JPMorgan Chase to launch first Mastercard-branded card in 5 years

Chase's new card, launching Sept. 15, comes as 60% of banks have tightened credit limits during the pandemic, according to the Federal Reserve's most recent Senior Loan Officer Survey.

By Anna Hrushka • Aug. 31, 2020

Capital One cuts borrowing limits amid unemployment aid reduction

The credit card issuer's decision comes as the $600 in additional weekly unemployment benefits under the CARES Act, which were keeping some Americans afloat amid the pandemic, expired at the end of July.

By Anna Hrushka • Aug. 28, 2020

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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

City First-Broadway merger would create largest US Black-led bank

The combined institution will maintain bicoastal headquarters, as well as its CDFI status, which requires it to deploy at least 60% of its lending into low- to moderate-income communities.

By Anna Hrushka • Aug. 27, 2020

Rakuten to continue ILC charter pursuit, subsidiary CEO says

"We intend to follow the process until we've exhausted our process with the FDIC," Rakuten Bank America CEO Lee Carter said. The company has twice submitted and withdrawn applications with the regulator.

By Anna Hrushka • Aug. 26, 2020

ICBA calls for investigation into JPMorgan Chase-USPS talks

"Equitable access to basic banking services must be discussed and addressed by policymakers and the entire financial services industry," the head of the ICBA wrote to the Postal Regulatory Commission.

By Anna Hrushka • Aug. 25, 2020

JPMorgan Chase reportedly eyes 2021 launch for UK digital bank

The launch would put the largest U.S. bank in a position to capitalize on the growth of digital services amid the coronavirus pandemic.

By Anna Hrushka • Aug. 24, 2020

Wells Fargo resumes much-anticipated job cuts

Initial layoffs will affect employees who were told before the pandemic their roles would "ultimately go away," CEO Charlie Scharf previously said. "It's like an onion: The more we do, the more clearer the next round will become."

By Dan Ennis • Aug. 21, 2020

Scotiabank fined $127M over price manipulation scheme

For more than eight years, four Scotiabank traders placed thousands of unlawful orders for precious metals futures contracts in an effort to manipulate prices to benefit themselves and the bank, authorities said.

By Anna Hrushka • Aug. 20, 2020

JPMorgan Chase, USPS held talks to offer postal banking services

Despite preliminary conversations about leasing space for ATMs, the bank said there is no agreement in place and no imminent plans to move forward.

By Anna Hrushka • Aug. 19, 2020

Why Google's checking accounts appeal to midsize institutions

The tech giant's co-branded accounts give smaller players a chance to leverage tech and branding to scale business away from the larger banks, experts say.

By Anna Hrushka • Aug. 18, 2020

Banks eye loan specialists, marketers as pandemic boosts debt, digital demands

"Four months ago, a workout specialist couldn't find a job anywhere," said Paul Schaus, president, CEO and founder of the consulting firm CCG Catalyst.

By Anna Hrushka • Aug. 14, 2020

Goldman Sachs, Barclays vie for GM's credit-card portfolio

The car company may not switch issuers from Capital One. But a win for Goldman would more than double its card business, a long-stated goal for the bank. A decision is expected in the next few weeks.

By Dan Ennis • Aug. 13, 2020

Banks rethink office space, branch strategy to sync with new customer, employee habits

With 70% of bank staff working remotely and more clients using digital channels, cutting back on square footage is the new efficiency.

By Anna Hrushka • Aug. 13, 2020

BankMobile to transition from bank to tech company after Customers spinoff

"It gives us the runway, while we still have the stability of Customers partnership," BankMobile's Luvleen Sidhu said of the planned acquisition by Megalith Financial Acquisition Corp.

By Anna Hrushka • Aug. 12, 2020

Customers Bancorp to sell BankMobile for $140M

BankMobile launched in 2015. The digital bank's banking-as-a-service platform is prolific among colleges and universities, serving more than 2 million account-holders at 722 campuses.

By Anna Hrushka • Aug. 7, 2020

Capital One to pay $80M penalty over 2019 data breach

In its consent order, the Office of the Comptroller of the Currency said the bank "failed to establish appropriate risk management" and "failed to identify numerous control weaknesses and gaps in the cloud operating environment."

By Anna Hrushka • Aug. 6, 2020

Tech hurdle will slow banks' approach to crypto custody services

"Security and technology is the foundation of making this work," Kudelski Security's Scott Carlson said. "If you don't get that right, the entire system could collapse."

By Anna Hrushka • Aug. 4, 2020

Six more banks partner with Google to launch co-branded checking accounts

Banks may view the Google venture as a way to expand their brand and grow customer accounts outside of their existing branch network.

By Anna Hrushka • Aug. 3, 2020

Postal banking pilot included in House-passed appropriations bill

The coronavirus pandemic has brought renewed attention to a proposal some advocates say would provide low-cost financial services to poor and rural communities that lack bank branches.

By Anna Hrushka • Aug. 3, 2020

Varo becomes first challenger bank to get national charter from OCC

The process cost nearly $100 million over three years but lets Varo offer credit cards, loans and potentially robo-advisory services, the fintech's CEO said.

By Anna Hrushka • July 31, 2020

Senators ask Wells Fargo CEO Scharf to explain faltered forbearance policy

"We had hoped that you would bring the needed change to Wells Fargo’s culture following years of false promises and continued scandals," wrote Sens. Elizabeth Warren, D-MA, and Brian Schatz, D-HI.

By Dan Ennis • July 31, 2020

Durbin asks Fed to probe Visa, Mastercard, issuers over PINless purchases

Many online purchases made without PINs are automatically routed through Visa or Mastercard, costing merchants more in swipe fees when more shoppers are buying remotely.

By Dan Ennis • July 27, 2020

Wells Fargo says it 'misinterpreted customers' intentions' in some forbearance cases

Reports that Wells Fargo took action on accounts without customer consent is a troubling look for the bank, which is still working to repair an image damaged by a series of consumer abuse scandals.

By Anna Hrushka • July 24, 2020

Bank of the West rolls out climate-conscious checking account

The bank will donate 1% of net revenues generated from the account to support environmental nonprofits. The account's tracking tool lets customers see the carbon impact of purchases made with the debit card.

By Dan Ennis • July 22, 2020

Wells Fargo dips into BNY Mellon's pool to hire its next CFO

BNY Mellon CFO Mike Santomassimo will join the San Francisco-based lender in the fall, following the retirement of 22-year veteran John Shrewsberry.

By Jane Thier • July 21, 2020