USAA's regulatory troubles now include OCC fine, CRA downgrade
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The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act.

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Citi execs silent on cost of risk overhaul
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CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions.

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PNC unlikely to buy a digital bank, CEO Demchak says
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The Pittsburgh company has reservations about the business model and staying power of online-only banks.

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First Citizens to buy CIT for $2.2 billion
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The combined company would be the nation's 19th-largest bank with roughly $110 billion of assets.

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TD Bank sues Plaid for trademark infringement, false advertising
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In a lawsuit filed Wednesday, the U.S. subsidiary of Toronto-Dominion Bank accused the data aggregator Plaid of improperly using the bank's name, trademarks and logos when it gathers TD customers' data.

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Wells Fargo faces growing pressure to slash costs
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CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

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Fintech partnerships help TD weather the pandemic
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Mobile and online banking technologies that the Toronto bank previously rolled out, including a virtual assistant developed by Kasisto and money management tools made by Moven, have become much more popular since the arrival of COVID-19.

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JPMorgan Chase launches bank account for kids
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Chase First Banking is embedded in the bank's mobile app and has parental controls. It is an example of how banks are trying to attract Generation Z.

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SBA streamlines forgiveness for PPP loans of $50,000 or less
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Lenders welcomed the move as a helpful first step but are still urging policymakers to develop a broader, simpler process for expediting the approvals of loans extended to troubled small businesses under the Paycheck Protection Program.

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BofA adapting consumer tech for use with corporate clients
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Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services.

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