Retail: Page 46
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CFPB sues LendUp for allegedly violating Military Lending Act
The bureau alleges the lender made over 4,000 single-payment or installment loans to more than 1,200 covered borrowers in violation of a federal law that caps interest rates at 36% for active-duty service members.
By Anna Hrushka • Dec. 7, 2020 -
Column
Morgan Stanley, JPMorgan, Bank of America diverge on bonuses
Banks usually move in lockstep on issues such as environmentally conscious investing, but compensation may prove an individual decision.
By Dan Ennis • Dec. 7, 2020 -
Explore the Trendline➔
Permission granted by O’Malley Hansen Communications
TrendlineTop 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 -
Capital One halts buy-now-pay-later credit card transactions
The move stands in contrast to fellow credit-card issuers Citi and JPMorgan Chase, which last year launched fixed-payoff options. PayPal and Ally Financial this year announced they were rolling out installment loans.
By Dan Ennis • Dec. 7, 2020 -
Permission granted by Step
Teen-aimed banking app Step gets celebrity boost
The platform said it raised $50 million in a Series B funding round that included investment from singer Justin Timberlake, music group The Chainsmokers and retired athlete Eli Manning.
By Anna Hrushka • Dec. 3, 2020 -
Permission granted by LendUp
LendUp's new digital bank targets emerging middle class
"Our customer aspires to be established in the middle class," said LendUp CEO Anu Shultes, who will also head a subsidiary called Ahead Financials. "They are not there yet."
By Anna Hrushka • Dec. 2, 2020 -
Noam Galai via Getty Images
JPMorgan, Lloyds express interest in buying Starling
The British challenger's CEO said in May she "didn't start a bank to sell out to the big boys." But buying Starling would give JPMorgan a 1.8 million-customer head start on building a U.K. digital platform from the ground up.
By Dan Ennis • Dec. 1, 2020 -
HSBC considers leaving US retail banking
The London lender has closed 79 of its U.S. branches this year. Sacrificing the rest in a pivot to Asia may not be too great a loss. The U.S. arm's $62 billion loan book represents less than 6% of HSBC's total.
By Dan Ennis • Nov. 30, 2020 -
Carlos Alvarez via Getty Images
BBVA, Sabadell merger talks fall apart
BBVA valued Sabadell at $3 billion, but the smaller bank wanted at least 12% of the merged company, Bloomberg reported, adding it also had an issue with board composition. BBVA denied the latter.
By Dan Ennis • Nov. 30, 2020 -
OCC fines JPMorgan $250M over weak controls in its advisory business
Last week's fine from the OCC comes amid a surge of settlements some banks may be looking to secure before the Biden administration takes office.
By Anna Hrushka • Nov. 25, 2020 -
Why Seattle Bank allied itself with Google
"The banking experience is just ripe for a Tesla-Peloton kind of experience, and we don't have that today. I think Google clearly can help drive that, and that's pretty cool," Seattle Bank's CEO said.
By Anna Hrushka • Nov. 24, 2020 -
Banks whose assets grew amid PPP get temporary relief from regulators
The interim final rule will give banks more time to either reduce their balance sheets or prepare for the stricter regulatory and reporting standards associated with the higher asset thresholds, the agencies said.
By Anna Hrushka • Nov. 23, 2020 -
Wikimedia
LGBT-focused digital bank Daylight aims for December beta launch
Traditional banks "may be switching their social media icons to rainbows in June, but when it comes to actually solving real pain points, it's just not cutting it," co-founder Billie Simmons said.
By Anna Hrushka • Nov. 20, 2020 -
Google revamps Google Pay, adds 3 new partner banks
With a redesigned app and an expanded network of banks that have signed on to offer co-branded accounts, the tech giant continues its push into the consumer financial services space.
By Anna Hrushka • Nov. 19, 2020 -
Jeff Swensen via Getty Images
PNC agrees to buy BBVA’s US arm for $11.6B
The Federal Reserve signed off on the plan — the last regulatory hurdle ahead of an expected June 1 closing to a deal that would create the nation's fifth-largest bank. But at least one Fed governor is stressing caution.
By Dan Ennis • Updated May 17, 2021 -
SEC charges 2 ex-Wells Fargo executives with misleading investors
The regulator settled charges against former CEO John Stumpf for $2.5 million, and will litigate fraud charges against former community bank chief Carrie Tolstedt in court in connection to the bank's 2016 fake accounts scandal.
By Anna Hrushka • Nov. 13, 2020 -
Twitter to invest $100M in CDFIs in effort to combat racial wealth gap
The social media giant follows a growing number of corporations, including Netflix and PayPal, that have embarked on similar initiatives to funnel more capital to Black and Latinx financial institutions and businesses.
By Anna Hrushka • Nov. 13, 2020 -
Deutsche researchers propose 5% tax on remote workers, post-pandemic
The tax could generate $48 billion a year, which could fund $1,500 grants for 29 million lower earners in the U.S., the researchers said.
By Dan Ennis • Nov. 13, 2020 -
BMO pledges $5.1B toward closing racial wealth gap
The Canadian lender joins JPMorgan Chase, Bank of America, PNC, American Express and Huntington Bank in rolling out billion-dollar efforts to better serve non-White communities. It also updated its diversity goals in September.
By Dan Ennis • 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 -
BBVA partners with Prosper on digital HELOC platform
Early results indicate the digital solution is helping BBVA close home equity lines of credit 14 days faster on average when compared to turn times on applications submitted in other channels, the bank said.
By Anna Hrushka • Nov. 11, 2020 -
Kendall Davis/Industry Dive/Banking Dive, data from Marc Nozell
Bank executives, trade groups react to Biden-Harris victory
Several bank and credit union trade groups, as well as top bank executives, not waiting on a Trump concession, have released statements and congratulatory posts on the highly contested 2020 election.
By Anna Hrushka • Nov. 9, 2020 -
Permission granted by Office of the Comptroller of the Currency
Ex-SoFi CEO's company Figure seeks national bank charter
The company issues home equity lines of credit on a private blockchain network. But it also plans to pilot a small-dollar installment-loan product in January targeting the unbanked.
By Dan Ennis • Nov. 9, 2020 -
Courtesy of TIAA Bank
TIAA Bank aims to reach unbanked with grade-school financial literacy program
The 12-week course runs in more than 100 schools, including in Puerto Rico, which is well outside of the bank's CRA assessment area but still reeling from 2017's Hurricane Maria.
By Anna Hrushka • Nov. 4, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo picks Capital One executive to head diversity efforts
The appointment comes after CEO Charlie Scharf apologized for citing a shortage of diverse talent when aiming to double Black leadership at the bank. The Labor Department has questioned that initiative.
By Anna Hrushka • Nov. 3, 2020 -
Capital One to let most US call-center workers stay remote after pandemic
The move further illustrates a divide between investment-heavy banks such as JPMorgan Chase that pushed to repopulate offices and card-heavy models such as American Express that are keeping employees home longer.
By Dan Ennis • Oct. 30, 2020
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