CFPB orders TCF to refund consumers for overdraft charges

Fri, 07/20/2018 - 23:10
The bank also agreed to pay a $5 million fine to settle allegations that it overcharged consumers between 2010 and 2013.

Spirit of Texas snags deposit-rich target in latest acquisition

Fri, 07/20/2018 - 22:41
Spirit of Texas Bancshares has agreed to buy Comanche National. This would be Spirit's first acquisition since going public earlier this year.

With loan growth tepid, banks are short on ways to juice profits

Fri, 07/20/2018 - 22:35
Despite some green shoots in key credit segments, total loan growth was light at many banks last quarter. Rate hikes are threatened, and deposits will get pricier — where will the earnings come from?

An ally at Goldman Sachs and a payoff at B of A

Fri, 07/20/2018 - 21:34
Goldman’s next CEO pushes for more women in senior roles. Fifth Third’s program to retain new moms is working. And there’s good news and bad news at Bank of America, as it bulks up on female summer interns but pays out millions to an exec fired over sexual harassment claims.

The hard part of reg relief is just getting started

Fri, 07/20/2018 - 21:27
The federal bank regulators are considering roughly a dozen new rulemakings in response to the bill rolling back certain sections of Dodd-Frank.

LendingClub's new CLO, Capital One vs. Plaid, CEO's backdoor ploy: Top stories of the week

Fri, 07/20/2018 - 20:08
The online lender hires Ronnie Momen from GreenSky as its chief lending officer; aggregators back Capital One in dispute with Plaid; bank CEO who gave mortgage to Paul Manafort uses fire-and-hire maneuver to reap windfall at taxpayer expense; and more from this week's most-read stories.

Tapping the market: Why this bank helped brew a craft beer

Fri, 07/20/2018 - 19:56
Avidia Bank collaborated with Exhibit 'A' Brewing to produce and sell an IPA as part of a plan to boost marketing to millennials.

Banks team with fintechs to bring AI to commercial accounting

Fri, 07/20/2018 - 19:39
Citi and other banks are investing in automation aimed at speeding up the old-fashioned process for institutional clients' receivables and payables.

Regions gets a boost from capital markets in 2Q

Fri, 07/20/2018 - 19:13
The Birmingham, Ala., bank also saw lending decline in the quarter as strategic reductions in certain business lending lines offset gains in C&I and consumer.

Business loans rise 6% at Citizens Financial

Fri, 07/20/2018 - 19:01
That helped push total lending growth to 3% and contributed to strong second-quarter earnings at the Providence, R.I., company.

State Street to buy investment management platform for $2.6B

Fri, 07/20/2018 - 18:09
State Street said it would suspend a share repurchase program and issue common and preferred stock to pay for the deal.

Fidelity in Atlanta plans major pullback in indirect auto

Fri, 07/20/2018 - 17:29
The company will no longer originate indirect auto loans outside of Florida and Georgia.

Sterling in N.Y. bucks trend with expanded muni reach

Fri, 07/20/2018 - 17:04
The company has created a municipal group that wil focus on non-public financing services at a time when loans to bond issuers are declining.

Would Trump’s CFPB pick silence consumers?

Fri, 07/20/2018 - 16:34
The agency’s consumer complaints database must remain available to the public to help prevent further abuses.

Consumer and commercial lending fuel SunTrust

Fri, 07/20/2018 - 15:45
The Atlanta bank's online consumer lender and credit cards showed strong growth, and CRE lending rose substantially.

CFPB nominee stands strong; Wells Fargo’s latest issue

Fri, 07/20/2018 - 14:20
Kathy Kraninger emerges “unscathed” in testy Senate confirmation hearing; the bank is reportedly refunding money it charged customers for add-on services.

Credit losses shrink at Capital One

Fri, 07/20/2018 - 04:06
Credit card and auto loans grew again in the second quarter at the McLean, Va., company, and the net charge-off rates of both business lines fell, too.

‘FHFA is a toothless tiger’: Comments of the week

Fri, 07/20/2018 - 04:02
Readers weigh in on the Federal Housing Finance Agency's leadership structure, react to a recent data-sharing debate, opine on whether banks should let consumers use their credit cards to buy bitcoin and more.

Who is the best customer for video-only banking?

Fri, 07/20/2018 - 00:59
To improve video conferencing adoption, banks are advised to focus on one particular group of clients.

Trump’s criticism of Fed a reminder central bank independence isn't guaranteed

Thu, 07/19/2018 - 23:44
It may be unprecedented, but it was hardly surprising. Still, it comes at a dangerous time for the Fed. Here’s why.

