The fresh funding supports the popular fintech trends of encouraging people to save money and “rebundling” alternative banking services.
“We know we've said this before, but we do feel we've put this behind us now,” Joseph DePaolo said Thursday.
Investing in technology has been an important focus for banks. But big questions remain about these investments, including how best to pay for them.
Randal Quarles found himself in the middle of an issue that typically doesn't fall under a bank regulator's purview.
Financial institutions are sharing more information with third parties these days, but they need to be cautious about it.
Tim Russi played a key role in the company’s transition away from its once-close relationship on General Motors. He will be succeeded by Doug Timmerman, a 32-year Ally veteran.
The Waterbury, Conn., company also posted a double-digit gain in net interest income thanks to a 7% increase in commercial loan balances and a widening net interest margin.
Major card brands have been competing to surpass each other with rewards and premium card offerings for decades, but American Express still views the premium card world as one it dominates.
The North Carolina company's efforts to contain expenses made up for a marginal increase in revenue.
Banks struggle to make their websites and apps a destination rather than a utility. Analyst Jacob Jegher offers some ideas for building digital relationships.
The Arkansas company's revenue increased largely due to its 2017 purchase of Stonegate Bank.
Matt Zames, the former JPMorgan Chase executive who had been seen as a candidate for Deutsche Bank's top job, was named president of investment firm Cerberus Capital Management.
Two recent central bank proposals may exacerbate problems with the agency’s capital surcharge for big banks.
Spread income offset higher expenses during the first quarter at the Maryland bank.
Consumers around the world are increasingly accessing banking solely through digital means, according to new global studies by Oracle and the World Bank.
Sussex Bank, which recently completed its first whole-bank acquisition, is rebradning itself as SB One Bank.
BancorpSouth, which had two prior deals delayed over BSA and CRA issues, has agreed to buy a bank in the Houston area.
The Bridgeport, Conn., company said that first-quarter net income climbed 52% over the same period last year to $107.9 million.
The custody bank benefited from a wide range of economic forces in the first quarter
The company will merge with Kentucky Federal Savings and Loan by the end of this year.
The Cleveland company's acquisition of a boutique investment banking firm contributed to an increase in its fee income.
Premier Financial agreed to buy First Bank of Charleston for $33 million.
Bill to end the guidance intended to fight discriminatory lending now goes to the House; card company’s push to make more loans to customers pays dividends.
The New York bank said it wrote down each taxi medallion loan to a value of $160,000. At their peak, New York City medallions were worth well over $1 million.
During an appearance on the CBS Evenings News Wednesday evening, Dimon unveiled new details about the first leg of the New York company's recently announced, multi-city branch expansion.
However, mortgage growth and servicing income weren't the only reasons profits rose by double digits at the Dallas bank.
Comments by Federal Reserve Vice Chairman for Supervision Randal Quarles appeared to contrast with past statements by former officials about the controversial charter.
Results were also aided by strong growth in residential construction, commercial and equipment financing.
Many of Treasury’s recommendations for modernizing the Community Reinvestment Act would help financial institutions, not low-income communities.
American Express Co., long known to issue cards that had to be paid off in full every month, now wants its customers to take their time paying it back.
Online banks have good reason for wanting regulators to update the 41-year-old Community Reinvestment Act.
The Consumer Bankers Association on Wednesday asked lawmakers to rein in regulations that were meant to prevent robo-calls but that the group says have inadvertently captured legitimate calls.
A sharp decline in capital markets fees at the Minneapolis company shows tepid loan growth is not the only side effect of tax reform at banks. How hard will it be to bounce back?
Passage of a resolution blocking guidance on auto loan pricing could set a precedent that allows Congress to nullify other long-past regulatory issuances.
An SBA watchdog's investigation into chicken farms may ensnare other small businesses.
The Senate voted Wednesday to block guidance issued by the Consumer Financial Protection Bureau in 2013 that was meant to stop discriminatory markups on indirect loans made by car dealers.
WebAuthn could eventually mean passwords are replaced with fingerprints and facial recognition. But how hard will it be to implement?
