JPMorgan Chase, State Street push back against CBDC

In comments to the Federal Reserve, trade groups and Wall Street banks stressed the risks of a digital dollar and largely rejected the idea that it would accomplish stated goals.

By Lynne Marek • Aug. 29, 2022

How automation can help banks tame the home-lending ‘roller coaster’

The cyclical nature of the market doesn’t mean lenders should be forced to respond with mass hiring or firing as demand for mortgages ebbs and flows, analysts say.

By Anna Hrushka • Aug. 26, 2022

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Japanese bank SMBC to launch US digital bank Jenius

Jenius will launch with personal loans in the coming months, and expand to savings and checking products within its first year, SMBC said.

By Anna Hrushka • Aug. 25, 2022

Rho woos bigger clients as fintechs vie to fill Brex’s small-biz void

The business banking startup added an automated expense-management tool for its middle-market clients. But the company won't be tempted to aim small to snatch a share of Brex's core audience.

By Suman Bhattacharyya • Aug. 23, 2022

FedNow to launch by mid-2023, Bowman says

The Fed’s request for input on a potential central bank digital currency has generated some 2,000 responses so far. The central bank plans to publish a summary of the comments, the Fed governor said.

By Lynne Marek • Aug. 22, 2022

First Internet Bank launches small-business account

The account allows business owners to earn interest, make unlimited transactions, and link their business and personal checking or savings accounts, credit cards, loans and investments.

By Anna Hrushka • Aug. 18, 2022

Nashville bank execs launch Sonata to serve fast-food industry

Dan Dellinger and Farzin Ferdowsi, with their third venture, aim to solve turnover and banking access issues in the quick-service space, and add telehealth and financial literacy to help franchisees retain talent.

By Anna Hrushka • Aug. 12, 2022

BM Technologies’ Luvleen Sidhu bets on BaaS, bank charter

“For those that can combine the charter with the technology, that is the most competitive way to play in the banking-as-a-service space,” said Luvleen Sidhu, BM Technologies’ chair, CEO and founder.

By Anna Hrushka • Aug. 10, 2022

USAA sues Truist in patent case over mobile deposit tech

The U.S. District Court for the Eastern District of Texas has awarded USAA three nine-figure judgments since 2019 (against Wells Fargo and PNC) in patent cases.

By Dan Ennis • Aug. 4, 2022

FDIC advisory reinforces boundaries of bank-crypto ties

The note emphasizing risks comes a day after the regulator issued a cease-and-desist order giving bankrupt platform Voyager Digital two business days to remove any misleading claims regarding deposit insurance.

By Dan Ennis • Aug. 1, 2022

Software is changing payments and banks should care

In the future, all payments will begin and end in software. To remain a part of clients’ financial lives, banks need to play well with software.

Aug. 1, 2022

Fraudsters are out to get the digital banking industry: How fintechs can significantly mitigate risk

By implementing strategies surrounding prevention and detection, the overall damage and negative impact of fraud can be significantly decreased – and both customer and stakeholder trust can be regained and supported.

By Carl Memnon, Co-founder and COO of Grain Technology • Aug. 1, 2022

Crypto ‘citizen’s arrests’ may continue until Congress wrangles ‘Wild West’

The SEC, DOJ and Treasury are all patrolling the digital asset space. The CFTC is calling for unity. And lawmakers’ vision for a cohesive strategy just took a summer vacation.

By Dan Ennis • July 28, 2022

Grasshopper Bank leans into BaaS

The deal to offer banking-as-a-service to fintech Treasure Financial marks a first for the New York City-based bank, which, under CEO Mike Butler, has broadened its focus to include the small-business sector.

By Anna Hrushka • July 27, 2022

Crypto firm Voyager accuses FTX of tanking bankruptcy process

By publicly offering Voyager customers access to cash for their stranded assets, FTX is “chilling” Voyager’s once-private trawl for buyers with a “low-ball bid dressed up as a white knight rescue,” the bankrupt crypto firm said.

By Dan Ennis • July 26, 2022

What the POTS shutdown will mean for faxing in the banking industry

The FCC is officially closing the door on analog/copper POTS lines. Read what this means for the banking industry.

July 25, 2022

KeyBank, Truist execs share their approaches to fintech partnerships

Acquiring a startup can help a bank keep up with consumer demand for new products, reach new customers and compete with nonbank entities. And, as Truist learned, banks don't always have to initiate.

By Anna Hrushka • July 21, 2022

Truist counters higher personnel expenses with money-saving cloud integration

“It gives us comfort that our expenses will be contained over the next year or two,” Daryl Bible, the bank’s CFO, said Tuesday during a second-quarter earnings call.

By Lindsey Wilkinson • July 20, 2022

UK fintech Starling pulls Irish banking license application

"Sometimes changing course is the right option," CEO Anne Boden wrote Monday in a memo to employees. The company still plans to expand to Europe through software-as-a-service deals with other lenders, Boden said.

By Anna Hrushka • July 19, 2022

JPMorgan's Dimon blasts 'capricious, arbitrary' Fed stress tests

“It’s inconsistent. It’s not transparent. It’s too volatile,” the CEO said of the stress test. JPMorgan said last month it would keep its dividend payouts flat in response to the central bank’s capital requirements.

By Anna Hrushka • July 15, 2022

Morgan Stanley sets aside $200M over personal-device misuse probe

The disclosure, in the bank’s earnings report Thursday, follows warnings by Citi, Goldman Sachs and HSBC regarding regulator activity. The figure mirrors an amount JPMorgan paid in December over similar allegations.

By Dan Ennis • July 14, 2022

Goldman poaches Google incubator's founder to run innovation office

Jared Cohen may be the highest-profile tech hire the bank has made since it lured Peeyush Nahar away from Uber to run Marcus. Time will tell whether the innovation office will help Goldman reverse its recent talent drain.

By Dan Ennis • July 13, 2022

Gen Z banking app GoHenry expands to Europe through Pixpay acquisition

As a growing number of neobanks compete for young customers, GoHenry’s acquisition of Pixpay, which also targets the Gen Z crowd, is a move in the direction of potential additional industry consolidation.

By Anna Hrushka • July 12, 2022

Brainard urges more oversight of crypto

The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars in a matter of days, was “reminiscent of classic runs throughout history.”

By Anna Hrushka • July 11, 2022

Insurers strike gold with the right analytics tool amid the digital shift

Learn how a leading US insurer cut software license costs by 10% with Aspire’s ServiceNow solution.

July 11, 2022