Banking

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.

The OCC finds that Wells Fargo was not alone in its sales abuse practices (though it's not naming names); Fifth Third's Tim Spence is our Digital Banker of the Year; the CFPB acting director wipes out the agency's Consumer Advisory Board; and more from this week's most-read stories.

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.

Developing technology in-house and then licensing it is one way a small bank can build a reputation as an innovator.

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.

In a new initiative announced Friday, Bank of America said that it will work with several nonprofits to source a pipeline of local talent in its markets.

The firms were initially slated to be included in a newly merged trade association, but they were blocked after some executives objected to adding more Wall Street banks.

The marketplace aims to bring together credit unions, CUSOs, industry vendors and more.

Redwood CU's home-grown pay-by-text solution won a prestigious award recently, but the credit union is already looking at ways to build even more functionality into it.

The agency found no “systemic issues” in its review of other banks’ sales practices; some churches say the lenders are needed, others see the devil.

The information you need to start your day, from PaymentsSource and around the Web: Mastercard gets a blockchain patent; A cryptocurrency for pot may sponsor Dennis Rodman's trop to the Singapore summit; The networks and XRP team on a wallet toolkit; ABN Amro gamifies technology hiring.

Readers react to members of the Consumer Financial Protection Bureau's advisory board getting fired, opine on Sen. Elizabeth Warren slamming deregulation, weigh in on facial recognition technologies and more.

Banks will need to evolve further and faster to reach consumers in an interconnected, always online world, according to industry leaders.

The Pittsburgh company said that the moves would improve both operating efficiency in its retail network and the credit profile of its consumer loan portfolio.

It's tough to explain the bizarre way the CFPB handled the decision to dismiss the members of three advisory councils earlier this week.

The bipartisan legislation would enable business in legal-marijuana states to access banking services, removing a key hurdle for a fast-growing industry.

President and CEO Joseph Ficalora took a 33% pay cut in 2017, but shareholders still rejected the plan by a wide margin.

The firm graded bank and credit card apps on customer satisfaction, appearance, navigability, and availability and clarity of information.

Ameris Bancorp said that Edwin Hortman will step down as president and CEO in July but will continue as chairman.

Live Oak is the latest bank to jump into this niche lending area. But some warn they are beginning to see cracks in credit quality.