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Wells Fargo customers targeted with phishing attacks using calendar invites

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In a new twist on an old scam, cybercriminals have tried to get thousands of people to surrender their Wells bank account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's name.

(Full story here.)

Fed freezes stock buybacks, caps dividends after stress test results

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In the most sweeping capital distribution order since the financial crisis, the Federal Reserve says it will prohibit big banks from buying back their stock in the third quarter and limit dividend payments to second-quarter levels.

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Citigroup names Titi Cole to senior post in global consumer bank

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Titi Cole was recruited away from Wells Fargo to join Citi as head of global operations and fraud prevention. She'll report to Jane Fraser, the CEO of global consumer banking.

(Full story here.)

Frustrated by PPP, many small businesses are ditching their banks

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Business owners are changing banks at three times normal levels, a trend researchers attribute to their difficulty in obtaining emergency loans. If the forgiveness stage of the Paycheck Protection Program proves arduous, that rate could climb much higher.

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Why bankers remain unsold on Fed's Main Street program

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Worried about a lack of demand and that some of their customers are ineligible, community banks are still on the fence about participating in the effort to back loans for businesses recovering from the pandemic crisis.

(Full story here.)

OnDeck Capital in high-stakes talks with creditors

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With credit quality suffering due to the coronavirus outbreak, the online business lender faces onerous loan repayments if it can't renegotiate a corporate debt facility.

(Full story here.)

Digital banking: Once-steady shift now moving at lightning speed

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The coronavirus crisis led to "the greatest acceleration of digital banking in history." Here's what to expect next.

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What BBVA aims for with new mobile app

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The company's U.S. chief executive says the primary goal behind the app it rolled out Wednesday is to help customers improve their financial health and avoid overdrafts.

(Full story here.)

Ally's deal to acquire CardWorks called off

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The companies said the "meaningful impacts" of the coronavirus pandemic led them to terminate the $2.7 billion deal.

(Full story here.)

Societal upheaval strengthens case to expand CRA to nonbanks: Ludwig

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Former Comptroller of the Currency Gene Ludwig says making online lenders, credit unions and other nonbanks comply with the Community Reinvestment Act would be a powerful tool in addressing racial and economic injustices.

(Full story here.)
Cyber security Wells Fargo Federal Reserve Stock dividends Citigroup Paycheck Protection Program Digital banking BBVA
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