Deposits

The company says that marketing its deposit products could help build deeper customer relationships, particularly with student loan borrowers. “We're not just a credit card issuer,” CEO Roger Hochschild told analysts.

Acting Comptroller Michael Hsu identified eight practices that he described as pro-consumer. While some banks have already acted on many of the reforms, they are by no means standard across the industry.

Current regulations barring out-of-state banks from siphoning deposits from local communities are effectively toothless, as the experience in Miami has shown.

Year to date Jun. 30, 2021. Dollars in thousands.

Goldman Sachs Group, in an effort to win more deposits and build out its transaction banking segment, is offering companies slightly higher interest on their accounts if they meet environmental or other socially responsible goals.

On Jun. 30, 2021. Dollars in thousands.

Robinhood Markets is working on a new feature that lets users receive their paychecks via direct deposit up to two days early, stepping up competition with companies like PayPal Holdings and Wealthfront.

Google has tied up with an Indian small lender to offer time deposits to users of its payments wallet, extending its presence in the nation’s lucrative digital banking space.

Year to date Mar. 31, 2021. Dollars in thousands.

The influx that began around the start of the pandemic has yet to subside, as loan demand remains weak even though consumers are again spending money. Some of the excess liquidity now seems likely to remain for a long time, forcing banks to make tough calls about how and when to deploy it.