The Latest

New research from American Banker and Monigle reveals which banks, credit unions and challenger banks are turning customers into fans — and which ones have work to do.

M&T in New York, which is seeking regulatory approval to buy People’s United Financial, recently disclosed plans for around 1,000 layoffs. The backlash — focused on job cuts in the seller’s hometown of Bridgeport — has been stronger than in other recent deals.

Financial Services Superintendent Linda Lacewell said she will step down Aug. 24, the same day Gov. Andrew Cuomo plans to leave following a sexual harassment investigation. The state’s attorney general found that Lacewell helped with the governor’s public relations response to the allegations.

Cypress Bank & Trust is poised to open in Palm Beach, and longtime banker Stephen Gordon just launched Genesis Bank in Newport Beach. Meanwhile, two more groups have filed for de novos in August, bringing the list of pending applications nationally to 16.

The agency asked bankers to reflect on their experience with virtual monitoring over the past year amid speculation that the pandemic could speed a full conversion to off-site supervision.

Financial institutions will have until early October to weigh in about new risk-based capital requirements for nonbanks.

Climate activists are starting to map out a coordinated campaign to oppose the potential renomination of Federal Reserve Chair Jerome Powell, because they view his record on fighting climate change through the banking system as scant and not aggressive enough.

The London neobank, which has applied for a banking charter in California, is working to undercut banks on pricing for consumer payments to Mexico.

This year's assessment for Fannie Mae and Freddie Mac is the first to take into account a January agreement between the Federal Housing Finance Agency and the Treasury Department that allowed the companies to retain more earnings.

Research shows that unbanked recipients of the Advance Child Tax Credit want bank accounts, while those with banking relationships are eager for advice on how to use the money.