Wells Fargo should have seen add-on-product trouble coming

Thu, 07/19/2018 - 22:46
The bank had numerous warnings that there could be severe regulatory consequences related to deceptively advertised add-on products. It is paying the price for failing to do more in response.

Fifth Third resumes Southeast expansion it began pre-crisis

Thu, 07/19/2018 - 22:20
The bank announced plans to open 100 to 125 branches in fast-growing cities across the Southeast, and will close an equal number in the Midwest. In a way, it's finishing a plan it cooked up nearly two decades ago.

House approves spending bill that would give Fed control of Volcker Rule

Thu, 07/19/2018 - 21:57
The House appropriations bill would also expedite the appeals process for CFPB examination decisions and reduce the number of times big banks must submit resolution plans to every two years.

This small-bank deal is all about Pittsburgh

Thu, 07/19/2018 - 21:56
Brentwood Bank’s agreement to buy Union Building and Loan would give Brentwood a larger presence around the Steel City.

Why regional bank CEOs are lukewarm on more M&A

Thu, 07/19/2018 - 21:50
While the regulatory environment is more accommodating for big deals, many regionals still have their reasons for staying on the sidelines.

All heat, no light: Kraninger gives little sense of CFPB views

Thu, 07/19/2018 - 21:29
The nominee to run the consumer bureau endured tough questioning over the administration’s family-separation policy but appeared to weather the barrage.

Asset inflows, higher rates push BNY Mellon profit higher

Thu, 07/19/2018 - 19:53
Assets under custody and administration surged to a record high of $33.6 trillion, the trust bank said in its second-quarter report.

CFPB fines Alabama lender but suspends most of penalty

Thu, 07/19/2018 - 19:20
The bureau determined that Triton Management Group had unfairly charged Mississippi consumers excess interest in violation of state law.

Bank CEO's fire-and-rehire maneuver reaps windfall at taxpayer expense

Thu, 07/19/2018 - 18:34
A multimillion-dollar deal between Chicago Mayor Rahm Emanuel and Stephen Calk, the man who would later become Paul Manafort's banker, was supposed to deliver 400 new jobs to the city. Here's what really happened.

Pacific City Financial in Calif. plans IPO

Thu, 07/19/2018 - 17:39
The Los Angeles company, which focuses on Korean-Americans, aims to raise $50 million.

Walmart's pay-advance app Even used by 200,000 employees

Thu, 07/19/2018 - 17:11
About 15% of Walmart’s workforce is budgeting and taking pay advances through the app.

A better way to assess disparate impact

Thu, 07/19/2018 - 15:51
Debates on the issue often focus on how lending decisions affect certain demographic groups, but those analyses tend to ignore an important factor: default rates.

Fifth Third profits rise despite ongoing fee pressure

Thu, 07/19/2018 - 15:43
An uptick in lending helped to offset declines in both service charges and mortgage banking fees at the Cincinnati company.

BB&T warns of slower revenue growth in second half of '18

Thu, 07/19/2018 - 15:07
A tempered forecast overshadowed solid second-quarter results at the North Carolina regional bank.

Fee income, cost control boost KeyCorp's quarterly profit

Thu, 07/19/2018 - 14:45
The Cleveland company reported higher investment banking income and kept many expense items in check during the second quarter.

Elevate Credit introduces a subprime credit card

Thu, 07/19/2018 - 14:32
The Fort Worth, Texas, company will be competing in a segment of the U.S. card market that has grown more competitive in the last few years.

CFPB promotes fintech; Zions closer to losing SIFI tag

Thu, 07/19/2018 - 14:14
The agency creates “regulatory sandbox” to help develop products, including crypto-based ones; FSOC agrees bank’s failure wouldn’t wreck the financial system.

Which fintechs have been the most disruptive?

Thu, 07/19/2018 - 12:01
Brad Leimer, venture capitalist and former head of innovation at Santander and Mechanics Bank, shares his top picks.

Four commercial loans flagged as problems at Texas Capital

Thu, 07/19/2018 - 05:54
The Dallas bank reported sizable growth in business and mortgage lending in the second quarter, but it more than doubled its provision for loan losses to cover four credits that went into nonaccrual status.

CFPB taps Arizona official to lead innovation office

Wed, 07/18/2018 - 23:29
Paul Watkins served as chief counsel for the Arizona AG's 150-person civil litigation division and also headed up the office's fintech initiatives.

Amex falls as profit forecast fails to match rosiest predictions

Wed, 07/18/2018 - 23:03
Analysts had expected the New York-based firm to boost its forecast as consumers increased spending on its cards.

