Bank of America issues $2B ‘racial equality’ sustainability bond

4 hours ago.
Bank of America issued a bond that will fund projects related to racial equality, economic opportunity, and transitioning to a low-carbon economy, the first-ever offering of its kind in the financial services industry.

Wells Fargo eyes more secure data sharing through deal with Envestnet Yodlee

September 24, 2020.
Wells Fargo has partnered with data aggregation and analytics platform Envestnet Yodlee to allow customers to securely share financial data with third-party apps, the lender said Thursday, as banks and fintechs grapple with how best to keep customer information safe.

U.S. residential mortgage performance declined in Q2: OCC

September 23, 2020.
The percentage of U.S. residential mortgages that are current and performing declined to 91.1% in the second quarter of 2020, down from 96.1% during the same period in 2019, according to data released Wednesday by the Office of the Comptroller of the Currency.

Wells Fargo CEO apologizes for ‘insensitive’ comments about lack of Black talent

September 23, 2020.
In the wake of public outcry, Wells Fargo CEO Charlie Scharf apologized Wednesday for saying earlier this year that there aren’t enough “qualified” Black and other candidates of color for the bank to hire.

Bank worker advocacy group dings major US lenders for COVID-19 mortgage policies

September 22, 2020.
U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.

Credit unions score bipartisan support for their opposition to nominal leases for banks on military bases

September 22, 2020.
A bipartisan group of 51 U.S. representatives is urging the House and Senate Armed Services committees to reject a proposal that would treat banks on military bases the same as credit unions when it comes to nominal leases, according to the National Association of Federally-Insured Credit Unions.

Wall Street-backed stock exchange MEMX kicks off trading

September 21, 2020.
Members Exchange, a new stock exchange backed by a slew of banks and other financial firms, commenced trading activity on Monday with seven listed securities, including for prominent companies such as Google’s parent Alphabet, ExxonMobil and Ford.

Three ex-Wells Fargo executives latest to be fined in sales practices investigation

September 21, 2020.
Three former Wells Fargo community banking executives have agreed to cooperate with federal regulators in a probe and pay fines relating to allegations of sales practices misconduct, deepening troubles for the firm.

Federal Reserve proposes overhaul of community reinvestment rules on heels of OCC changes

Last modified September 21, 2020. Published September 21, 2020.
The Federal Reserve proposed an overhaul of Community Reinvestment Act rules on Monday, following closely behind a separate set of new regulations that may complicate compliance for banks.

Systemically important banks stand best chance of weathering pandemic: Moody’s

Last modified September 17, 2020. Published September 17, 2020.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.

PNC says it will close 280 branches by end of 2021 as customers go digital: American Banker

September 15, 2020.
PNC Financial Services Group will close 280 branches by the end of next year as customers increasingly rely on digital banking services, CEO William Demchak said at a conference Monday.

JPMorgan trims net interest income forecast for 2020 but eyes revenue offset

September 15, 2020.
JPMorgan Chase, the largest U.S. bank by assets, cut projected net interest income for 2020 while pointing to signs that offsetting business increases could see it through the current stretch of low loan growth.

Bank of America continues aggressive patenting strategy in first half

September 14, 2020.
Bank of America’s approved patents surged by 20% in the first half of the year, compared with the same period a year ago, with almost half related to technologies involving artificial intelligence, machine learning or information security.

Wells Fargo cuts net interest income forecast as loan growth stalls

September 14, 2020.
Wells Fargo has trimmed its outlook for net interest income through the 2020 fiscal year, faulting lower-than-expected loan demand as the U.S. bank struggles to rebound from recent underperformance.

Influential investors seek companies’ plans to stem emissions by 2050

September 14, 2020.
More than 500 global investors with over $47 trillion in assets, including a Big Four U.S. bank unit and the world’s largest asset manager, have pushed some of the biggest corporate polluters to move to reduce their carbon emissions before they’re called out in a new benchmarking report.

US bill would propel digital identity standards for financial transactions

September 11, 2020.
U.S. lawmakers aim to improve online security and resolve a chokepoint in banking through digital IDs, submitting a bill backed by a coalition representing finance and technology companies such as JPMorgan Chase, Wells Fargo and Mastercard.

Bank of America AI predicts surge in corporate defaults based on earnings calls

September 11, 2020.
Artificial intelligence developed by Charlotte-based Bank of America predicted a higher corporate rate default rate than the bank’s analysts, particularly in the energy sector, according to research disclosed Friday.

McKinsey finds US financial sector falls far short of racial equality in C-suite

Last modified September 11, 2020. Published September 11, 2020.
People of color remain poorly represented in upper ranks of U.S. financial firms, despite roughly reflecting the population in entry-level roles, indicating that white employees are much more likely to be promoted, McKinsey & Company said.

Ex-Wells Fargo advisors launch new wealth management unit with LPL Financial

September 11, 2020.
A team of former Wells Fargo financial advisors that managed about $500 million in assets has left to form a new practice affiliated with LPL Financial’s strategic wealth services division.

AmEx nabs former Wells Fargo exec for new US merchant services role

September 10, 2020.
American Express has hired Colleen Taylor as president of its merchant services division in the U.S., a newly created role that manages the relationships with millions of merchants that accept the payment network's card.