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Nathan Cox, who was most recently chief lending officer at Travis Credit Union, will replace Brooke Van Vleet-Pearson as the credit union's chief executive.

Early Warning Services' peer-to-peer transfer service drove $180 billion in funds transfers during the first quarter of 2023, up 31% over the same period last year.

First-quarter customer deposits dropped to $325.7 billion year over year, Charles Schwab reports, roughly in line with analysts' estimates. They fell 11% since Dec. 31.

A 40-year-old limit of just 14 nondepository 7(a) lenders is set to expire May 12 despite concerns by lawmakers and opposition from banks and credit unions.

The invoices show branding by NorthOne, a business banking fintech, but the company's CEO denies responsibility for the vulnerability.

Though revenue growth remains a challenge, Citigroup is still committed to its global wealth management expansion plan, CEO Jane Fraser said Friday. Andy Sieg is joining the bank from Merrill Lynch in September as head of global wealth management.

The approval follows a deal brokered by the Swiss government last month for UBS to acquire its distressed rival.

The San Francisco bank identified "signs of weakness" and increased its loan loss reserves substantially. Small and midsize banks have significantly larger exposures than Wells does to the office segment, which has been hit by changing work habits.

The largest U.S. bank by assets raised its forecast for net interest income in 2023 to $81 billion from $74 billion, a positive sign for investors wondering how an economic downturn might weigh on profits.

Federal Reserve Board Gov. Michelle Bowman said current capital requirements and application processes are driving consolidation and boosting shadow banking.