AMERICAN BANKER

House bill aims to improve transparency of CFPB guidance process

10 min 18 sec ago
The legislation would prohibit the CFPB from penalizing institutions that rely in good faith on guidance from the bureau.

Live Oak recruits Goldman partner to run its bank

26 min 18 sec ago
The high-profile hiring of Huntley Garriott comes a year after the North Carolina company had brought on a veteran banker to run the unit.

Banks and Thrifts with the Largest Securities Portfolios

42 min 17 sec ago
On Dec. 31, 2017. Dollars in thousands.

Banks and Thrifts with the Largest Portfolios of Mortgage-Backed Securities

48 min 19 sec ago
On Dec. 31, 2017. Dollars in thousands.

Old National is latest bank to sell, close branches

1 hour 12 min ago
The Indiana bank plans to sell 10 branches to a credit union. It will also shut down several more locations.

Mulvaney response to CFPB data security gaps baffles cyber experts

1 hour 18 min ago
The agency's acting chief said hundreds of data breaches justified a halt on collecting information from firms, but experts question that logic.

Bank of Hawaii's 1Q profit climbs despite steep drop in fees

1 hour 20 min ago
The $17 billion-asset Bank of Hawaii reported higher profits on rising interest income, even as it saw yearly declines in mortgage banking and deposit fee income, as well as losses on investment securities.

Spinoff rumors or not, JPM's blockchain unit is evolving

2 hours 6 min ago
JPMorgan Chase is sending signals that its home-grown blockchain, Quorum, is alive and well despite a recent shakeup.

Bankers can't be too cautious with crypto

2 hours 56 min ago
Financial institutions engaged in virtual currency markets face a number of risks — proceeding carefully is justified.

RBB Bancorp deal provides access to Chinese-Americans in N.Y.

3 hours 6 min ago
The California company, which also focuses on Asian-Americans, agreed to buy First American International.

Equipment financing, wider margin drive TCF's 1Q profit

3 hours 17 min ago
Aggressive growth in commercial leasing and asset-based finance helped offset a planned pullback in auto lending at the Wayzata, Minn., company.

AML deadline is Wells’ next concern; Is Zelle a target?

4 hours 35 min ago
The bank faces June 15 AML compliance deadline; the features that make Zelle popular with customers entice thieves.

Citi rethinks tech branches and Santander’s blockchain first

Fri, 04/20/2018 - 23:35
Citibank finds people need people (at least in a branch). Santander launches a new consumer app, which makes money transfers using blockchain technology. JPMorgan Chase can be an intimidating partner for fintech startups. Plus, Elizabeth Warren’s new mission.

Wells Fargo woes, Ally departure and Fine exit: Top stories of the week

Fri, 04/20/2018 - 22:34
The issues at Wells Fargo extend beyond the fines; Ally Financial's auto finance chief departs; ICBA chief Cam Fine signs off; and more from this week's most-read stories.

Consumer credit eases pain of business lending slump

Fri, 04/20/2018 - 22:26
After nearly two years of sputtering commercial loan growth, regional bankers are counting more than ever on expanding their portfolios of personal loans and other types of consumer credit.

Did SunTrust wait too long to announce data theft?

Fri, 04/20/2018 - 21:09
SunTrust let about eight weeks pass before telling the public that data tied to 1.5 million customers had been stolen.

Clock's ticking: White House should name a permanent CFPB director

Fri, 04/20/2018 - 20:32
If President Trump doesn't name a director before the midterm elections, he could lose his best shot at reshaping the bureau long term.

$1B fallout: Where does Wells go from here?

Fri, 04/20/2018 - 20:09
The costly order against Wells Fargo contains both unexpected good news for the bank and more potential problems for its CEO.

When ‘as is’ won’t cut it: Cleaning house to get a bank deal done

Fri, 04/20/2018 - 19:25
First Personal Bank in Illinois tried — and failed — to sell itself three times. The bank finally found an eager buyer after tackling several lingering problems.

What other banks can learn from BB&T's glitch

Fri, 04/20/2018 - 18:03
Several banks have reported digital service outages this year, but now there’s a detailed breakdown of one of them — and it shows that the damage goes far beyond reputation.

Iberia sets higher expectations with 2020 return targets

Fri, 04/20/2018 - 17:25
The Louisiana company has vowing to meaningfully improve investor returns and efficiency over the next two years.

Capital markets, credit quality were bright spots for Regions in 1Q

Fri, 04/20/2018 - 17:02
The regional bank's net income rose 37% thanks to those factors and others.

