Banking News and Analysis | Banking Dive
WEBLas Vegas’ Lexicon Bank bets on growth with nonprofits. As a de novo, the lender experienced quick growth through PPP loan processing. Now, it aims to build on its business with nonprofits, CEO Stacy Watkins said. Banking Dive provides in-depth journalism and insight into the most impactful news …
Wells Fargo faces new class-action suit over fake-accounts response
WEBMar 1, 2024 · Wells Fargo was hit with a new lawsuit Thursday alleging the bank did not do enough to reimburse customers affected by its 2016 fake-accounts scandal, Reuters reported. The class-action lawsuit, filed in a San Francisco federal court by Amanda Gonzales, a schoolteacher from New Mexico, comes on the heels of Wells Fargo recently sending letters to customers urging them to contact the bank if ...
BB&T completes acquisition of SunTrust to form Truist
WEBDec 9, 2019 · Dive Brief: BB&T finalized its $28 billion purchase of SunTrust on Friday, completing a deal which will form Truist, the sixth-largest bank in the nation.. The transition to the new Truist brand could take up to two years, the company said in a statement. Truist will be headquartered in Charlotte, North Carolina, where 2,000 former BB&T and SunTrust employees will relocate.
Bank of America customer data exposed in IT provider breach
WEBFeb 13, 2024 · A November 2023 “cybersecurity event” at Infosys McCamish Systems exposed Bank of America customer data, according to a breach notification letter from the bank’s outside counsel filed with the Office of the Maine Atto r ney Gene r al.. Customers’ first and last names, addresses, business email addresses, dates of birth and Social Security numbers may have been among the compromised ...
Fed, OCC approve BMO’s $16.3B Bank of the West acquisition
WEBJan 18, 2023 · The Federal Reserve and the Office of the Comptroller of the Currency approved Bank of Montreal’s $16.3 billion acquisition of San Francisco-based Bank of the West, the regulators announced Tuesday.. The combination will create the 13th-largest U.S. commercial bank with roughly $256 billion in assets, according to OCC figures. That would put it squarely in a size category the Fed has labeled ...
Custodia cuts 25% of its staff amid Fed lawsuit: report
WEBAug 30, 2024 · Digital asset-focused Custodia Bank has laid off some employees amid its current battle with the Federal Reserve for a master account. Founder and CEO Caitlin Long said in an emailed statement to Banking Dive that the bank was “ right-sizing so we can maintain operations while preserving capital” during Custodia’s lawsuit against the Fed or “until after Operation Choke Point 2.0 ends ...
Banking Technology News | Banking Dive
WEB6 days ago · Kansas City Fed dissects consumer use of digital payments. About 95.5% of U.S. households have a bank account, and 46.4% use a nonbank payment service, a new report says. Meanwhile, the Boston Fed found more consumers are using credit cards to make ends meet. By Tatiana Walk-Morris • Sept. 30, 2024.
Breaking down capital requirements - Banking Dive
WEBDec 4, 2023 · Minimum: 6%, well-capitalized: 8%. Total Risk-Based Capital: This ratio is total capital — tier 1 and tier 2 capital — divided by risk-weighted assets. Minimum: 8%, well-capitalized: 10%. Regulatory scrutiny is common when a …
Truist CEO on cost cuts: We needed ‘a shock to the system’
WEBMay 31, 2024 · Dive Brief: Truist CEO Bill Rogers on Thursday said the bank remains focused on streamlining expenses after announcing “sizable reductions” last year. “We felt we needed to have a little bit of a shock to the system,” Rogers said Thursday at a Bernstein conference.; Where Truist’s expense base had been growing by mid-single digits previously, the bank has said it expects to keep ...
7 personnel moves that spotlight Truist’s reorganization
WEBOct 9, 2023 · 7. Truist’s deposits unit gets a boost. Jon Ambler will lead the deposits team overseeing consumer and small business deposits, according to Wilson’s memo. The unit takes an elevated role in Truist’s consumer and small business banking division, reflecting “the strategic core value of deposits,” Wilson said.