Wells Fargo Chief Compliance Officer Mike Roemer is leaving the bank after two years and will be replaced by a Credit Suisse executive, part of a broader shake-up in the troubled bank’s compliance department, the bank said Thursday.
Fintech Blend raked in $75 million in Series F funding to officially achieve “unicorn” status, the digital lending startup revealed Wednesday, as it expands the network of banks relying on its electronic financing platforms during the coronavirus pandemic.
Toronto-Dominion Bank and the Canadian Imperial Bank of Commerce are offering new card benefits corresponding with a revamp of Air Canada’s loyalty program, which predates the spread of COVID-19 but is taking on new urgency as would-be travelers shun flights in the face of the pandemic.
The world’s largest retail digital payments network is poised to make an unprecedented green bond offering, a Monday filing with the U.S. Securities and Exchange Commission shows.
The U.S. Federal Reserve rolled out new capital requirements for 34 of the country’s largest banks on Monday, imposing the highest requirements on Goldman Sachs and Morgan Stanley based on stress tests conducted earlier this year.
TD Bank on Friday unveiled a data transfer plan with fintech Finicity, creating a system through which the bank said it may “eventually eliminate” the need for customers to provide third-party service providers with sensitive login information.
A U.S. Federal Reserve official defended the central bank’s loan program meant to help midsize businesses on Friday as U.S. congressional oversight committee members scrutinized how long it took for the program to become operational, how effective the program has been and whether changes to the program are warranted.
Toronto-Dominion Bank faced criticism from a social justice advocacy group over investments in publicly traded U.S. firms that operate private prisons and immigration detention centers, which have sparked human rights concerns amid the coronavirus pandemic.
The owner of the New York Stock Exchange agreed to buy mortgage software firm Ellie Mae in a deal valued at $11 billion, furthering its goal to fully automate the mortgage industry and add to its own home loan services network.
Capital One is facing an $80 million fine from the U.S. Office of the Comptroller of the Currency, and requirements to fix certain cloud-based cybersecurity issues, after faulty practices resulted in a 2019 data breach, the regulator said Thursday.
New York-based BlackRock will let its more than 16,000 global employees work remotely for the rest of the year, as companies continue to adjust to the changing work environment brought on by the COVID-19 pandemic.
Democrats in the House and Senate banking committees unveiled legislation on Wednesday that would make unprecedented changes to the mission of the U.S. Federal Reserve, creating a mandate to reduce racial disparity across the economy.
U.S. legislative proposals aimed at providing relief to student borrowers would strain earnings of private student lenders and push some lenders out of the student loan market entirely, the American Bankers Association warned Tuesday.
Goldman Sachs is developing an app to identify parts of a company that are vulnerable to activist investors or good targets for mergers, as the investment bank leans into providing more technology-based services.
Funding for a trial program that would allow the U.S. Postal Service to experiment with offering banking services passed the House of Representatives on Friday, even as financial industry groups and Republican lawmakers rallied against the proposal.
Scandal-ridden Wells Fargo may find itself in hot water again after a pair of U.S. senators fired off a letter to the bank’s CEO on Thursday requesting information on reports that the bank placed borrowers in mortgage forbearance programs without their consent.
Mobile banking platform Varo Money received approval from U.S. regulators for a national bank charter, becoming the first fintech to receive that designation as the sector fights for greater legitimacy.
Bank of America on Wednesday said that it became the largest U.S. financial institution to commit to disclosing the climate impact of its loan and investment portfolio as a member of the Partnership for Carbon Accounting Financials, boosting the group’s leverage as it prepares to release a draft methodology next week.
LPL Financial reached an agreement with M&T Bank on Wednesday to bring the bank’s brokerage wing onto LPL’s platform, as heavy investments in technology continue to prove fruitful for the independent broker-dealer.
Insurance and investment conglomerate Berkshire Hathaway paid nearly $400 million last week for 16.4 million shares of Bank of America, further committing to its second-largest investment.