Regulators, smaller banks still need to sweat the details on CECL

Fri, 04/20/2018 - 15:36
A new accounting standard will soon go into effect, but banks still lack clarity on how to conform.

Citizens reaps the benefit of 4% growth in consumer lending

Fri, 04/20/2018 - 15:19
The Providence, R.I., company reported a double-digit increase in quarterly profits despite a year-over-year decline in fee-based revenue.

Wells' $1B penalty: Regulators make good on Trump tweet

Fri, 04/20/2018 - 15:09
Months after President Trump vowed that Wells Fargo would pay a severe penalty, the CFPB and OCC hit the bank with a $1 billion fine to settle claims it overcharged customers for auto insurance and home loans.

Former SunTrust employee said to have stolen customer data

Fri, 04/20/2018 - 14:53
The news of the data breach cast a shadow over relatively strong first-quarter earnings for the Atlanta bank.

WesBanco to fill geographic hole with Ky. bank acquisition

Fri, 04/20/2018 - 14:23
An $378 million agreement to buy Farmers Capital will allow the West Virginia company to bridge a gap between Louisville, Ky., and Huntington, W.Va.

Wells’ $1B penalty; Barclays CEO fined

Fri, 04/20/2018 - 14:05
The bank’s latest punishment would settle charges by the CFPB and the OCC; Staley did not act without integrity in trying to unmask a whistleblower.

Wells Fargo’s penance: What’s been done, what’s to come

Fri, 04/20/2018 - 03:43
The latest fine from regulators is expected to be leveled against the bank as early as Friday. But it's far from the only penalty it has paid in recent years, and more may be on the way.

'Republicans are feckless': Comments of the week

Fri, 04/20/2018 - 03:41
Readers react to the Senate overriding the Consumer Financial Protection Bureau's auto lending guidance, weigh in on House efforts to reform the Dodd-Frank Act and debate technology being used to replace new branches.

A breach from within: Why JPMorgan fired lead security staffer

Fri, 04/20/2018 - 00:37
The firing happened in 2013 after the staffer gained access to emails from top executives and shared them outside the company, according to a news report.

N.Y. bank regulator warns of reputational risk from working with NRA

Fri, 04/20/2018 - 00:09
The New York Department of Financial Services is encouraging banks to review ties with the firearms industry.

Wells' $1B reckoning may come as early as Friday

Fri, 04/20/2018 - 00:07
The CFPB and OCC are expected to assess a $1 billion fine against Wells Fargo for allegedly overcharging customers for auto insurance and home loans.

Qapital's $30 million infusion a pick-me-up for savings apps

Thu, 04/19/2018 - 23:07
The fresh funding supports the popular fintech trends of encouraging people to save money and “rebundling” alternative banking services.

Signature's taxi-loan woes in the rearview mirror, CEO insists

Thu, 04/19/2018 - 22:11
“We know we've said this before, but we do feel we've put this behind us now,” Joseph DePaolo said Thursday.

Can a bank spend freely on tech while controlling costs?

Thu, 04/19/2018 - 21:27
Investing in technology has been an important focus for banks. But big questions remain about these investments, including how best to pay for them.

Fed official resists taking sides in gun control-bank conflict

Thu, 04/19/2018 - 20:52
Randal Quarles found himself in the middle of an issue that typically doesn't fall under a bank regulator's purview.

Banks need to be worried about Facebook's data-sharing debacle

Thu, 04/19/2018 - 20:23
Financial institutions are sharing more information with third parties these days, but they need to be cautious about it.

Ally's auto finance chief to depart, triggering series of moves

Thu, 04/19/2018 - 19:25
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.

Webster's 1Q profit climbs 35% as HSA revenues surge

Thu, 04/19/2018 - 18:22
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.

A hotel becomes Amex's battleground for credit card rewards

Thu, 04/19/2018 - 17:27
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.

Staff reductions, other cost cuts pay off at BB&T

Thu, 04/19/2018 - 17:07
The North Carolina company's efforts to contain expenses made up for a marginal increase in revenue.

How can banks make digital more fun?

Thu, 04/19/2018 - 16:49
Banks struggle to make their websites and apps a destination rather than a utility. Analyst Jacob Jegher offers some ideas for building digital relationships.

Home BancShares' quarterly results bolstered by big Miami acquisition

Thu, 04/19/2018 - 16:15
The Arkansas company's revenue increased largely due to its 2017 purchase of Stonegate Bank.

Cerberus names ex-JPMorgan executive Matt Zames as president

Thu, 04/19/2018 - 16:09
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.

