Banker of the Year, Wells Fargo shake-up, credit union nemesis: Top stories of the week
December 6, 2019 4:28 PM
Banker of the Year: Citizens Bank's Bruce Van Saun
Once struggling to remain relevant, the Providence, R.I., bank is now an industry standout. Inside the story of its resurgence.
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Matthew Guillory
Shake-up continues at Wells Fargo with poaching of Santander's CEO
Scott Powell, who resolved numerous regulatory problems as the head of the Spanish bank's U.S. operations, will face similar challenges at scandal-plagued Wells. As the bank's chief operating officer, Powell will report to CEO Charlie Scharf, a former colleague at JPMorgan Chase.
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Qilai Shen/Bloomberg
Wells Fargo to refund checking fees after lawmaker flags issue
CEO Charlie Scharf said in a letter to Congress that a review is underway to determine how many customers were affected by confusion over monthly fees and that the bank will begin issuing refunds next year.
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The Navy commander behind the credit union banks love to hate
Navy Federal Credit Union is Exhibit A in banks' case to tax the credit union industry. But it wasn't always seen as the powerhouse it is today. Meet Adm. Cutler Dawson, the man who changed that.
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Luke Sharrett/Bloomberg
How one storage unit became one big mess for BB&T, Hitachi
A 15-hour shutdown of online banking, mobile banking, ATMs and wire transfers was caused by a single data storage unit. BB&T's lawsuit blames the vendor, but the bank may have left itself too exposed to equipment failure.
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Will Schwab use TD Ameritrade deposits to fuel banking expansion?
In search of new sources of revenue now that it has slashed fees on stock trades, the brokerage giant could use the influx of deposits it will get from acquiring its rival to grow its loan portfolio and add new banking services.
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JPMorgan Chase signs data sharing agreement with Envestnet Yodlee
The largest U.S. bank will share data through application programming interfaces with a sometimes-controversial data aggregator.
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The largest U.S. bank will share data through application programming interfaces with a sometimes-controversial data aggregator.
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Credit unions' bank buyout spree snags biggest fish yet
Apollo Bank's agreement to be sold to a credit union has bankers worried there will be larger such sales in 2020.
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Logan Cyrus/Bloomberg
Warren releases plan to overhaul bank merger approval process
Sen. Elizabeth Warren introduced a bill to require CFPB approval for certain bank merger applications in the wake of regulators' approval of a deal between BB&T and SunTrust.
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Community Banker of the Year: Morris Bank's Spence Mullis
Mullis has thrived as a traditional community banker, leading the redevelopment of historic buildings in a small, struggling Georgia town and successfully growing Morris Bank in a mostly rural market.
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