What Big Banks Say About Being ‘Screwed’ By Technological Change — Data Sheet

Adam Dell, the head of product for the Goldman Sachs consumer bank Marcus, delivered a zinger to the Brainstorm Finance audience in Montauk, N.Y., Thursday afternoon. “There are only two kinds of banks,” he said. “There are banks that are screwed. And banks that don’t know they are screwed.” Dell can be smug because his […]

Kiva’s Co-Founder Is Joining This Leo DiCaprio-Backed Bank

If there’s one place a world-changing idealist traditionally wouldn’t have been caught dead, it’s a bank. But clearly, times have changed. A wave of tech-centric “neo-banks” have popped up in recent years, usually promising a smoother customer experience marked by lower fees and branch-less, online-oriented services. And some have sought to go even further–differentiating themselves […]

Congress Is Weighing New Banking Laws That Could Light Up the Pot Business

These are high times for the American cannabis industry. Recreational marijuana is now legalized in 10 states and the District of Columbia, and myriad products containing non-psychoactive cannabidiol (CBD)–think CBD-infused skin creams, protein bars and kombucha–have found their way to storefronts across the nation. But when it comes to receiving the kind of banking services […]

T-Mobile’s No-Fee Checking Gets Big Marketing Push. Here’s What You Need to Know

T-Mobile plans a big nationwide push to sign up customers for no-fee checking accounts, part of an effort by the company to expand beyond its roots as a discount mobile phone service. Consumers, who don’t have to be T-Mobile wireless subscribers, can sign up for a “T-Mobile Money” account via a mobile app or in […]

Equifax, FICO Partner to Sell New Credit Report Services and Consumer Data to Banks

Credit reporting agency Equifax and Fair Isaac, which created and manages the FICO credit score, are announcing that they will partner to sell each other’s services to banks, according to the Wall Street Journal. The two companies plan to eventually offer a complete system, according to a joint press release, that would allow financial services […]

Citigroup is Starting a Payments Unit

Citigroup is launching a new payments unit that will offer merchants consumer payment options such as credit cards, digital wallets, and direct bank account transfers. Citigroup is reportedly partnering with payments firms including Mastercard for the new offering. Mastercard will provide some of the back-end connections and processing for merchants, The Wall Street Journal reports. […]

Germany Pushes for Deutsche Bank-Commerzbank Merger As It Seeks a National Banking Champion

After years of speculation, Germany’s two biggest lenders, Deutsche Bank and Commerzbank, have formally decided to begin discussing a potential merger. The tie-up between the struggling banks could create a national banking champion–or just a larger struggling bank. The banks announced the talks Sunday. “The management board of Deutsche Bank is focused on improving the […]

Federal Reserve Regulators Ease Some Post-Great Recession Controls

Banking regulators are easing some controls that went into place after the Great Recession. The Federal Reserve decided to end some of the public pass-fail grades it gave big banks after their annual stress tests, which came about as part of the 2010 Dodd-Frank legislation. Banks have to report how they would perform under various […]

Big Banks J.P. Morgan, Wells Fargo, and Bank of America Are Pulling Out of Lower-Income Neighborhoods

Big banks have been closing branches in lower-income areas and shifting more of their attention to wealthier ones, based on a new report from Bloomberg. Overall, there’s been a trend among the biggest banks–specifically J.P. Morgan Chase, Wells Fargo, and Bank of America–to reducing their branch networks. Relying on ATMs and online banking is less […]