Cannabis bill update spotlights hemp businesses, bank ties to payday lenders and firearms

The revisions may be aimed at persuading a historically reluctant GOP-controlled Senate to pass the SAFE Banking Act. 

By Anna Hrushka • Sept. 20, 2019

CFPB complaint portal 'here to stay,' but with modifications, Kraninger says

Industry groups have long called for changes to the agency's complaint portal, which they say unfairly damages financial institutions' reputations with unverified negative information posted by customers.

By Anna Hrushka • Sept. 19, 2019

CFPB investigating possible fake accounts at Bank of America

The CFPB's civil investigation stems from the fallout of the 2016 Wells Fargo account scandal, where employees opened more than 3.5 million unauthorized accounts to meet sales goals.

By Anna Hrushka • Sept. 18, 2019

DOJ asks top court to rule CFPB structure unconstitutional

CFPB Director Kathy Kraninger said a clause allowing her to only be fired for cause is hampering the agency's enforcement actions. 

By Dan Ennis • Sept. 18, 2019

FDIC proposes easing swaps margin rule

Lobbyists argued the requirement left U.S. banks with $39.4 billion in untapped resources.

By Dan Ennis • Updated Sept. 18, 2019