BankThink

Citi sues to recoup Revlon loan funds; Amex to buy Kabbage

08/18/20

The bank is suing lenders to return $900 million they were mistakenly paid last week; the deal will put the credit card company in the online small-business lending market.

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‘We’re all the same size rectangle on the Zoom screen’

08/17/20

Vanessa Colella, innovation chief at Citi, says remote working has had a democratizing effect. She also touches on the types of technology Citi has been incubating, the startups it’s investing in and her efforts at fostering a culture of generosity.

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Wells Fargo consumer chief may testify of 'fear' her predecessor inspired

08/17/20

Mary Mack is expected to say that other employees were scared of Carrie Tolstedt, according to the bank’s regulators. Tolstedt, one of five former Wells executives facing civil charges in connection with the bank’s phony-accounts scandal, could be fined as much as $25 million.

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Citigroup’s $900 million loan blunder to face OCC, Fed scrutiny

08/17/20

The bank has begun briefing regulators about how it mistakenly sent payments to creditors of Revlon, the financially strapped cosmetics company. Citi has also filed a lawsuit against Brigade Capital Management seeking to recoup $175 million it sent to Brigade on Revlon's behalf.

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How TCF pulled off huge M&A integration during pandemic

08/17/20

The Detroit regional relied on smaller teams, flexible deadlines and tightly defined tasks to convert the systems of Chemical Financial and rebrand.

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‘I’m a budget nerd’: How new FHA chief is confronting pandemic

08/17/20

Dana Wade, a former OMB official, says a strong capital footing will help the Federal Housing Administration weather an uptick in delinquencies and ensure the mortgage market is viable once the economy recovers.

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FedNow? More like FedLate.

08/17/20

The Fed's faster payments platform may well roll out in three or four years, but by then it will already be outdated.

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Amex, already small-business card king, wants more with Kabbage

08/17/20

American Express Co. is acquiring the teams and technology behind the online lender Kabbage Inc. as the credit-card giant seeks to provide more loans and other services to small-business owners.

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Organizers lay out ambitious plan for New Orleans de novo bank

08/17/20

ViZ Bank would eventually have branches across several major U.S. cities, including Dallas, Denver and Atlanta. It would also offer a program to help former inmates build savings and establish credit.

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Berkshire dumps bank stocks; Northern Trust investment chief's diversity plea

08/17/20

The company sold major stakes in Wells, JPMorgan, Goldman and others but increased its BofA holding; Shundrawn Thomas says the asset management business needs more Black and Latino representation at the top.

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