Morgan Stanley names co-presidents, sets up Gorman succession race

The investment bank's CEO has told the board he intends to stay in the top role for at least three more years. "You make these changes when you can and from a position of strength," he said.

By Dan Ennis • May 20, 2021

Post office, Fed checking accounts won't solve underbanking, trade groups say

Organizations such as The Clearing House urged officials to consider creating alternative identity verification methods for low- to middle-income consumers, as well as improved broadband internet, in a paper published Tuesday.

By Dan Ennis • May 19, 2021

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M&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

OCC reconsiders controversial revamp to anti-redlining law

Tuesday's move to halt the implementation of the CRA revamp comes as new Acting Comptroller Michael Hsu has signaled a change in direction for the agency.

By Anna Hrushka • May 19, 2021

JPMorgan management shuffle puts 2 women in line to succeed Dimon as CEO

CFO Jennifer Piepszak and consumer-lending chief Marianne Lake will co-lead the bank's consumer and community banking unit, effective immediately, in a shift that also sees Co-President Gordon Smith retiring at the end of this year.

By Dan Ennis • May 19, 2021

Bank of America to increase minimum hourly wage to $25 by 2025

CEO Brian Moynihan said the increase will cost the bank "a few hundred million dollars a year" but called the move "an investment."

By Anna Hrushka • May 18, 2021

Wells Fargo rolls out 10-year effort to boost options for underbanked

The bank is developing a task force with Black and Hispanic nonprofits and aims to redesign 100 of its branches in low- to moderate-income neighborhoods to emphasize one-on-one consultations.

By Dan Ennis • May 18, 2021

Neobank Lance targets gig economy's income volatility

The New York City-based challenger divides a user's payments into sub-accounts for salary, tax withholdings, business expense balance and a savings account.

By Anna Hrushka • May 18, 2021

Bank trade groups take aim at VyStar-Heritage deal

In a letter to the FDIC, bank trade groups called out VyStar Credit Union's history of closing branches and said the $195.7 million deal would cut regulatory safeguards for low- and moderate-income consumers.

By Anna Hrushka • May 17, 2021

Bank of America, TD to pay a combined $116.5M to settle overdraft fee suits

Plaintiffs accused each bank of charging customers for each time a transaction was "retried" after an initial failure.

By Dan Ennis • Updated May 19, 2021

Goldman's Marcus hires Uber vice president as its next chief

The move comes days after the consumer bank announced its CFO is leaving for JPMorgan Chase in the latest of a raft of executive departures this year.

By Dan Ennis • May 17, 2021

Green Dot doubles down on tax refund processing

The prepaid card company-turned-bank's plan to buy Republic Bank's tax refund processing unit for $165 million is expected to close in this year's fourth quarter.

By Lynne Marek • May 14, 2021

Figure's journey with the SEC proves itself the anti-Ripple

Citi's court battle and Diem's narrowed ambitions may lend credence to Ripple's argument that authorities pick winners and losers, but Diem could now be trying the Figure approach.

By Dan Ennis • May 14, 2021

Facebook-backed Diem withdraws Finma application, shifts to US

Diem Networks U.S. will register as a money services business with the Financial Crimes Enforcement Network, and Silvergate Bank will become the exclusive issuer of Diem's dollar-backed stablecoin.

By Anna Hrushka • May 13, 2021

Climate First Bank finds fintech partner with a similarly green mission

Atmos launched in January with a savings product, and allows customers to donate to 41 climate, clean energy and sustainability nonprofits directly from their accounts.

By Anna Hrushka • May 12, 2021

Amalgamated Bank names its next CEO

Priscilla Sims Brown, now group executive of marketing and corporate affairs at Commonwealth Bank in Australia, negotiated and managed stadium naming rights with the NFL's Miami Dolphins while working at Sun Life Financial.

By Dan Ennis • May 12, 2021

Traditional banks mirror challengers with new digital offerings

"There's a story behind every one of these kinds of overdrafts," said Jimmy Stead, chief consumer banking officer at Frost Bank, which launched an overdraft grace feature last month.

By Anna Hrushka • May 7, 2021

California regulator orders Chime to stop calling itself a bank

The fintech has until May 15 to revise its website and advertising in accordance with the California regulator's order and has until June 15 to perform quality control and testing of the changes.

By Anna Hrushka • May 6, 2021

Inside Boston’s turn as ground zero for M&A in 2021

Geographic expansion and desire for scale have spurred four deal announcements in as many months around New England's hub.

By Anna Hrushka • May 5, 2021

Massachusetts credit union blends tech, financial-coaching focus

Workers Credit Union's latest branches feature interactive holograms, video ATMs — and employees aiming to de-stigmatize money.

By Anna Hrushka • May 4, 2021

FDIC bans former Bank of the West banker over loan fraud

The regulator said Mark Wong made fraudulent loans in the names of bank customers without their authorization or knowledge while serving as a vice president and business banking officer at the BNP Paribas subsidiary.

By Anna Hrushka • May 3, 2021

How Quontic Bank adapts to crypto, remote work and wearable tech

Since purchasing the institution in 2009, CEO Steven Schnall, an entrepreneur and former mortgage banker, has been molding the bank to reflect his vision.

By Anna Hrushka • April 30, 2021

Senate Democrats call on OCC to revoke Trump-era 'true lender' rule

Supporters of the rule say it provides regulatory clarity and expands access to credit, while Democrats and consumer advocates argue it allows nonbanks to take advantage of vulnerable borrowers.

By Anna Hrushka • April 29, 2021

Wells Fargo shareholders give tepid pass to bank's pay packages

A proxy adviser recommended investors reject the bank's high salaries and slighter reliance on performance-based stock awards. Other gripes could stem from a dip in net income or the lack of an end date for the bank's asset cap.

By Dan Ennis • April 29, 2021

Neobank Current adds crypto to product roadmap after $220M funding boost

"There is a need and a demand for a company like Current to explain and shepherd people into this new world," CEO Stuart Sopp said.

By Anna Hrushka • April 28, 2021

Barclays US to offer merchants buy-now-pay-later feature

"We plan to use this to supercharge our growth and give our partners and our customers more options to buy stuff with," said Barclays US CEO Denny Nealon.

By Anna Hrushka • April 27, 2021