Wells Fargo board members Duke, Quigley resign following House report

Resignations come ahead of Wednesday’s House Financial Services Committee hearing, where the board members are expected to testify regarding their previous response to a series of consumer abuse scandals.

By Anna Hrushka • March 9, 2020

Why lenders still love retail, bankruptcies and all

Asset-based loans are a safe and popular form of financing for lenders. But for distressed retailers it can be a "trap."

By Ben Unglesbee • March 9, 2020

Remitly banks on trust as it expands financial services for immigrants

"We have a track record in the communities we serve where we built a really trusted financial services brand," Remitly co-founder and CEO Matt Oppenheimer said. 

By Anna Hrushka • March 6, 2020

U.S. Bank to take over State Farm banking operations

The insurance giant will be getting out of the banking business, which it's been in virtually since 1999. 

By Robert Freedman • March 6, 2020

House report slams Wells Fargo, regulators' failure to rein in 'reckless' bank

The report claims regulators knew about "serious, enterprise-wide deficiencies" without taking public enforcement action, and the bank’s board "failed to ensure management could competently address the company’s risk management deficiencies."

By Anna Hrushka • March 5, 2020

Wells Fargo to launch accounts that limit overdraft fees

Wells Fargo’s announcement about the new accounts comes ahead of the bank’s back-to-back hearings in front of the House Financial Services Committee.

By Anna Hrushka • March 4, 2020

Kabbage takes aim at big banks with its small-business cash flow tools

The company's sweet spot for making its tools available is a customer with fewer than 10 employees whose owners are "wearing 15-20 hats to run a company," a company executive said.

By Kate Patrick Macri • March 4, 2020

Coronavirus could hit fintechs hard as card transactions drop

Fintechs’ reliance on the fees merchants pay when consumers make credit and debit purchases will be tested as people stay home. 

By Robert Freedman • March 4, 2020

Stock trading app Robinhood suffers system outage during market rebound

The outage came as the market rebounded from its worst week since the 2007-08 financial crisis, amid the coronavirus outbreak.

By Anna Hrushka • March 3, 2020

Fed announces rate cut as US banks respond to coronavirus threat

As regulators convene to discuss COVID-19's economic impact, U.S. banks are implementing precautions such as travel restrictions and virtual events.

By Anna Hrushka • Updated March 3, 2020

Spike in fintech M&A shows industry is maturing

Fintechs are growing, accumulating users and establishing themselves in the financial services space. And it’s attracting attention. 

By Anna Hrushka • Feb. 28, 2020

TD Bank misses expectations on U.S. operations

The bank increased its earnings, but its performance faced headwinds in the U.S. from interest rate cuts and a drop in trading commissions. 

By Robert Freedman • Feb. 28, 2020

Challenger bank touts ties to employers as differentiator

Minneapolis-based Branch hired its first CFO as it seeks to grow its reach by taking a workplace-first approach.

By Robert Freedman • Feb. 27, 2020

Consumer data-sharing debate highlights bank, fintech divide

Screen scraping and APIs were among the topics discussed at the CFPB's symposium on Consumer Access to Financial Records on Wednesday.

By Anna Hrushka • Feb. 27, 2020

Banks generated $233.1B in net income last year, down 1.5%

The decline in net income was primarily due to slower growth in net interest income and higher loan-loss provisions. All in all, though, banking looks healthy, the FDIC says. 

By Robert Freedman • Feb. 26, 2020

Democrats slam Wells Fargo settlement as bank faces 3 congressional hearings

Last week’s settlement may have closed the book on several criminal and civil investigations, but the ramifications of Wells Fargo’s fake-accounts scandal are far from over as it once again becomes the subject of several hearings.

By Anna Hrushka • Feb. 25, 2020

Banks closed 3,164 branches last year, opened 1,500

Expect branch consolidation to continue at about 2% a year even as bank deposits tick up at more than 4% a year, a report says. 

By Robert Freedman • Feb. 25, 2020

LendingClub, Radius execs talk regulation, tech integration ahead of merger

In a wide-ranging interview, executives said they don’t foresee any pushback from regulators or any significant post-merger complications associated with integrating the two companies’ platforms or IT.

By Anna Hrushka • Feb. 24, 2020

JPMorgan Chase reportedly launching UK digital bank

JPMorgan would have its fair share of digital bank competitors in the U.K., including Monzo, Starling, Revolut, as well as fellow U.S. bank Goldman Sachs's Marcus. 

By Anna Hrushka • Feb. 24, 2020

Banks moving away from in-store branch model, study finds

Despite the uptick in in-store deposits, they remain at their lowest level since 2014, according to an S&P Global report.

By Tatiana Walk-Morris • Feb. 24, 2020

Wells Fargo to pay $3B to settle fake accounts scandal

The settlement with the Justice Department and the Securities and Exchange Commission comes about a month after the OCC fined former Wells CEO John Stumpf $17.5 million and banned him for life.

By Anna Hrushka • Feb. 21, 2020

LendingClub's Radius deal paves the way for more fintech purchases, experts say

Industry experts say the deal could be a tipping point, ushering in more fintech-bank purchases. But it won't come without its complexities. 

By Anna Hrushka • Feb. 21, 2020

Morgan Stanley to buy E*Trade for $13B in largest bank takeover since financial crisis

The acquisition represents a monumental shift for the investment bank as it focuses on smaller customers, not just high net worth clients.

By Anna Hrushka • Updated Oct. 1, 2020

UK fintech Curve offers 'over-the-top' banking service in card, mobile app

The startup's eponymous card is designed to unify all existing debit and credit card accounts, but will face heavy payments competition when it attempts to enter U.S. markets.

By Kate Patrick Macri • Feb. 20, 2020

Lawmakers call out big banks for lack of leadership diversity

"There is no shortage of diverse people and businesses for banks to hire and promote," one congressman said — only a shortage of leaders "with the will to make it happen."

By Sheryl Estrada • Feb. 20, 2020