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Wells Fargo on the receiving end of USAA's long-standing intellectual property threat; millions are mad about Erica, Bank of America's virtual assistant; relief may be in reach for bankers fed up with SARs; and more from this week's most-read stories.
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Deposit Check with Cell Phone
OrlowskiDesigns/Getty Images/iStockphoto

USAA sues Wells Fargo over remote-deposit patents

When asked if other banks were being sued, USAA said the lawsuit names only Wells Fargo because the bank is one of the biggest adopters of remote mobile deposit capture and has failed to license the technology.

(Full story here.)
Timetable of rollout of the erica chatbot by Bank of America.

Mad about erica: Why a million people use Bank of America's chatbot

The bank's AI-driven virtual assistant, which lets people quickly search transactions and cancel subscriptions and other recurring charges, was an instant hit. But BofA will have to take a number of steps to sustain erica's early momentum.

(Full story here.)
Users of remote deposit capture

Is USAA vs. Wells Fargo the start of a broader patent war?

USAA's lawsuit accusing Wells of infringing on its remote-deposit patents is new territory: bank-on-bank fights over intellectual property.

(Full story here.)
AB-061218-SARS1.jpeg

Relief may be in reach for bankers fed up with SARs

Legislation with bipartisan support would raise the threshold for reporting suspicious activity, a goal banks have long sought.

(Full story here.)
Acting CFPB Director Mick Mulvaney
Mick Mulvaney, director of the Office of Management and Budget (OMB), speaks during a press briefing at the White House in Washington, D.C., U.S., on Friday, Jan. 19, 2018. Federal government funding runs out at midnight Friday. Legislation to extend the deadline passed the House on Thursday and is set for a showdown in the Senate Friday, in which Democrats are poised to block the bill. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

I was on the CFPB's Consumer Advisory Board. Until Mulvaney fired me

Mick Mulvaney is gutting the consumer watchdog, and it bodes poorly for hardworking Americans.

(Full story here.)
starbucks cup pair
Beverages sit on a counter inside a Starbucks Corp. coffee shop in New York, U.S., on Monday, Jan. 18, 2016. Starbucks Corp. is scheduled to release its first-quarter earnings report following the close of U.S. financial markets on January 21. Photographer: Victor J. Blue/Bloomberg
Victor J. Blue/Bloomberg

Four companies driving the bank tech discussion, with only one a FAANG

Facebook, Apple, Amazon, Netflix and Google garner so much attention that they have their own collective shorthand, FAANG. But it was a mostly different set of companies, including Starbucks and Acorns, that were top of mind this week for their financial services moves.

(Full story here.)
Rilla Delorier, chief strategy officer at Umpqua Bank.

Innovation checklist for banks stuck in a rut

Chief among the tips shared at Digital Banking 2018 were: be willing to experiment, seek out partners, rethink cost-cutting and small banks should stop making excuses.

(Full story here.)
Comptroller of the Currency Joseph Otting
Former OCC chief Joseph Otting's CRA proposal was finalized in 2020. However, acting Comptroller Michael Hsu rescinded that in favor of the joint proposal.
Andrew Harrer/Bloomberg

OCC's Otting in congressional hot seat: 6 takeaways

In his inaugural hearing as comptroller of the currency, Joseph Otting defended his decision not to publicly rebuke banks for Wells Fargo-like problems.

(Full story here.)
President Donald J. Trump
U.S. President Donald Trump speaks to members of the media before boarding Marine One on the South Lawn of the White House in Washington, D.C., U.S., on Friday, June 8, 2018. Trump will leave early from the Group of Seven (G7) summit in Quebec, where he'll face backlash over his trade policies, and head straight to Singapore to meet with North Korean leader Kim Jong Un. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Strange bedfellows: Trump backs Warren's pot banking bill

In a break with his own Justice Department, President Trump suggested Friday he would sign a bill co-authored by Sen. Elizabeth Warren to protect financial institutions that help legal marijuana businesses.

(Full story here.)
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau.

Federal judge rejects CFPB's effort to halt payday rule

Acting CFPB Director Mick Mulvaney had sided with two industry trade groups that sued the CFPB in April to invalidate the tough restrictions.

(Full story here.)
Lawsuits Virtual assistants Fintech Marijuana banking Payday lending OCC Wells Fargo Bank of America USAA
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