House bill would reform and extend flood insurance program

Wed, 07/18/2018 - 23:00
Reps. Ed Royce, R-Calif., and Earl Blumenauer, D-Ore., introduced a bipartisan package of legislation Tuesday to extend the National Flood Insurance Program through Nov. 30.

3 questions to make or break Kraninger's CFPB nomination

Wed, 07/18/2018 - 22:33
Kathy Kraninger, President Trump’s pick to run the CFPB, will testify before Congress on Thursday in what is likely to be a defining moment for her nomination.

Crossing state lines: Peoples to enter Connecticut with first acquisition

Wed, 07/18/2018 - 22:31
PeoplesBancorp in Holyoke, Mass., has agreed to buy First Suffield Financial in Connecticut for $60 million.

Some banks may owe more in state taxes after Supreme Court ruling

Wed, 07/18/2018 - 21:59
The recent decision involved sales taxes, but Wells Fargo recorded a net expense of $481 million under the assumption that it will also lead to higher state income taxes. Other banks may have to follow suit.

Should banks let people buy bitcoin with credit cards?

Wed, 07/18/2018 - 21:55
Large card issuers began banning cryptocurrency purchases on their cards in February. But fintechs are allowing consumers to purchase and invest in digital currencies, and they say the risk is minimal.

Can U.S. Bancorp find an edge in crowded field of digital-only banks?

Wed, 07/18/2018 - 21:10
The Minneapolis company plans to expand to new retail markets through a digital platform, but it’s facing questions about how it will distinguish itself from peers.

This black-owned bank treats activism as a business line

Wed, 07/18/2018 - 20:47
OneUnited in Boston recently issued a debit card supporting immigrants, taking a public stand on a divisive national issue.

Quarles details how Fed may regulate $100B-$250B banks

Wed, 07/18/2018 - 20:37
The regulatory relief law raised the asset threshold for banks to face tougher standards to $250 billion, but the Fed has discretion to retain standards for some smaller companies.

Lending slumps at M&T

Wed, 07/18/2018 - 19:00
Repayments on acquired residential mortgage loans were the main reason, but other bottom-line boosters more than made up for that, the Buffalo, N.Y., bank said in reporting second-quarter results.

Acquisition of UBS unit, foreign exchange propel Northern Trust

Wed, 07/18/2018 - 18:15
The big custody bank's fees surged on new business gained from its deal for UBS business units in Europe.

After strong 2Q, U.S. Bancorp vows to invest in digital expansion

Wed, 07/18/2018 - 17:20
The Minnesota company's profits rose by double digits despite some challenges in the second quarter, and its CEO says it will be expanding its digital offerings to simplify banking for customers.

FSOC proposes Zions shed its systemically important status

Wed, 07/18/2018 - 17:15
The Financial Stability Oversight Council has proposed to de-designate Salt Lake City-based Zions Bancorp as a systemically important financial institution under the Dodd-Frank Act.

CFPB advisory board 2.0: Far fewer members

Wed, 07/18/2018 - 17:13
Just before members were removed from the consumer advisory board last month, acting Director Mick Mulvaney signed an amended charter that would shrink the panel to six members.

APIs are the way forward for better data security

Wed, 07/18/2018 - 16:06
Banks should more widely adopt application programming interfaces for sharing customer data with third parties because it's the best approach to ensuring information stays safe.

End in sight for Hancock's lingering energy-related issues

Wed, 07/18/2018 - 15:27
The Mississippi company said it has recorded most of the expected charge-offs tied to the last severe decline in oil prices.

Solomon faces big challenges; Morgan Stanley crushes estimates

Wed, 07/18/2018 - 13:59
Goldman’s new CEO is expected to instill more corporate discipline; second quarter earnings jumped nearly 40% compared to a year earlier on higher revenues.

OnDeck secures new funding sources for Canadian, Australian units

Wed, 07/18/2018 - 13:48
The New York-based online lender is turning to two European banks to fund loan growth in its overseas markets.

Anchor in Wash. finds new buyer after reg issue snagged prior deal

Wed, 07/18/2018 - 13:39
Anchor will sell itself to FS Bancorp after agreeing to terminate a deal with Washington Federal. The original deal had been delayed as Washington Federal dealt with BSA issues.

FHFA, like CFPB, finds its constitutionality in doubt

Tue, 07/17/2018 - 22:57
With ruling in GSE case, the two agencies are emerging as the test subjects for a legal showdown over their authority.

