Lenders face tough decisions as commercial bankruptcy filings mount

"What I think might be the surprise of 2021 to lenders is the value of their collateral is going to be less than what they think it is, at least in the distressed spaces," attorney Jim Lodoen said.

By Anna Hrushka • Nov. 12, 2020

JPMorgan drops from top of FSB's list of systemically important banks

The lower ranking means any instability at the largest U.S. bank puts the global financial system at less risk. Goldman Sachs and Wells Fargo also ranked less risky, according to the panel's assessment Wednesday.

By Dan Ennis • Nov. 12, 2020

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Top 5 stories from Banking Dive

Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.

By Banking Dive staff

Fed flags climate change as financial risk, seeks transparency from banks

The declaration comes as TD Bank committed Monday to net-zero carbon emissions by 2050 for the projects it finances.

By Dan Ennis • Nov. 10, 2020

Wells Fargo plans to freeze raises for workers earning over $150K

The move comes two weeks after the bank said it would eliminate its 401(k) program's 6% matching contribution for employees who make $250,000 a year or more. Wells Fargo reversed course two days later.

By Dan Ennis • Nov. 5, 2020

Citi's chief risk officer is leaving the bank

The move may buy the nation's third-largest bank some time with the OCC, which fined the bank $400 million last month and reserves the right to demand changes to its senior management and board.

By Dan Ennis • Nov. 3, 2020

3 best practices to help your financial institution combat unemployment-benefits fraud

Fight fraud, mitigate risk and better service your customers for account opening, funding, and payment experiences.

Nov. 2, 2020

American Express pledges $1B toward racial, gender equality

Much of that will come in an effort to double — to $750 million annually by 2024 — the credit-card network’s spending on diverse and minority-owned suppliers in the U.S.

By Dan Ennis • Oct. 30, 2020

NY regulator lays out climate risk expectations for banks

The Department of Financial Services wants banks to integrate climate-related financial risks into their business strategies, risk management processes and governance frameworks, but stopped short of demanding climate stress tests.

By Dan Ennis • Oct. 30, 2020

Ex-Goldman lawyer sues bank in alleged sexual misconduct cover-up

Whistle-blower Marla Crawford claims her boss retroactively added negative comments to her performance review in retaliation for her complaint over an inappropriate relationship, leading Crawford's bonus to be slashed by $30,000.

By Dan Ennis • Oct. 27, 2020

Fed, FinCEN want to make banks report international transfers of as little as $250

Friday's proposal to lower the threshold from $3,000 is meant to catch bad actors using low-dollar cross-border transactions to facilitate terrorist financing and other illicit activity.

By Anna Hrushka • Oct. 26, 2020

Kansas regulators close Almena State Bank in year's 4th bank failure

Almena is the second U.S. bank to shutter within a week. The bank's two branches opened Monday under the banner of Equity Bank, which is purchasing roughly all of Almena's $65.8 million in assets and its deposits.

By Dan Ennis • Oct. 26, 2020

PayPal launches crypto payment platform

The payments company will convert consumers' Bitcoin, Ethereum, Bitcoin Cash and Litecoin holdings into fiat currencies when they check out. That cuts the risk merchants assume from any volatility in cryptos' value.

By Dan Ennis • Updated March 30, 2021

Citi drops lawsuit against second Revlon creditor after $900M errant payment

The bank said it's "pleased" that Investcorp has returned a reported $18.9 million share of the overpayment for which Citi is taking a dozen companies to court. A trial on the remaining claims is set for Dec. 9.

By Dan Ennis • Oct. 15, 2020

Community banks cite 'business conditions' as top challenge in COVID year

PPP prompted a 40% swell in small-business loans originating from community banks, but the program had its share of detractors, per a recent survey. However, the pandemic chased away bankers' concerns about deposits.

By Dan Ennis • Oct. 6, 2020

​Varo turns focus to new products after national charter milestone

The launch of the Varo Bank app, which the company says is imminent, will free up resources and energy to "pivot on to the customer," Chief Risk Officer Philippa Girling said.

By Anna Hrushka • Oct. 2, 2020

FinCEN overhaul to AML rules would bring clarity, experts say

However, not all institutions will favor the "one size fits all" solution, said regulatory, risk and compliance expert Julie Copeland.

By Anna Hrushka • Sept. 18, 2020

PNC looks to shutter 280 branches by the end of next year

The bank is on track to double the number of closures it expected this year, thanks to the pandemic. But the Pittsburgh-based lender has been in the "consolidation business" for some time, executives have said.

By Dan Ennis • Sept. 16, 2020

Citi resumes job cuts, faces regulator reprimand over risk management

The prospect of the multiyear system revamp prompted CEO Michael Corbat to push up his plans to retire so his successor could see the effort through from the beginning.

By Dan Ennis • Sept. 15, 2020

JPMorgan mandates Sept. 21 office return for sales, trading managers and teams

But an updated directive lets most consumer-unit workers — excluding branch employees and some in operations — stay remote until 2021.

By Dan Ennis • Updated Sept. 29, 2020

Morgan Stanley, Citi, JPMorgan sign off on CFTC panel climate report

Forcing businesses to pay for their greenhouse gas emissions would be the most efficient way to ensure financial markets reduced climate risk, a regulator subcommittee wrote.

By Dan Ennis • Sept. 10, 2020

JPMorgan Chase fires employees after finding they improperly obtained EIDL funds

The bank's discovery of suspicious amounts of money in checking accounts owned by bank employees comes after the SBA's inspector general called for closer oversight of the program.

By Dan Ennis • Updated Sept. 10, 2020

Fewer banks servicing pot businesses, FinCEN report finds

The agency attributed the decline to several factors, including new guidance for hemp-related businesses, as well as the impact of the coronavirus pandemic.

By Anna Hrushka • Sept. 8, 2020

Fed error spurs Goldman Sachs, Morgan Stanley to lower stress capital buffers

The central bank said it overestimated hypothetical losses on certain public welfare investments, such as those made in funds or companies that back housing and community development in low- and moderate-income areas.

By Dan Ennis • Sept. 8, 2020

Alabama credit union to buy bank in 6th such deal of 2020

The tie-up represents Alabama One's second takeover of the year, following a July merger that brought Alabama Rural Electric Credit Union under its umbrella.

By Dan Ennis • Sept. 4, 2020

Huntington launches 5-year, $20B effort toward income equality

The Ohio-based bank joins Bank of America, U.S. Bank, PNC, PayPal and Netflix in pledging billions in the wake of racial unrest accelerated by the May death of George Floyd.

By Dan Ennis • Sept. 2, 2020