Fed risks doubling down on flawed G-SIB surcharge

Thu, 04/19/2018 - 15:41
Two recent central bank proposals may exacerbate problems with the agency’s capital surcharge for big banks.

Eagle's profit rises due to focus on adjustable-rate loans

Thu, 04/19/2018 - 15:34
Spread income offset higher expenses during the first quarter at the Maryland bank.

Digital banking's global strides

Thu, 04/19/2018 - 15:33
Consumers around the world are increasingly accessing banking solely through digital means, according to new global studies by Oracle and the World Bank.

New name suggests regional focus for growing N.J. bank

Thu, 04/19/2018 - 15:22
Sussex Bank, which recently completed its first whole-bank acquisition, is rebradning itself as SB One Bank.

New deal shows that BancorpSouth's reg issues are a thing of the past

Thu, 04/19/2018 - 15:17
BancorpSouth, which had two prior deals delayed over BSA and CRA issues, has agreed to buy a bank in the Houston area.

Acquisitions drive loan, profit gains at People’s United

Thu, 04/19/2018 - 15:15
The Bridgeport, Conn., company said that first-quarter net income climbed 52% over the same period last year to $107.9 million.

Fee revenue rises 8% at Bank of New York Mellon

Thu, 04/19/2018 - 15:14
The custody bank benefited from a wide range of economic forces in the first quarter

Cincinnati Bancorp crosses over state line with mutual deal

Thu, 04/19/2018 - 15:00
The company will merge with Kentucky Federal Savings and Loan by the end of this year.

M&A, tax cuts boost KeyCorp

Thu, 04/19/2018 - 14:47
The Cleveland company's acquisition of a boutique investment banking firm contributed to an increase in its fee income.

W.Va. merger designed to compete against bigger banks

Thu, 04/19/2018 - 14:47
Premier Financial agreed to buy First Bank of Charleston for $33 million.

Senate moves to kill CFPB auto rule; Amex profit soars 31%

Thu, 04/19/2018 - 14:09
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.

Signature Bank's profits plummet on steep writedown of taxi loans

Thu, 04/19/2018 - 13:23
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.

First stop on JPMorgan’s planned branch expansion? Washington D.C.

Thu, 04/19/2018 - 04:51
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.

Mortgages drive strong quarter at Texas Capital

Thu, 04/19/2018 - 04:45
However, mortgage growth and servicing income weren't the only reasons profits rose by double digits at the Dallas bank.

Quarles suggests new Fed approach to ILCs

Thu, 04/19/2018 - 02:13
Comments by Federal Reserve Vice Chairman for Supervision Randal Quarles appeared to contrast with past statements by former officials about the controversial charter.

Umpqua’s 1Q profits climbs 69% on surge in fee income

Thu, 04/19/2018 - 00:26
Results were also aided by strong growth in residential construction, commercial and equipment financing.

The ‘C’ in CRA should still mean something

Wed, 04/18/2018 - 23:32
Many of Treasury’s recommendations for modernizing the Community Reinvestment Act would help financial institutions, not low-income communities.

American Express push to bolster lending is starting to pay off

Wed, 04/18/2018 - 23:13
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.

Why digital banks are welcoming CRA revamp

Wed, 04/18/2018 - 22:42
Online banks have good reason for wanting regulators to update the 41-year-old Community Reinvestment Act.

CBA warns Congress about overreach in robo-calling rules

Wed, 04/18/2018 - 22:21
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.

Tax law takes bite out of U.S. Bank cash cow

Wed, 04/18/2018 - 21:52
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?

Does Senate’s repeal of CFPB policy put all guidance in crosshairs?

Wed, 04/18/2018 - 21:38
Passage of a resolution blocking guidance on auto loan pricing could set a precedent that allows Congress to nullify other long-past regulatory issuances.

Battle over poultry farms could spread beyond ag lending

Wed, 04/18/2018 - 21:25
An SBA watchdog's investigation into chicken farms may ensnare other small businesses.

Senate votes to block CFPB auto lending guidance

Wed, 04/18/2018 - 19:12
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.

The browser standard that just might make online banking safer

Wed, 04/18/2018 - 18:45
WebAuthn could eventually mean passwords are replaced with fingerprints and facial recognition. But how hard will it be to implement?

Nashville's first new bank since financial crisis meets capital requirement

Wed, 04/18/2018 - 17:53
Organizers of Studio Bank in Nashville have raised more than $40 million, satisfying the minimum amount set by regulators.

