Banking News and Analysis | Banking Dive
Navy Federal to pay $95M in CFPB overdraft case The nation’s largest credit union charged overdraft fees on purchases made with sufficient funds from 2017 to 2021, generating about $44 million per year from “surprise” fees, the CFPB said.
Truist customer data exposed in third-party breach
Oct 8, 2024 · Truist has notified customers of a security breach involving a third-party service provider, asserting the incident did not affect its network, according to a letter the bank sent in early September that was made public last week.. Financial Business and Consumer Solutions, a third-party debt collector that worked for the Charlotte, North Carolina-based lender, discovered unauthorized access ...
First Interstate hires 37-year Colorado banking vet as next CEO
Oct 11, 2024 · When Jim Reuter announced his retirement as CEO of Lakewood, Colorado-based FirstBank in February, he said he was “looking forward to pursuing other interests and taking on new challenges.”. As it turns out, his other interests include leading another bank. Reuter will become president and CEO of First Interstate Bank, effective Nov. 1, the Billings, Montana-based lender announced Wednesday.
Wells Fargo faces new class-action suit over cash sweeps
Sep 26, 2024 · A new class-action lawsuit accuses Wells Fargo of underpaying interest to clients in its cash sweep program. In the proposed class action brought against the San Francisco-based lender, plaintiff Darren Cobb accuses Wells Fargo of breach of fiduciary duty, fair dealing, breach of contract and unjust enrichment.
Truist CEO: No ‘merger hangover’ with expenses | Banking Dive
Oct 17, 2024 · Dive Insight: Even though the Charlotte, North Carolina-based bank is facing increased competition in its southeast footprint – smaller lenders such as Huntington and Fifth Third have expressed plans to grow business in that region – Rogers asserted that Truist is hitting its stride.. Following the 2019 merger, Truist’s path to profitability improvement “is multi-faceted and a function ...
Philly-area credit union to pay $6.5M in DOJ redlining settlement
Oct 11, 2024 · Dive Brief: Exton, Pennsylvania-based Citadel Federal Credit Union has agreed to pay roughly $6.52 million to resolve allegations that it failed to provide mortgage lending services to majority-Black and Hispanic neighborhoods in Philadelphia and several nearby counties between 2017 and 2021, the Justice Department announced Thursday.; As part of the settlement, Citadel has agreed to open ...
TD hit with asset cap, $3B in penalties over AML woes
Oct 10, 2024 · The asset cap carries with it an open timeline. The Federal Reserve, for example, capped Wells Fargo’s assets at $1.95 trillion in February 2018 — in response to the bank’s 2016 fake-accounts scandal — and has yet to lift the restriction.Just this month, Sen. Elizabeth Warren, D-MA, urged the OCC to issue an asset cap against Citi over the bank’s long-running tech-modernization issues.
NYCB to shrink headcount by 1,900 | Banking Dive
Oct 18, 2024 · Dive Brief: New York Community Bank’s Flagstar is reducing its headcount by 1,900 roles, the Hicksville, New York-based lender announced Thursday.; About 700 employees, or 8% of the bank’s workforce, have been cut, in line with a strategy NYCB had already outlined, the lender said. The other 1,200 affected employees are leaving the bank’s purview when NYCB finalizes the sale of its ...
After Helene, banks aim to meet needs ‘exactly where they’re at …
Oct 10, 2024 · Western North Carolina is grappling with widespread destruction from Helene, which has killed at least 227 people, and recovery is projected to be costly and time-intensive.Following the storm, banks that serve the area have endeavored to provide their employees and customers with basic supplies, financial help or a shower.
Harris tries to court Black men voters with forgivable loans, crypto
Oct 14, 2024 · “The wealth gap was a major consideration in all of this, as was distrust of traditional financial services,” said Terri Bradford, payments specialist at the Kansas City Federal Reserve, in discussing Black investors’ higher likelihood of getting into crypto with Marketplace last year. “There was also interest in the ability of crypto — …