The Fairmont, West Virginia, bank is taking a $7.6 million hit to rid itself of $73 million in long-duration, low-yielding securities, though the sale of its payments subsidiary the week before cushions the blow.
By poaching Ruth Porat from Morgan Stanley, it's clear Google wants to forge closer relationships with banks. That's because banks hold the key to helping Google expand its Google Wallet mobile-payments product.
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The card network integrated its data-sharing technology into products from Zip, FIS and JPMorgan Chase as potential regulations loom on the horizon.
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Three months after the instant payment network went live, users and former Fed staffers say the rollout is going as expected. But the key to wider use depends on banks and their customers figuring out what to do with it.
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Brazil's PIX network has sparked a venture-capital boom in an otherwise down economy, including interest from U.S. investors.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
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Financial industry leaders are taking on hedge funds, even if regulators aren't.
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The Municipal Securities Rulemaking Board is exploring state public pension laws to see whether there are types of disclosure in common that they could encourage issuers to submit to its Electronic Municipal Market Access site, board officials told reporters on Jan. 31.
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The company will also restate financials for the first half of 2018 to correct how it classified cash flow activities tied to commercial mortgage warehouse lending.
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The revised blueprint by Moelis & Co. LLC incorporates a pending regulatory capital plan for the mortgage giants.
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The presumptive chair of the Financial Services Committee resumed her tough criticism of the administration, but also committed to "hearing a range of views" if handed the gavel.
The troubled Long Island-based lender laid out steps that it's taking to improve its loan-review process. The remediation efforts follow a massive loan provision last quarter, which led to a management shake-up and a $1 billion rescue led by former Treasury Secretary Steven Mnuchin.
Equifax agreed to resolve allegations that it failed to conduct proper investigations of consumer disputes, ignored evidence and allowed previously deleted inaccuracies to be reinstated on credit reports. The credit reporting bureau also shared inaccurate credit scores and data about consumers with lenders.
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Traditional financial institutions face pressure to imitate fintechs that have brought many consumers into the mainstream. Yet cash must be a key part of efforts to expand access, since it's still crucial for many low-income families, the elderly, migrants and others.
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Banks should be careful not to overreact to the pandemic recession and assume that the public is willing to forgo personal service. More than 40% of consumers say having a branch nearby is their primary reason for picking a bank.
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Companies like Ally are mimicking the approach of fintechs by curbing overdraft charges and instituting other changes. It is a sign that startups’ efforts to improve customer experience were successful and that competition in digital-first banking will intensify.
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The first government shutdown since 2019 will slow flood insurance originations and new Small Business Administration loans, though self-funded banking regulators will continue operating as usual.
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Though small banks have a durable customer base in the small-business sector, the decades-long consolidation trend will likely speed up, according to a new report from Morningstar DBRS.
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Real-time cross-border payments are in demand, but lack interoperability — creating demand for Swift and Ripple to add new tech. Plus, PayPal pledges to add payment technology in the Middle East and Africa, and more international payments and fintech news.
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Houston-based Prosperity will pay $269 million in stock for Southwest Bancshares in San Antonio. The sale comes on the heels of the death of Southwest's founder and chairman.
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The Supreme Court said Wednesday that it would defer President Donald Trump's request for a stay until after oral arguments scheduled for January 2026, allowing Federal Reserve Governor Lisa Cook to remain on the board at least until then.
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Technology is moving quickly and retirement investing is now an individual responsibility, but the core purpose of a Wall Street career is still vital, the veteran banker said in an exit interview.
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The $18.6 billion-asset Muncie, Indiana-based company agreed to pay $241 million in stock to acquire First Savings Financial Group and expand into the Southern end of the Hoosier state.
Federal Reserve Governor Michael Barr warned that subjecting the stress testing models to the notice and comment process could lead them to "ossify."
The 23rd annual ranking of women leaders in the banking industry.
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