Quarles wins Senate approval for full term on Fed board

Tue, 07/17/2018 - 22:53
The Senate voted 66-33 to approve Federal Reserve Vice Chairman for Supervision Randal Quarles for a full 14-year term on the central bank's board.

Investors to ex-SIFIs: Show us the excess capital

Tue, 07/17/2018 - 22:30
Comerica faced aggressive questioning Tuesday about how it could use freed-up capital now that it’s no longer considered a systemically important financial institution. It won’t be the last small regional to get such a grilling this earnings season.

Second group aims to form de novo bank in Arizona

Tue, 07/17/2018 - 22:07
Organizers of Gainey Business Bank, a bank planned in Scottsdale, received approval from the state's banking regulator to raise capital while completing a charter application.

In data dispute with Capital One, Plaid stands alone

Tue, 07/17/2018 - 21:55
Other aggregators came to the bank's defense, while one CEO suggested Plaid's very public protest was unfounded.

Banking veteran joins industry consulting firm

Tue, 07/17/2018 - 21:45
Matthew Prosseda, former president and CEO of First Keystone Community Bank, was hired by Kafafian Group to advise banks on strategic planning.

To keep Walmart business, Synchrony must lean into its tech game

Tue, 07/17/2018 - 21:30
With Walmart reportedly weighing bids from Capital One alongside incumbent Synchrony Financial to handle its private-label credit card account, Synchrony's use of data and artificial intelligence are more important than ever.

Under new CEO, full speed ahead for Goldman's consumer push

Tue, 07/17/2018 - 21:16
The appointment of David Solomon, who will take over for retiring CEO Lloyd Blankfein, has not altered the bank's aggressive plan to build a mobile phone-based bank for consumers in the U.S. and beyond.

LendingClub turns to outsider to oversee credit operations

Tue, 07/17/2018 - 20:17
The company, which is dealing with a lawsuit from the Federal Trade Commission tied to certain fees, hired Ronnie Momen from GreenSky as its chief lending officer.

Fed chair faces Democratic fury over stress test results

Tue, 07/17/2018 - 20:15
The central bank has encountered criticism for allowing three banks to direct funds to dividends and buybacks even though their capital levels fell below required minimums.

After Senate reg relief bill, House package would be cherry on top

Tue, 07/17/2018 - 19:27
As part of a capital-formation bill, House lawmakers are attempting to sprinkle in a handful of provisions to ease the industry’s burden.

Acorns founder Walter Cruttenden launches savings app Blast

Tue, 07/17/2018 - 19:18
It ties checking accounts and cards to gamimg and other apps to provide automated savings.

Behind the rebirth of Charlotte's banking market

Tue, 07/17/2018 - 19:06
The North Carolina city lost all its locally owned banks, but a fintech push and more favorable economics for de novos could lead to an entry-level resurgence.

Increased construction lending boosts PacWest earnings

Tue, 07/17/2018 - 17:48
The Los Angeles company's second-quarter profit also benefited from last fall's purchase of CU Bancorp.

Lending rises modestly at Comerica

Tue, 07/17/2018 - 17:38
Declines in corporate banking and energy loans were part of the reason, but the Dallas bank reported strong earnings growth thanks heavily to fatter margins.

FHFA leadership structure is unconstitutional: Judges

Tue, 07/17/2018 - 16:26
A federal appeals court in Texas agreed with Fannie Mae and Freddie Mac shareholders that the FHFA, led by a single director, violates the separation of powers.

Here’s what’s missing from a new mandate to prevent identify theft

Tue, 07/17/2018 - 15:47
The regulatory relief law passed this spring contained a measure to stop synthetic fraud, but the provision is incomplete.

Merger costs dent First Horizon profits

Tue, 07/17/2018 - 15:28
One-time items included $43.2 million of second-quarter expenses related to the Capital Bank acquisition, but First Horizon executives forecast sizable savings from the deal.

Breaking Banks: Regtech hits its stride

Tue, 07/17/2018 - 15:05
Consultants Jo Ann Barefoot and Henri Arslanian explain why fintech startups have turned taken on compliance challenges.

What will David Solomon's agenda be as new Goldman chief?

Tue, 07/17/2018 - 15:03
After he takes over as CEO Oct. 1, Solomon has some key executive appointments to make, and observers will keep a close eye on the resources he devotes to help the bank accomplish its target of $5 billion in new revenue opportunities by 2020.

Goldman earnings up; Barclays weighs U.S. expansion

Tue, 07/17/2018 - 14:25
David Solomon is officially named as Blankfein’s successor; the British bank is under pressure from an activist shareholder to boost its stock price.

