Banking News and Analysis | Banking Dive
FTC sues fintech Dave over alleged misleading marketing, undisclosed fees. The Federal Trade Commission filed a complaint Tuesday claiming the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving …
Bank of America customer data exposed in IT provider breach
Feb 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 ...
Breaking down capital requirements - Banking Dive
Dec 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 bank falls below well-capitalized. For this reason, banks typically look at well-capitalized requirements as a ...
Truist names COO, hires away Wells Fargo exec | Banking Dive
Nov 15, 2023 · Truist created a chief operating officer role and hired away a Wells Fargo executive to become its new chief wholesale banking officer, the bank announced Tuesday.. Truist’s vice chair, Beau Cummins, will become COO immediately, the bank said. Cummins has been with Truist or predecessor SunTrust since 2005, according to his LinkedIn profile.Before becoming vice chair in September 2021 ...
Wells Fargo faces new class-action suit over fake-accounts response
Mar 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
Dec 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 …
Commercial Banking News | Banking Dive
6 days ago · NYCB postpones profitability goal to 2026. The embattled bank recorded a $280 million loss for the third quarter and said it expected to post a loss for 2025, while whittling its profit forecast to 75 cents to 80 cents per share rather than …
7 personnel moves that spotlight Truist’s reorganization
Oct 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. purchase licensing rights.
Banking Technology News | Banking Dive
Nov 4, 2024 · Payments players tap M&A to build tech stacks. The Fed’s recent interest rate cut could spur even more deal-making in the remaining months of the year and into 2025. Mastercard, Global Payments and Payoneer are among the companies that have bought businesses this year. By Shefali Kapadia • Oct. 16, 2024.
PNC leans on ‘boring’ label in new marketing campaign
Mar 19, 2024 · PNC is dubbing itself “boring” in a new national advertising campaign. Amid recent turbulence in the banking industry, the Pittsburgh-based bank is “ focused on being reliable and trustworthy," CEO Bill Demchak said in a Monday news release. “In a frenetic industry that sometimes chases shiny objects, we've grown our business by focusing on the essential financial needs of customers ...