Glen Herrick, a veteran bank director, penned a resignation letter criticizing the West Virginia company's executive-compensation policies and what he described as a failure to focus on core profitability.
Bank executives say artificial intelligence will create jobs, while analysts say the opposite. Employees are anxious but willing to try to work with it. All agree AI is already making an impact.
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The number of states with earned wage access legislation doubled in 2025 with six states passing new laws. Connecticut regulators have been particularly strict, creating conflict between lenders and the government.
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The payments division of the country's largest bank posted $4.9 billion in revenue in the third quarter as transaction volumes in merchant services outpaced volume in 2024.
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SEO Steve Squeri told analysts its platinum card upgrade has gotten off to a strong start, and added he's not noticing signs of consumer weakness due to recent political battles.
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The Alabama bank hopes that its new InvestPath platform, which combines automation and personal interaction, will attract first-time investors.
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The new service, which will offer one-on-one advice, is open to people with at least $100,000 in investable assets. It’s part of the company’s ongoing efforts to build a full suite of retail banking products.
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The former JPMorgan Chase executive will will replace Jim Hays, who is retiring.
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Some legal experts say the U.S. Supreme Court justices appeared to favor national rules preempting state regulations in the Bank of America in a case regarding mortgage escrow accounts.
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For the first time since mid-December, the Freddie Mac survey reports mortgage rates over 6.7%.
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The company was able release credit reserves because of actual and forecasted prices that boosted net income, CEO Priscilla Almodovar said.
The parent company of Heartland Bank and Trust plans to acquire a smaller bank based in Carlinville, Illinois. The acquisition would give the buyer added heft in Central Illinois, as well as the Chicago and St. Louis metro areas.
Under a proposed rule, the agency would let most nationally chartered firms off the hook for heightened regulatory standards. The rule would raise the bar from $50 billion to $700 billion of assets and leave only eight firms subject to heightened regulation.
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The creation of a Strategic Bitcoin Reserve creates a tempting target for bad actors, and raises the stakes for everyone in the areas of anti-money laundering, cybersecurity, market-volatility and sanctions-screening.
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The STATES 2.0 Act, currently pending in Congress, would go a long way toward giving banks confidence that they can provide services to legal cannabis businesses without putting themselves in legal jeopardy.
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The probability of a trade war-induced recession is unclear and fluctuates almost daily. However, the possibility is real enough that banks have a responsibility to prepare for a serious economic downturn on par with the 2008 financial crisis.
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The financial advisory firm initially sought an industrial loan charter back in 2020. It's the third company to receive the necessary approvals this year, joining General Motors and Ford.
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Though changes to bank capital rules previewed by Federal Reserve Vice Chair for Supervision Michelle Bowman in February are being viewed as welcome, experts say other more significant hurdles — not all of them regulatory — are keeping banks on the sidelines of mortgage servicing and lending.
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The proposed national trust charter company would be a wholly owned subsidiary of Morgan Stanley. The application was filed on Feb. 18.
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Fulton Financial received the necessary approvals to acquire Blue Foundry Bancorp; JPMorgan hired two Bank of America health care veterans while shuffling leadership; Mizuho Financial Group has plans to replace about 5,000 administrative jobs with artificial intelligence over the next 10 years; and more in this week's banking news roundup.
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Preferred Bank moved a $115 million block of loans to nonaccrual status after the borrower, which is battling fraud charges leveled by other banks, began missing payments.
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A final rule published by the Office of the Comptroller of the Currency Friday will formalize a 2021 interpretive guidance allowing national trust banks to perform non-fiduciary custody. The banking industry complained that the rule runs counter to the traditional scope of the charter.
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The payments company will fire about 40% of its employees, with CEO Jack Dorsey attributing the move to the impact of artificial intelligence. While investors cheered the move, analysts also raised questions about the company's functionality, and Dorsey said other companies will make similar moves.
A new report from Cerulli Associates shows older, affluent investors are far more skeptical of AI use than their younger counterparts. Financial advisors who use AI tools in their practices say transparency is key to setting wary clients at ease.
The 23rd annual ranking of women leaders in the banking industry.
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