Wells Fargo gets its first nonbranch employee union
Dec 11, 2024 · A group of Wells Fargo workers who serve as gatekeepers for complaints from the megabank's customers and employees has voted to form a union.. The 21-16 vote, which was certified Tuesday by the National Labor Relations Board, marks the first successful drive to organize members of a nonbranch work unit at Wells. Over the last year, workers at 23 of the bank's more than 4,000 branches have ...
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How USAA landed in regulators' hot seat | American Banker
Nov 21, 2024 · Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
Banks ponder, 'What's in a name?' - American Banker
Aug 22, 2024 · Still, these mix-ups have been "a rare and relatively easy problem to solve," Fisher said. For other banks, it matters a lot. In May 2023, Pacific West Bank in Portland, Oregon, published a jittery press release and placed a banner on its homepage emphasizing that it was not the similarly named Pacific Western Bank, or PacWest Bancorp, in California.
Why banks are closing so many branches | American Banker
Dec 6, 2024 · Taking into account openings and closings, U.S. banks reduced the nation's branch count by 944 through the third quarter of this year, according to S&P Global Market Intelligence.There were about 77,500 bank branches in the U.S. at the start of 2024.
CFPB sues Comerica over abuses of federal benefits users
Dec 6, 2024 · The bureau accused Comerica Bank, a subsidiary of Comerica Inc., of deliberately disconnecting millions of customer service calls, charging illegal ATM fees to customers and mishandling fraud complaints. "The CFPB is suing Comerica Bank for illegally harming disabled and older Americans who count on Social Security and other federal benefits," CFPB Director Rohit Chopra said in a statement.
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The mission of American Banker Magazine is to explore ideas. Our features, news articles, data, rankings and op-eds provide unique analysis of banking trends and strategies.
15 most recent bank failures - American Banker
Oct 24, 2024 · Since 2019, 15 banks have failed, with five banks failing in 2023 alone. On October 18, 2024, First National Bank of Linday's demise marked the second bank failure of the year. The collapse raised questions about whether the failure was caused by errors at the bank or by economic issues that could affect other institutions.
Former BaaS bank cited again by regulators | American Banker
Dec 19, 2024 · Until recently, Lineage had pursued a business model centered on banking as a service, or BaaS.Its fintech partners included Synapse, the now-bankrupt firm that specialized in providing technologies to small banks to help them partner with consumer-facing tech startups.. Between 2020 and 2023, Lineage grew from $27 million of assets to $290 million of assets, according to FDIC data.
How Project 2025 would affect bankers | American Banker
Jul 11, 2024 · Some of the plan's most systemic changes would happen at the Fed. Project 2025 would severely curtail the power of the Fed by restricting the central bank's mandate to exclude full employment.