Square's city tax lawsuit is rooted in its status as 'fin' or 'tech'

The company alleges it was overtaxed because San Francisco classified it as a financial services company rather than an information business. Square has twice filed applications to open a bank.

By Dan Ennis • Sept. 13, 2019

Senate panel chairman eyes cannabis banking vote by year's end

Passage of legislation to protect banks that service marijuana-related businesses would be a major victory for the cannabis industry, which has remained largely cash-based over a lack of access to banking services.

By Anna Hrushka • Sept. 13, 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

Candidate O'Rourke urges banks to curb gun financing in Twitter post

A growing number of banks are using lending to encourage and promote social and environmental causes.

By Dan Ennis • Sept. 12, 2019

AML bill would root out shell companies, curb banks' compliance costs

Financial institutions are required to collect beneficial ownership information from companies and report them to FinCEN, a task that can come at a high cost for banks.

By Anna Hrushka • Sept. 12, 2019

OCC signs off on Fifth Third’s switch to national bank

The Cincinnati-based bank becomes the first in nearly a year and a half to switch to a national charter. 

By Dan Ennis • Sept. 12, 2019

California lawmaker pulls cannabis banking bill ahead of vote

The state is expected to post $3.1 billion in licensed cannabis sales this year. But as long as pot remains a Schedule 1 drug under federal law, many banks are reluctant to accept those deposits.

By Anna Hrushka • Sept. 11, 2019

Quarles pushes two options to boost stress capital proposal

The Fed's vice chair for supervision said he hopes to integrate the changes into the next round of stress tests, set for June 2020.

By Dan Ennis • Sept. 9, 2019

BB&T, SunTrust branch sales could mark opportunity as merger nears

The banks have said the merger would result in 740 branches located within two miles of one another, a prospect that has drawn concern from lawmakers.

By Anna Hrushka • Sept. 6, 2019

Wells Fargo would benefit from a female CEO, headhunter says

News of a woman breaking the industry's glass ceiling may help solve an image problem for a bank reeling from numerous scandals.

By Anna Hrushka • Sept. 6, 2019

Credit union regulator to clarify bank acquisition rules

Credit unions have acquired 21 U.S. banks since 2018, a sharp uptick over the 12 they acquired in the prior five years, according to S&P Global data. But a trade group says that doesn't serve credit unions' mission.

By Anna Hrushka • Sept. 5, 2019

OCC fintech charter remains in limbo after judge tosses second challenge

Tech companies appear reluctant to commit to the charter while another regulator's suit is pending. 

By Dan Ennis • Sept. 5, 2019

Treasury unveils plan for Fannie and Freddie, leaving timeline, details vague

Officials with several agencies are set to discuss their plans during a hearing next week before the Senate Banking Committee.

By Dan Ennis • Updated Sept. 6, 2019

Even Libra's most famous backer occasionally goes nameless

A Libra Association executive is urging partners to publicly acknowledge their ties to the project, but some may be taking a wait-and-see approach amid a flurry of government and regulator interest.

By Dan Ennis • Aug. 29, 2019

$35.3M credit union tops JPMorgan for medical marijuana banking contract

The competition came after banks on contract with West Virginia said they would not provide services related to pot sales even though the state passed the Medical Cannabis Act in 2017. Bidders can file protests until Sept. 3.

By Anna Hrushka • Aug. 29, 2019

6 questions with Trustar Bank CEO Shaza Andersen

Executive launched the Great Falls, Virginia-based community bank in July, after selling WashingtonFirst Bank to Sandy Spring Bank.

By Anna Hrushka • Aug. 29, 2019

Citigroup raises minimum wage to $15 after panel blasts pay gap

At 486 to 1, the bank's CEO-to-worker pay disparity was the broadest of the nation's eight SIFIs, according to analysis made public in a congressional hearing.

By Anna Hrushka • Aug. 28, 2019

Wells Fargo inks $6.5M settlement with Navajo Nation over 'predatory' tactics

The settlement is the latest attempt by Wells Fargo to make amends after a series of public missteps that have hurt the bank’s reputation and stock.

By Anna Hrushka • Aug. 27, 2019

Waters, House Dems press CFPB to drop payday rule revamp

"The Consumer Bureau's proposal represents a betrayal of its statutory purpose and objectives to put consumers, rather than lenders, first," lawmakers wrote Friday in a letter.

By Dan Ennis • Aug. 26, 2019

FDIC's deposit rate cap fix gets mixed reviews

Emphasizing market share over branch numbers is progress, but weighing banks equally would have been better, an ICBA executive says.

By Dan Ennis • Aug. 23, 2019

Advocates seek 'unified voice' from regulators on small-dollar loans

U.S. consumers borrow nearly $90 billion every year in loans between $300 and $5,000, the Office of the Comptroller of the Currency said. But few banks are moving into that market.

By Anna Hrushka • Aug. 23, 2019

Wells Fargo may want to consider changing name, image adviser says

Consumers gave the bank a 91% negative rating long after its fake-accounts scandal. Plummeting stocks, a lengthy CEO search and a "mea culpa" campaign aren't helping.

By Anna Hrushka • Aug. 22, 2019

FDIC, OCC approve Volcker Rule rewrite

The rewritten rule retains the ban on proprietary trading, gives lenders flexibility on hedge-fund investment, and eliminates the presumption that short-term transactions are actually banned trades.

By Dan Ennis • Aug. 20, 2019

Credit union regulator issues guidance for banking hemp

At least two senators have written letters indicating that hemp businesses are struggling to open bank accounts because many financial institutions still question whether they can service the industry.

By Anna Hrushka • Aug. 20, 2019

FDIC vote on Volcker Rule rewrite may boost banks' investment funds

The Office of the Comptroller of the Currency approved the overhaul Tuesday ahead of the FDIC vote. The Fed, SEC and CFTC are expected to do the same in the coming weeks.

By Dan Ennis • Updated Aug. 20, 2019

Trump phoned bank CEOs as stocks dropped Wednesday, sources say

The meeting was held on a day the Dow dropped 800 points, or 3%, amid warnings of a recession.

By Anna Hrushka • Aug. 16, 2019