Organizers of Studio Bank in Nashville have raised more than $40 million, satisfying the minimum amount set by regulators.
Organizers of CommerceOne Bank in Birmingham must raise at least $30 million before opening.
The outgoing head of the ICBA reflects on how technology and partisan politics have changed policymaking over the past 15 years.
The Illinois company has agreed to buy Springfield Bancshares for $87 million.
Quarterly earnings at the Minneapolis company were boosted instead by a wider net interest margin and a lower tax rate.
The Senate is expected to pass a bill that would ax controversial guidance on loans at car dealerships; lower tax rate may have skewed year-on-year comparisons.
An increase in total loans and a lower tax rate helped the Mississippi company offset revenue it lost after selling a consumer finance business.
Small businesses that experienced losses resulting from natural disaster were more likely to seek smaller amounts of financing and more likely to look at nonbank lenders than their counterparts who hadn’t suffered from natural disasters, according to research published Tuesday by four regional Federal Reserve banks.
The company benefited from increases in residential and construction lending.
New York Attorney General Eric Schneiderman asked 13 cryptocurrency exchanges for detailed information about their operations as part of a "fact-finding inquiry."
The Wall Street giant's acquisition of the app maker Clarity Money is only one part of a long-term strategy to build a digital retail bank from the ground up.
Though total loans and deposits were down from the end of 2017, management expressed optimism that things will pick up over the rest of this year.
The divide highlights a lingering question about how much commercial and retail depositors value cutting-edge technology over price — and whether midsize banks can keep pace with bigger rivals when it comes to tech investments.
As the Senate closes in on overturning the Consumer Financial Protection Bureau's 2013 indirect auto loan rule, a central question is how lasting the congressional measure will be in limiting the CFPB's authority.
The rules to comply with the Community Reinvestment Act have become "formulaic and ossified," and must be changed to encourage the kinds of lending practices that the law was originally intended to foment, the Federal Reserve's top regulator said Tuesday.
Community banks are increasingly turning to account onboarding technology to help them solve a growing problem — how to win new customers without opening physical branches.
A Virginia bank's decision to pursue a charter in North Carolina puzzles some observers, given the added complexity and costs.
Tala plans to use the latest round of funding to develop new products for its customers in Kenya, Tanzania, the Philippines, India and Mexico.
A class action filed last week alleges that Renovate America and Renew Financial failed to provide consumer protections promised to L.A. County, that this constitutes elder abuse, and the county is complicit.
The Los Angeles bank also benefited from a reduced reliance on costlier certificates of deposit.
The Chicago custody bank also benefited from a recent acquisition of a UBS business in Europe and the lower federal income tax rate.
The company, which completed a major acquisition last year, said tax reform will help it generate a higher return on average assets.
Joe Petitti and Jack Knight formerly held leadership posts at First Republic.
Sen. Elizabeth Warren is struggling to get data that shows how bad sexual harassment might be on Wall Street.
The Alabama bank agreed to buy Peoples Bank for $23 million as part of a plan to target new Southeastern markets.
The Rosemont, Ill., bank rode loan growth, interest rate trends and noninterest-income gains to a double-digit increase in profits in the first quarter.
Lawmakers should not toss out an agency rule aimed at curbing auto dealer markups that adversely impact borrowers of color.
Profits soared at the Dallas bank as recent interest rate hikes and ongoing expense cuts outweighed weakness in the company’s loan book and in its fee income.
Fed vice chair wants to put stress test scenarios out for comment by banks; C&Is outstanding at record level in March.
Chris Marshall, a former CFO at Capital Bank Financial, will help Tax Guard recruit bank and nonbank clients. The firm uses technology to let lenders know if potential clients owe money to the IRS.
The Federal Reserve is considering allowing banks a chance to comment on stress tests before they take them and dropping any qualitative review for the largest banks’ performance, according to Randal Quarles, the central bank’s vice chairman for banking supervision.
The Office of the Comptroller of the Currency has been leading the charge on revamping the Community Reinvestment Act, but a big unknown is whether the other two regulators charged with carrying out the law are committed to moving ahead as swiftly on a reform plan.
