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The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB fines fintech Digit $2.7M over ‘faulty’ savings algorithm
In addition to the fine, the bureau will require Digit to redress harmed customers. Oportun, which acquired Digit last year, said the fintech owes 1,947 customers approximately $35 each, for a total of $68,145.
By Anna Hrushka • Aug. 11, 2022 -
felixmizioznikov via Getty Images
Seacoast eyes Miami expansion with $488.6M deal to buy Professional Bank
The transaction, set to close in the first quarter of 2023, would be the third — and largest — Seacoast has announced since March.
By Dan Ennis • Aug. 9, 2022 -
Explore the Trendline➔
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TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
TD to buy Wall Street brokerage firm Cowen for $1.3B
TD sold 28.4 million nonvoting common shares of its Charles Schwab stock to fund the transaction, which is expected to close in the first quarter of 2023.
By Anna Hrushka • Aug. 2, 2022 -
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Heritage Southeast finds another buyer, a month after the VyStar deal crumbled
Mississippi-based The First Bank agreed Wednesday to pay $207 million in a deal that would give it 23 new locations and access to the Atlanta, Jacksonville and Savannah markets.
By Dan Ennis • July 29, 2022 -
Permission granted by U.S. Bank
CFPB fines U.S. Bank $37.5M over customer data misuse
The bank was aware that sales pressure was leading employees to access customers’ credit reports and personal data to apply for and open unauthorized accounts, the bureau said.
By Anna Hrushka • July 28, 2022 -
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Berkshire Hathaway subsidiary to pay $20M to settle redlining allegations
A government investigation uncovered “problematic conduct” at Trident Mortgage Co., including distribution of emails containing racial slurs and racist content about certain neighborhoods, the CFPB said.
By Anna Hrushka • July 28, 2022 -
Dan Kitwood via Getty Images
Credit Suisse names new CEO, launches review of business amid $1.7B loss
Ulrich Körner, the bank’s asset-management chief, takes his new role Aug. 1 as the Swiss lender embarks on a strategy to cut costs and de-emphasize its investment bank.
By Dan Ennis • July 27, 2022 -
Permission granted by Truist
Truist names new diversity, equity and inclusion chief
Dominica Groom Williams’ predecessor, Wendy McSweeney, has transitioned to a role on the bank's new environmental, social and governance and impact advisory team.
By Anna Hrushka • July 26, 2022 -
2021’s M&A winners BMO, Citizens strike again for smaller deals
Buyers of Bank of the West and a swath of former HSBC locations prove that just because they made big acquisitions last year, they haven't lost sight of niche growth.
By Dan Ennis • July 25, 2022 -
Courtesy of https://www.varomoney.com/press/
Varo Bank lays off 75, launches tech-focused unit
The digital bank has also limited hiring and pulled back on marketing investments in the near term to shore up capital, CEO Colin Walsh wrote in a blog post.
By Anna Hrushka • July 22, 2022 -
Zhanna Hapanovich via Getty Images
Patriot, neobank American Challenger terminate merger
Unlike other recent scrapped deals, regulator approval appeared not to play a part. American Challenger cited “the parties’ expected inability to satisfy certain ... closing conditions to the merger and recapitalization.”
By Dan Ennis • July 22, 2022 -
Courtesy of KeyBank
KeyBank, Truist execs share their approaches to fintech partnerships
Acquiring a startup can help a bank keep up with consumer demand for new products, reach new customers and compete with nonbank entities. And, as Truist learned, banks don't always have to initiate.
By Anna Hrushka • July 21, 2022 -
Truist Financial
Truist eyes M&A growth amid rising expenses
The initiative comes as the bank said investments in wages, hiring and technology are expected to contribute to a 2% to 3% rise in noninterest expenses this year.
By Anna Hrushka • July 20, 2022 -
Courtesy of Starling Bank
UK fintech Starling pulls Irish banking license application
"Sometimes changing course is the right option," CEO Anne Boden wrote Monday in a memo to employees. The company still plans to expand to Europe through software-as-a-service deals with other lenders, Boden said.
By Anna Hrushka • July 19, 2022 -
Streeter Lecka via Getty Images
Truist launches accounts with no overdraft fees
The new accounts, along with several other fee-related changes Truist instituted this year, will eliminate $300 million in service charges per year by 2024, the bank said.
By Anna Hrushka • July 18, 2022 -
Drew Angerer via Getty Images
House-passed NDAA includes banking provisions for cannabis
SAFE Banking’s inclusion in the defense bill marks the seventh time the legislation has passed in the House. Another measure in the bill would allow individuals with a conviction history to work in the financial sector.
By Anna Hrushka • July 18, 2022 -
Alex Wroblewski via Getty Images
JPMorgan's Dimon blasts 'capricious, arbitrary' Fed stress tests
“It’s inconsistent. It’s not transparent. It’s too volatile,” the CEO said of the stress test. JPMorgan said last month it would keep its dividend payouts flat in response to the central bank’s capital requirements.
By Anna Hrushka • July 15, 2022 -
BMO, community groups square off at merger hearing
Advocates assailed the bank's home-lending record toward nonwhite borrowers and expressed skepticism over its promise not to close any Bank of the West branches.
By Dan Ennis • July 15, 2022 -
Lawmakers air CRA concerns over race, data collection
The rule’s focus on income level rather than race does not do enough to address disparities along racial lines, some Democrats say.
By Anna Hrushka • July 14, 2022 -
Kevin Dietsch via Getty Images
Lawmakers renew push for overdraft legislation
Meanwhile, a New York regulator said Tuesday it is conducting a review aimed at curtailing banks from double-charging users in the event of an overdraft.
By Anna Hrushka • July 13, 2022 -
Permission granted by Gohenry
Gen Z banking app GoHenry expands to Europe through Pixpay acquisition
As a growing number of neobanks compete for young customers, GoHenry’s acquisition of Pixpay, which also targets the Gen Z crowd, is a move in the direction of potential additional industry consolidation.
By Anna Hrushka • July 12, 2022 -
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Wells Fargo names Kleber Santos head of consumer lending
Santos, Wells Fargo’s diversity and inclusion chief, will continue in that role while the bank finds a replacement. In the consumer-lending position, Santos replaces Mike Weinbach, who is leaving the bank in mid-September.
By Anna Hrushka • July 12, 2022 -
BMO Harris boosts minimum wage to $20
The move marks the second pay bump within a year for the lowest-paid workers of the Chicago-based U.S. arm of the Bank of Montreal. The bank also gave most employees a 3% raise in June, it said.
By Dan Ennis • July 12, 2022 -
Drew Angerer via Getty Images
Brainard urges more oversight of crypto
The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars in a matter of days, was “reminiscent of classic runs throughout history.”
By Anna Hrushka • July 11, 2022 -
Dan Kitwood via Getty Images
FDIC probes Voyager's language surrounding deposit insurance
The agency issued a final rule regarding misrepresentation in May. Voyager recently altered text on its website regarding customer reimbursement in the event of failure, according to two news outlets.
By Dan Ennis • July 8, 2022
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