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CONTINUE TO SITE ➞ * Deep Dive * Opinion * Library * Events * Topics Menu * Sign Up * Search Search x * Commercial * Retail * Credit Unions * Payments * Regulations & Policy * Technology * Risk The image by Андрей Бобровский is licensed under CC BY 3.0 ICBA CALLS FOR 'EXIT FEE' ON CREDIT UNION-BANK DEALS The trade group's proposed fee would be equal to 10% of the gross value of the acquired bank's assets or liabilities as shown on its most recent balance sheet — whichever are greater — and would be payable by the acquiring credit union. Read more ➔ TOP STORIES 1. SBA 'THREAT' DRAWS IRE OF PPP LENDERS, REPUBLICAN LAWMAKERS 2. TIAA HIRES FORMER GOLDMAN, CREDIT SUISSE EXEC AS CFO 3. FED FINDS BUSINESSES EAGER FOR FASTER PAYMENTS 4. ROBINHOOD DEVELOPING EARLY DIRECT DEPOSIT ACCESS, APP CODE SHOWS 5. ACQUISITIONS HEAT UP AMID COMPETITION FOR SMALL-BUSINESS PAYMENTS CLIENTS THE LATEST * * Mario Tama via Getty Images MORGAN STANLEY BUMPS FIRST-YEAR PAY TO $110K TO MATCH GOLDMAN SACHS Tuesday's move marks the second time in a month the bank lifted salaries for first-year investment banking and global capital markets analysts. Commercial * Courtesy of Wells Fargo multimedia resources WELLS FARGO SEEKS MORE TIME TO COMPLY WITH SCANDAL CONSENT ORDERS: REPORT The bank could face additional sanctions from regulators over the pace at which it is compensating victims of its consumer abuse violations, Bloomberg reported Tuesday. Commercial * Flickr user jimbowen0306 NY GOVERNOR TAPS EX-OBAMA STAFFER TO LEAD STATE REGULATOR Adrienne Harris served from 2015 to 2017 as a special assistant to the president for economic policy. She still must be confirmed by the New York state Senate before taking office. Regulations & Policy * Permission granted by Citizens Bank of Edmond CITIZENS BANK OF EDMOND TO LAUNCH NATIONAL DIGITAL BANK WITH PARTNER MOVEN The platform is meant to target an underserved affinity group, Citizens CEO Jill Castilla said, adding she would share more details about the customer base in the next 60 days. Retail * Sponsored by Workiva Finding Efficiencies in Fund Compliance and Reporting Fund compliance teams can lead their firms with new technology and ideas. Read this e-book for three places to start. Download Now * Haugland Bowen, Katie. (2014). "Houston Skyline" [Photograph]. Retrieved from Flickr. CADENCE BANK TO PAY $8.5M TO RESOLVE DOJ, OCC REDLINING CLAIMS The OCC said its examiners found just one of the bank's 11 Houston-area branches, between 2014 and 2016, was in a majority-nonwhite neighborhood and had no dedicated mortgage loan officer. Retail * Mark Wilson via Getty Images SBA'S SECOND-LARGEST LOAN PROGRAM MAY RUN OUT OF FUNDS THIS WEEK The pandemic and low interest rates have caused demand for SBA 504 loans to soar to record levels. Regulations & Policy * Flickr user Ted Eytan CFPB WON'T RECOMMEND OPPFI ENFORCEMENT ACTION, LENDER SAYS OppFi disclosed the bureau's investigation into its Military Lending Act practices in March, ahead of a planned merger with a blank-check company. Regulations & Policy * Fotolia BANK REGULATORS ISSUE GUIDANCE ON PARTNERING WITH FINTECHS Banks should evaluate fintechs' business experience and qualifications, financial condition, legal and regulatory compliance, risk management and controls, information security and operational resilience, regulators said Friday. Commercial * How to Win Customers With an Online Banking Experience Explore how banks are increasing digital customer engagement through a reimagined online banking experience. Download now * Jeff Swensen via Getty Images PNC INCREASING MINIMUM HOURLY PAY TO $18 The $3-per-hour boost represents a 20% increase for legacy PNC employees, but is a bigger jump for BBVA USA staff joining PNC in October. Minimum hourly pay there is $11, according to The Associated Press. Retail * Alex Wong via Getty Images SEC SEEKS PUBLIC FEEDBACK ON BROKERS' DIGITAL PRACTICES