Sixty-four consumer groups are speaking out against a Senate measure, expected to be voted on this week, that would overturn the Consumer Financial Protection Bureau's 2013 regulation on discriminatory pricing by auto lenders.
Barclays has been gauging clients' interest in the British bank starting a cryptocurrency trading desk, potentially joining Goldman Sachs in pioneering a new business on Wall Street, according to people with knowledge of the matter.
Regulators are working to reform the rule regardless of whether a House provision streamlining authority for it is approved.
Michelle Bowman, a former community banker and now the Kansas State Bank Commissioner, was one of two Federal Reserve Board nominees announced by the White House on Monday. President Trump also nominated Columbia University Richard Clarida as vice chair.
On Dec. 31, 2017. Dollars in thousands.
Previously the head of commercial banking, Tory Nixon — also a former NFL cornerback — will now oversee the bank's digital strategy.
On Dec. 31, 2017. Dollars in thousands.
Lending, especially in some consumer segments, increased at Bank of America in the first quarter, and CEO Brian Moynihan expects that to continue this year. However, for market watchers skeptical about the industry's growth prospects, BofA's numbers may do little to change their minds.
New Resource Bank and P2Bi are splitting the risk and revenue associated with asset-based loans.
Gary Shook, who led Middleburg Financial before its sale to Access National, has become Blue Ridge's president and chief banking officer.
Many large internationally active U.S. banks are facing potentially hefty fines if they fail to comply with Europe's General Data Protection Regulation, which takes effect May 25 and gives consumers much more control over how their data is gathered, used and shared.
The addition of a personal finance app rounds out the loan and deposit-account offerings at the online lender Marcus.
A $135 million increase in litigation expenses related to its 2011 acquisition of Wilmington Trust overshadowed a wider net interest margin and improved credit quality for the Buffalo, N.Y., company in the first quarter.
The AML and financial crime ecosystem continues to evolve at record pace and bring new challenges.
Expanding SBA funding and providing additional Community Reinvestment Act credit could help boost female entrepreneurs.
Bank’s earnings report notes possible $1 billion in fines; loan-loss accounting rule will be rolled out over three years.
Bank of America Corp. hit a milestone in its years-long effort to get costs under control.
Comptroller of the Currency Joseph Otting took office only late last year, but he is wasting little time in tackling a series of hot-button topics, including easing anti-money laundering regulations and lowering national bank fees.
The bank revealed Friday that it is facing hefty regulatory penalties and will likely have to restate first-quarter earnings. Declines in loan balances and fee income and questions about upcoming stress tests are only adding to investors' worries.
Bankers hoped the tax overhaul would stimulate a boom in business borrowing, but several said this week that hasn’t happened yet. PNC’s Bill Demchak warned that the tax cuts could be encouraging lenders to underprice loans.
During earnings calls, bankers welcomed the latest efforts by regulators to modify capital rules. JPMorgan Chase CFO Marianne Lake, meanwhile, called on policymakers focus on overhauling the G-SIB surcharge.
The bank, which already offers mortgages through seven offices across North Carolina, is the fourth group to announce plans for a de novo in the state.
BofA, Citi and Union Bank map out next moves in branching; MB Financial and Regions exit business lines; a dramatic reduction in regulatory actions under Trump; and more from this week's most-read stories.
Bank regulators propose to allow banks to phase in capital treatment of credit losses over three years
Over the past week, regulators have proposed the most substantial changes to capital requirements for the largest banks in years, but the most startling thing was how unremarkable they were.
Suggestions that Republicans are working to unwind Dodd-Frank could indicate a vote on a bipartisan regulatory relief bill is near.
Banks should rethink even existing services, such as the branch experience, said top executives at the Oracle Industry Connect conference.
A 28% increase in lease assets helped offset stagnant growth in traditional auto lending.
Amber Baldet is exiting JPMorgan Chase to start her own venture, and another female executive is taking charge of the blockchain effort. BofA makes major progress on digital mortgages and gets gun-shy after Parkland. Plus, GM’s one-sentence dress code.
Banks have been hanging on to problem loans for various reasons, but that could create headaches when credit inevitably worsens.