Why banks like Barclays are testing quantum computing

Mon, 07/16/2018 - 22:13
Barclays, Morgan Stanley, True Positive and other firms are turning to the technology for simulations and problems that demand large quantities of computing power.

Fed's Powell has some explaining to do on stress test move

Mon, 07/16/2018 - 21:39
The chairman of the Federal Reserve is testifying before Congress this week, where he will likely face tough questions about the agency’s decision to let two banks slide on their stress tests late last month.

What 2Q says about the outlook for consumer credit

Mon, 07/16/2018 - 21:01
Bank of America’s consumer loans grew a lot. But its rivals? Not so much. The mixed results raise questions about whether BofA’s performance is a leading or trailing indicator, and if credit quality is going to be more of a problem industrywide.

Bank Leumi hires outsider to launch asset-based lending group

Mon, 07/16/2018 - 20:35
The New York bank, which is part of Leumi Group in Israel, is enter a new business line after spending years improving its infrastructure.

Merged bank trade group unveils new name

Mon, 07/16/2018 - 20:25
The Bank Policy Institute was formed following the merger of The Clearing House Association and the Financial Services Roundtable

It's getting more expensive to buy a California bank

Mon, 07/16/2018 - 18:48
Limited acquisition opportunities remain in the state's hottest markets, which will force buyers to pay bigger premiums or pursue deals elsewhere.

Bank Holding Companies with the Largest Credit Card Loan Portfolios

Mon, 07/16/2018 - 17:19
On Mar. 31, 2018. Dollars in thousands.

Bank Holding Companies with the Largest Consumer Loan Portfolios

Mon, 07/16/2018 - 17:12
On Mar. 31, 2018. Dollars in thousands.

Private investor to buy Florida bank

Mon, 07/16/2018 - 17:08
P. Byron Defoor, who already has majority stakes in two community banks, is planning to buy First Columbia Bancorp.

Bank Holding Companies with the Largest Business Loan Portfolios

Mon, 07/16/2018 - 17:03
On Mar. 31, 2018. Dollars in thousands.

Banking groups' guidelines on data-sharing are misguided

Mon, 07/16/2018 - 15:57
Rather than ban screen scraping, financial institutions should improve secure account connectivity so that consumers can share data with the apps they want to use.

BofA's consumer profit jumps as customers boost borrowing

Mon, 07/16/2018 - 15:07
Loans in that business climbed 6.6% compared with a year earlier as Bank of America's overall profits rose by 33%.

Goldman ready to crown Solomon?; Banks report weak lending growth

Mon, 07/16/2018 - 14:44
Succession plan could be formalized this week; bankers may be getting nervous about extending construction loans.

Deutsche Bank says 2Q earnings report will top estimates ‘considerably’

Mon, 07/16/2018 - 13:12
The struggling Frankfurt-based bank expects to report net income of $468 million when it issues second-quarter results nine days from now, but it's unclear exactly where the earnings beat is coming from.

10 tips for banks bridging the digital divide in wealth management

Mon, 07/16/2018 - 04:02
Executives at the recent In|Vest conference discussed ways to make banks more competitive in the world of financial advice.

BofA agrees to settlement with former executive Omeed Malik

Sat, 07/14/2018 - 01:45
Bank of America has agreed to pay a multimillion-dollar sum to settle a defamation claim brought by former executive Omeed Malik, who was fired by the bank earlier this year, according to a person familiar with the matter.

Bitcoin was Russian hackers' currency of choice, U.S. says

Fri, 07/13/2018 - 23:13
For years, Bitcoin believers have tried to distance the digital coin from the perception that it's only used for criminal activity. New insights into Russian meddling in the U.S. election aren't helping.

Deposit costs, card woes, trade wars: Red flags abound in 2Q results

Fri, 07/13/2018 - 22:53
Price competition on deposits may finally force the largest banks to pay up, and consumers’ aggressive use of rewards and promotional rates is weighing on card income. And then there are those tariff fights that could hurt global clients.

Wells Fargo’s latest sore spot: Wealth management

Fri, 07/13/2018 - 22:47
The unit’s profits plunged in the second quarter as the company contended with the fallout from overcharging wealth management clients. Was it a blip or the beginning of a long-term problem?

Flagstar snags Regions exec, Manafort mortgage, fintech regs: Top stories of the week

Fri, 07/13/2018 - 22:20
Flagstar Bank raids Regions for its director of retail banking; prosecutors allege bank CEO got access to Trump in exchange for approving Paul Manafort mortgage; a potential turning point in fintech regulation; and more from this week's most-read stories.