At issue is whether in-app prompts or gamification strategies constitute investment advice. In a tweet, the agency's chairman compares such practices to streaming service recommendations that shape viewer algorithms. Regulations & Policy * Justin Sullivan / Staff via Getty Images BANK OF AMERICA EXECS FINUCANE, MONTAG TO RETIRE THIS YEAR The bank will roll out succession plans in the coming weeks to replace its chief ESG architect and COO. The moves may cement a new generation of leadership at the Charlotte, North Carolina-based lender. Regulations & Policy * Mark Wilson via Getty Images BANKS SEE NEARLY 40% UPTICK IN OVERDRAFT FEES YEAR OVER YEAR: S&P The second-quarter $1.97 billion is well beyond the amount collected in 2020's comparable three-month span, when consumers spent markedly less in the pandemic's early days. But it falls far short of figures from 2019. Retail * Zachary Drucker for The Gender Spectrum Collection OPTIMISM TURNS AROUND FOR BLACK SMALL-BUSINESS OWNERS IN BANK OF AMERICA SURVEY About 95% of Black business owners reported the pandemic added stress to normal business operations, but about 84% said they expect revenue to increase over the next 12 months. Retail * Courtesy of Gibson FINTECH VETERAN GEARS NEOBANK TOWARD MUSICIANS Kasasa executive John Waupsh decided to launch Nerve after noticing musicians, struggling to access business accounts, often rely on personal checking accounts for business deposits and expenses. Retail * :Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons. GOLDMAN SACHS MANDATES VACCINE FOR OFFICE-BASED EMPLOYEES BY SEPT. 7 Occupants of the banks' offices will also be required to wear masks, regardless of their vaccination status, beginning this week. The move comes a day after the FDA approved the Pfizer vaccine against COVID-19. Regulations & Policy * Justin Sullivan via Getty Images SANTANDER HOLDINGS USA TO BUY REST OF US CONSUMER UNIT FOR $2.5B The deal, which includes the remaining 20% of the consumer unit's shares, values the division at $12.7 billion, and is expected to close in the fourth quarter of 2021. Commercial * Flickr; Senia L SERIAL ACQUIRER SEACOAST TO BUY 2 FLORIDA BANKS The deals, expected to close in the first quarter of 2022, would add $600 million in assets to Seacoast and value Sarasota-based Sabal Palm Bank at $53.9 million and Business Bank of Florida at about $28.4 million. Commercial * LaylaBird via iStock FISERV STRIKES UP A BEVY OF NEW PARTNERSHIPS The payments processor has fresh ties to MovoCash, Selecta Group and Venmo that will allow it to keep expanding its digital payment services. Payments * Rawf8 via Getty Images CANADA'S LARGEST BANKS TO REQUIRE EMPLOYEE VACCINATIONS BEFORE OFFICE RETURN Staff at TD, the Royal Bank of Canada, Bank of Montreal and the Canadian Imperial Bank of Commerce must demonstrate proof of vaccination by October. Scotiabank also will require vaccines for its workers but has not set a date. Commercial * Chris Hondros via Getty Images JPMORGAN CHASE GLITCH LET CUSTOMERS SEE OTHER USERS' DATA The breach, which lasted from May 24 to July 14, appears to have limited reach — seven customers in Montana, for example — although no details were available regarding potential impact in other states, or elsewhere. Technology * "Paycheck Protection Program and Reminder Note" by Marco Verch is licensed under CC BY 2.0 SBA FORGIVENESS PORTAL ACCEPTS MORE THAN 340K SUBMISSIONS, BUT MANY LENDERS OPT OUT More than 1,230 lenders, representing over half of outstanding loan forgiveness applications, have opted in to the SBA's direct borrower forgiveness portal. But 4,237 have opted to use their own internal portals. Commercial * Column SPATE OF AUGUST DEALS DOUBLES 2021'S BANK ACQUISITIONS BY CREDIT UNIONS The latest tie-ups in Florida and Illinois are the fourth and fifth in roughly two weeks. The question remains whether a resurgent COVID-19 caseload will bring dealmaking to another halt. UPDATED: Aug. 23, 