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Verdict coming on OCC's supervision of Wells Fargo

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Critics of the OCC have long maintained that the agency was too close with the San Francisco bank. A watchdog's assessment of what transpired between 2009 and 2017 is expected to be completed late this spring.

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TD Bank names new consumer products chief

Mathew Boss, head of consumer products, TD Bank
The U.S. arm of Toronto-Dominion Bank said Matt Boss will oversee credit cards, residential loans and deposit products, among other areas.

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Western Union alum starts digital bank for low-income Americans

Stewart Stockdale, founder, Rellevate
Rellevate, founded by Stewart Stockdale, will offer pay advances, fast bill pay payment and international remittances for consumers who live paycheck to paycheck.

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CenterState, South State plan $3.2B merger

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The deal will create a bank with $34 billion in assets and operations stretching from Virginia to Florida.

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CFPB at long last defines enigmatic 'abusive' standard

CFPB Director Kathy Kraninger
Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB), listens during a discussion at the Bipartisan Policy Center in Washington, D.C., U.S., on Wednesday, April 17, 2019. Kraninger, confirmed in December by the Senate, took over an agency created by the 2010 Dodd-Frank Act that regulates everything from credit cards to mortgages. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
In the past, the agency cited the legal term in enforcement actions without stating what it meant, but Director Kathy Kraninger has sought to give the industry clearer guidance.

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Banks find a cheat code to catch up on digital: Merging

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CenterState and South State are the latest regionals to announce a deal driven heavily by the need to compete with larger banks that can afford to spend more on cutting-edge technologies.

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CFPB sues Citizens over card fraud claims, but bank pledges to fight

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As regulatory and economic troubles build for BNPL lenders, Citizens is focusing on traditional installment lending items like home improvement and electronics.
Bloomberg
The consumer bureau alleges the Providence, R.I., bank mismanaged billing error claims over a six-year period. Citizens Bank says it is "puzzled and disappointed" by the agency's action.

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Banks that can't ride the M&A wave

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A fifth of U.S. banks may lack the stock multiples it takes to pursue acquisitions, so they're looking for other ways to improve results and deploy capital.

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Inside Goldman Sachs' big plans in digital consumer banking

Goldman Sach's five-year plan for consumer banking
The Wall Street bank aims to double consumer deposits and triple outstanding consumer loans in five years. A checking account is slated for 2021, and more cobranded credit cards could be coming.

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Amex names ex-Comerica executive to its board

Karen Parkhill, Medtronic CFO and board member of American Express
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David Kern/David Kern
The New York-based credit card issuer is expanding its board to 13 members with the addition of Karen Parkhill.

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Financial regulations Consumer banking Digital banking M&A OCC Wells Fargo TD Bank CFPB
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