Startup Paybby buys neobank Wicket to fast-track Black banking

Founder Hassan Miah said he plans to add overdraft protection, free retailer cash deposits, payments, transfers, check cashing, payday loan advances and consumer lending to the platform.

By Anna Hrushka • Feb. 1, 2021

SBA outlines steps to improve PPP, reports $35B in approved loans

The agency said a review of first-draw loans identified data mismatches and eligibility concerns in about 4.7% of the lender-submitted data.

By Anna Hrushka • Jan. 27, 2021

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

Black- and Latinx-focused digital bank Greenwood hits 500K signups in 100 days

"We see that there is definitely an appetite for what we're doing," said Ryan Glover, who founded the startup with civil rights leader Andrew Young and rapper Killer Mike. Glover said the platform could launch in May or June.

By Anna Hrushka • Jan. 26, 2021

What’s in store for challenger banks in 2021?

As the challenger bank market continues to attract venture capital, new users and even celebrity endorsements, how will the momentum and hype surrounding this new way to bank continue into 2021?

By Anna Hrushka • Jan. 25, 2021

KeyBank aims to launch digital bank for doctors in March

"Think about a digital company that refinances student loans for doctors and dentists that are accredited, employed, have an average salary of about $200,000 per year," CEO Chris Gorman said. "These are great clients to get."

By Anna Hrushka • Jan. 22, 2021

Truist reports Q4 profit, continues merger-related job cuts, branch closures

The bank eliminated 1,307 positions during the fourth quarter. It said it closed 149 branches in 2020 and plans to shutter more than 400 this year.

By Anna Hrushka • Jan. 21, 2021

4 banking trends to watch in 2021

Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.

By Dan Ennis , Anna Hrushka • Jan. 20, 2021

Aggregator MX to expand reach of 'money experiences' as it angles toward IPO

The company has quadrupled its value in the past year in a field that, amid the Visa-Plaid deal's disintegration, has room for "co-opetition," one analyst said, as some banks use multiple data aggregators.

By Suman Bhattacharyya • Jan. 20, 2021

Plaid sees 'opportunity' after $5.3B Visa deal ends

The data aggregator's biggest priority now is getting 75% of its traffic dedicated to application programming interfaces by the end of 2021 — a prospect John Pitts, Plaid's head of policy, calls an "immense challenge."

By Anna Hrushka • Jan. 19, 2021

Research shows that over half of Gen Z and Millennial's banking relationships are at risk

Gen Z, Millennials are looking to banks to help guide financial decisions for life's biggest moments.

By Parvez Ahmad, Oracle Financial Services • Jan. 19, 2021

JPMorgan net income jumps 42% YoY over trading revenue, lower credit reserves

The bank said it plans to add an extra $900 million to its $11 billion technology budget in 2021 and to expand its branch presence to 48 states by midyear.

By Anna Hrushka • Jan. 15, 2021

Upgrade adds mobile banking to credit, lending platform

The checking account's debit card lets users earn 2% cash back on gas, groceries and recurring payments. The company also is offering up to 20% lower rates on loans to qualified customers who open a bank account.

By Anna Hrushka • Jan. 14, 2021

Crypto firm Anchorage receives trust bank charter from OCC

The company must maintain $7 million in Tier 1 capital and must set aside at least $3 million in liquidity, or the equivalent of 180 days’ worth of operating expenses, under its agreement with the regulator.

By Dan Ennis • Jan. 14, 2021

Walmart to launch fintech startup with partner Ribbit Capital

Ribbit Capital's past investments include fintechs such as Affirm, Credit Karma and Robinhood.

By Anna Hrushka • Jan. 12, 2021

Banks embrace automation, white-label options ahead of PPP relaunch

"It's going to be the coming-out party for commercial digital loan applications," Numerated CEO Dan O'Malley said of the $284 billion round of Paycheck Protection Program funding.

By Anna Hrushka • Jan. 8, 2021

BBVA shutters digital banks Simple, Azlo as it looks to PNC deal

BBVA did not give a time frame for the wind-down. The closure of Simple would leave a second pioneer-sized hole in the digital bank field in the span of a year, after Moven pivoted away from consumer accounts last spring.

By Dan Ennis • Jan. 8, 2021

Green Dot launches GO2bank to compete with challenger banks

"Green Dot squandered [its] advantages in this space over the past five years," CEO Dan Henry said in May of the rise of challenger banks. "We will be working hard in the coming years to regain that lost ground."

By Anna Hrushka • Jan. 6, 2021

Banks can use stablecoins, blockchains for payments, OCC says

The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.

By Anna Hrushka • Jan. 5, 2021

SEC sues Ripple, top execs over sale of XRP cryptocurrency

Ripple executives accused the regulator of "picking virtual currency winners and losers." XRP lost 60% of its value in the week after the suit, which one Twitter user called a "kill shot."

By Anna Hrushka • Updated March 5, 2021

Crypto exchange Coinbase files for IPO with SEC

A public listing would force the company for the first time to disclose its profits or revenue figures. But it could represent a "watershed moment" after a year that has seen Bitcoin's value triple and its acceptance become broader.

By Dan Ennis • Dec. 18, 2020

Fed, FDIC, OCC approve 36-hour window for reporting cyberattacks

Under the rule, which takes effect May 1, banks must notify their primary federal regulator within 36 hours of determining whether a "significant computer-security incident" could disrupt business.

By Dan Ennis • Updated Nov. 19, 2021

How Bank of America builds guardrails around AI

"The most fundamental thing wrong with AI is that we make it a mystery," said Catherine Bessant, the bank's chief operations and technology officer. "We have a culture that says we have to be safe before we're fast."

By Roberto Torres • Dec. 11, 2020

Citi's 'six eyes' come under fire as trial begins over $900M error

Bank employees testify on Citi's system of checks and balances, their discovery of the mistaken transfer, and the resistance creditors displayed when asked to return the money.

By Dan Ennis • Dec. 10, 2020

Former banking regulators Bair, Curry join Wealthfront's new advisory group

The fintech said the advisory group will play a crucial role in navigating regulatory efforts as it moves deeper into the banking ecosystem.

By Anna Hrushka • Dec. 9, 2020

The Banking Dive Awards for 2020

The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.

By Banking Dive Team • Dec. 9, 2020