2021 at 7 a.m. Credit Unions * Spencer Platt via Getty Images OUTGOING NY GOVERNOR SIGNS BILL TO LIMIT OVERDRAFT PRACTICES AT STATE-CHARTERED BANKS The new law, which takes effect Jan. 1, comes as lawmakers and regulators are paying more attention to overdraft fees and the revenue they generated for banks amid the pandemic. Commercial * David McNew via Getty Images BANK OF AMERICA NETS RECORD 227 PATENTS IN FIRST HALF OF 2021 That figure represents a 23% increase from the first six months of last year. About 40% of the 227 patents are connected to artificial intelligence or machine learning. Technology * Flickr user MoneyBlogNewz WELLS FARGO REVERSES COURSE ON PERSONAL LINES OF CREDIT The lender's July decision to close existing lines generated outcry from customers whose credit could be hurt by the move. Borrowers who haven't used PLOCs in 12 months have until Dec. 2 to activate their lines. Payments More stories GET THE NEWSLETTER Subscribe to Banking Dive to get the must-read news & insights in your inbox. Email: * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. MOST POPULAR 1. SBA 'threat' draws ire of PPP lenders, Republican lawmakers 2. Wells Fargo seeks more time to comply with scandal consent orders: report 3. Banks delay return to office as delta variant surges 4. Citizens Bank of Edmond to launch national digital bank with partner Moven 5. Morgan Stanley bumps first-year pay to $110K to match Goldman Sachs LIBRARY * Playbook How Banks With Advanced Digital Maturity Win Customers * Trendline Everything you need to know about fraud and AML in banking * Trendline Winning banking customer service in the COVID era View all PRESS RELEASES * Keynova Group Releases 2021 Mortgage-Home Equity Scorecard Findings Press release from Keynova Group * BluWave Ranks No. 127 on the Inc. 5000 Annual List of America's Fastest Growing Private Comp... Press release from BluWave * Bank of the Bahamas Limited Selects Newgen for Streamlining its Banking Processes Press release from Newgen View all | Post a press release WHAT WE'RE READING * The Wall Street Journal West Virginia Gov. Jim Justice Settles With Bank Over Soured Business Loans Sept. 01 * Bloomberg JPMorgan Settles French Tax-Fraud Case for $30 Million Sept. 02 * CNBC IRS chief tells Elizabeth Warren: More transparent bank data can fight tax evasion Sept. 02 View all EVENTS * What Banking’s COVID Pivot Revealed: Positioning Your Bank to Effectively Retain and Grow Webinar 2 pm ET • Sep 8, 2021 * How Financial Institutions Can Increase Revenue and Engagement With Personalized Messaging Webinar 2pm ET • Sep 16, 2021 * Caught In the Middle: Providing Streamlined, Digital Experiences That Meet Operational and Regulatory Requirements Webinar 2pm ET • Sep 21, 2021 View all events INDUSTRY INTEL * Whitepaper AI for the Right Time in Your Customer’s Journey bold360 * Industry Report The Impact of Digital Acceleration on Banking BAI * Webinar - on demand The Next Evolution of Customer Engagement for Financial Services bold360 Banking Dive Get the Daily Dive newsletter from Banking Dive From technology to regulations & policy, the Daily Dive newsletter will keep you up-to-speed on the latest industry news and trends. Sign Up for Free GET BANKING DIVE IN YOUR INBOX The free newsletter covering the top industry headlines Email: * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. -------------------------------------------------------------------------------- EXPLORE * Submit A Tip * Editorial Team * About * Newsletter * Article Reprints * Press Releases * What We're Reading * Advertising * Contact RELATED PUBLICATIONS * CFO Dive FOLLOW FEEDBACK Work email: * Message: * Submit Please leave this field blank -------------------------------------------------------------------------------- © 2021 Industry Dive. All rights reserved. | View our other publications | Privacy policy | Terms of use | Take down policy. 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