Alabama de novo effort receives regulatory approvals

Wed, 04/18/2018 - 17:22
Organizers of CommerceOne Bank in Birmingham must raise at least $30 million before opening.

‘Don’t let the bastards get you down’: Cam Fine says goodbye to D.C.

Wed, 04/18/2018 - 15:51
The outgoing head of the ICBA reflects on how technology and partisan politics have changed policymaking over the past 15 years.

QCR to enter Springfield, Mo., with bank acquisition

Wed, 04/18/2018 - 15:41
The Illinois company has agreed to buy Springfield Bancshares for $87 million.

Tepid fee, loan growth underlie U.S. Bank results

Wed, 04/18/2018 - 15:20
Quarterly earnings at the Minneapolis company were boosted instead by a wider net interest margin and a lower tax rate.

Senate ready to repeal CFPB auto rule; Tax cuts juice bank profits

Wed, 04/18/2018 - 14:13
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.

Hancock reports higher profit that reflected balance sheet growth

Wed, 04/18/2018 - 00:57
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 hit by disaster often struggle with credit, too

Wed, 04/18/2018 - 00:15
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.

Fulton reports higher profit on lower tax rate, loan growth

Wed, 04/18/2018 - 00:09
The company benefited from increases in residential and construction lending.

New York AG launches crypto inquiry

Tue, 04/17/2018 - 23:57
New York Attorney General Eric Schneiderman asked 13 cryptocurrency exchanges for detailed information about their operations as part of a "fact-finding inquiry."

Goldman finally reveals more of its big plans for consumer banking

Tue, 04/17/2018 - 22:39
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.

Mercantile in Mich. reports profit despite smaller balance sheet

Tue, 04/17/2018 - 22:11
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.

Regionals outflanked by big banks in battle for deposits

Tue, 04/17/2018 - 21:37
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.

Repeal of CFPB rule could still leave car lenders on the hook

Tue, 04/17/2018 - 21:33
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.

CRA needs to come off 'autopilot,' Fed's Quarles says

Tue, 04/17/2018 - 21:23
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.

Who needs branches? More small banks open accounts online

Tue, 04/17/2018 - 20:29
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.

Do multiple charters still make sense?

Tue, 04/17/2018 - 19:59
A Virginia bank's decision to pursue a charter in North Carolina puzzles some observers, given the added complexity and costs.

Mobile-based lender raises $65M to expand in developing nations

Tue, 04/17/2018 - 18:24
Tala plans to use the latest round of funding to develop new products for its customers in Kenya, Tanzania, the Philippines, India and Mexico.

New tactic in lawsuit against PACE providers: Breach of contract

Tue, 04/17/2018 - 18:14
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.

PacWest profit jumps 50% on improved credit quality, CRE growth

Tue, 04/17/2018 - 16:39
The Los Angeles bank also benefited from a reduced reliance on costlier certificates of deposit.

Northern Trust adds to assets under management and custody, raising 1Q profit

Tue, 04/17/2018 - 16:05
The Chicago custody bank also benefited from a recent acquisition of a UBS business in Europe and the lower federal income tax rate.

Pinnacle in Tenn. raises its profitability target

Tue, 04/17/2018 - 16:05
The company, which completed a major acquisition last year, said tax reform will help it generate a higher return on average assets.

Signature hires two veteran bankers to lead West Coast expansion

Tue, 04/17/2018 - 16:03
Joe Petitti and Jack Knight formerly held leadership posts at First Republic.

Warren gets scant help from Wall Street watchdogs on #MeToo push

Tue, 04/17/2018 - 15:54
Sen. Elizabeth Warren is struggling to get data that shows how bad sexual harassment might be on Wall Street.

First US Bancshares to enter Virginia with latest acquisition

Tue, 04/17/2018 - 15:50
The Alabama bank agreed to buy Peoples Bank for $23 million as part of a plan to target new Southeastern markets.

Commercial lending rises 16% at Wintrust

Tue, 04/17/2018 - 15:32
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.

Scrapping CFPB auto lending rule would only lead to more discrimination

Tue, 04/17/2018 - 15:02
Lawmakers should not toss out an agency rule aimed at curbing auto dealer markups that adversely impact borrowers of color.

Wider margin, cost cuts make up for weak loan growth at Comerica

Tue, 04/17/2018 - 14:33
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.

Quarles wants bank input on stress tests; Banks lending again

Tue, 04/17/2018 - 14:17
Fed vice chair wants to put stress test scenarios out for comment by banks; C&Is outstanding at record level in March.

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