Banking Industry Newsfeeds

Capital One fined $290M for ‘willful’ anti-money-laundering failures

Friday, January 15, 2021

The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.

Incoming Citi CEO Fraser signals major changes ahead

Friday, January 15, 2021

Weeks away from succeeding Michael Corbat, Jane Fraser said she’d consider streamlining some units or divesting others as part of her effort to kick-start return on equity.

Wells Fargo pledges to cut $8 billion in overhead. Is it enough?

Friday, January 15, 2021

CEO Charlie Scharf’s long-awaited expense-reduction plan got a chilly reception from investors.

Chatbot lessons, automated PPP, cross-border M&A: Top stories of the week

Friday, January 15, 2021

South African bank's approach to chatbots offers lessons for U.S. players; small lenders embrace automation for latest PPP round; flush with capital, Canadian banks eye U.S. acquisitions; and more from this week's most-read stories.

Credit union regulator outlines 2021 supervisory priorities

Friday, January 15, 2021

Cybersecurity remains a priority along with CARES Act compliance, flexibility for borrowers impacted by the pandemic and more.

PNC says BBVA deal won’t derail organic growth plans

Friday, January 15, 2021

The Pittsburgh company intends to continue adding commercial offices and retail branches in markets it had been eyeing before agreeing to buy BBVA USA for $11.6 billion.

Former Wells Fargo general counsel fined $3.5 million in OCC settlement

Friday, January 15, 2021

The OCC had hit James Strother and other executives with civil charges a year ago in connection with the bank's phony-accounts scandal. His monetary penalty is lower than what the agency had first floated.

Fintechs competing unfairly with banks, Dimon says

Friday, January 15, 2021

JPMorgan Chase CEO Jamie Dimon fired a warning shot Friday at financial technology upstarts such as Chime and Plaid.

JPMorgan Chase: More stimulus needed to prevent loan defaults

Friday, January 15, 2021

Federal relief efforts have minimized loan losses so far, but risks remain in credit card, auto and business lending. Many borrowers will need another lifeline to stay afloat until the economy rebounds, CEO Jamie Dimon says.

Lenders rush to get PPP loans to Black-owned businesses

Friday, January 15, 2021

Businesses owned by minorities and women got a head start this week in a new round of $284 billion funding, and early anecdotal evidence suggests stronger demand coming from these businesses.

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