Allissa Kline

The Alabama bank must pay $191 million in connection with charges it levied on customers whose account balances went negative before a transaction was posted. Seven years ago, the CFPB imposed a $7.5 million overdraft-related fine on Regions.

Western Alliance, in its first appearance on the list of leading banks with more than $50 billion of assets, landed at No. 1. The Phoenix company and the other top performers in this class have either created niche businesses, made acquisitions or done both.

Yie-Hsin Hung will join State Street Global Advisors in December, succeeding Cyrus Taraporevala, who has been CEO since 2016. The hiring comes as the Boston-based custody bank continues to await regulatory approval for its acquisition of Brown Brothers Harriman's investor services division.

The parent company of Silicon Valley Bank has hired a law firm to assess its "Access to Innovation" effort. That program aims to provide support, including more funding, to startups and venture firms that were started by women and members of certain minority groups.

The company says it will streamline its United Kingdom operations to focus on private banking and wealth management to serve affluent clients in that market.

The megabank rolled out new and expanded employee diversity targets that it aims to meet by 2025. The goals include placing more Hispanics in leadership roles and boosting the number of LGBTQ+ members the company hires from colleges and universities.

Allegiance Bancshares and CBTX received the final blessing they needed from the Fed to complete their proposed deal 10 months after it was announced. But regulators say the new company must take steps to attract more African American mortgage borrowers.

Community development financial institutions that are led by people of color will receive the capital, which is being distributed through the National Alliance of Latino CDFI Executives and the African American Alliance of CDFI CEOs, according to BofA.

Mike Maguire will succeed Daryl Bible as the North Carolina bank's finance chief. Maguire has been in charge of Truist's consumer finance and payments businesses for nearly two years.

The North Carolina bank's insurance subsidiary agreed to pay $3.4 billion to buy BankDirect Capital Finance. The sale reflects opposing strategies by the two companies.

The Minneapolis company, which increased its minimum wage to $18 an hour in June, will bump it up to $20 in response to inflationary and competitive pressures.

The megabank had previously announced plans to shed consumer and commercial banking units in Russia, which invaded Ukraine in February. The revised plan is expected to cost about $170 million over the next year and a half.

Net income at the Toronto-based bank dipped by double digits during the fiscal third quarter. But the company's U.S. operations, including City National Bank in Los Angeles, fared better.

Neal Holland, who has been serving as MUFG Union Bank's chief financial officer, will assume the same role at First Republic. It is the latest in a series of recent changes in the San Francisco bank's leadership ranks.

In a joint letter to the Consumer Financial Protection Bureau, three industry groups challenged the legal basis for a recent information request and accused the agency of unfairly disparaging the quality of customer service that banks provide.

The North Carolina bank bought technology from Zaloni in an effort to boost data collection, metadata management, advanced analytics, artificial intelligence and machine learning.

More than half of the nation's 20 largest commercial banks, including Citigroup and PNC, have stopped charging nonsufficient-funds fees, and another four are scheduled to end the practice by year-end. That leaves three holdouts: SVB Financial, Huntington and MUFG Union Bank.

The Pittsburgh-based company is no longer assessing NSF fees to customers whose accounts don't have enough money to cover certain transactions. It is the latest bank to revise portions of its overdraft policy amid a raging debate about the fairness of such charges.

The rating agency has revised the long-term issuer default rating for PacWest Bancorp and its banking subsidiary, Pacific Western Bank, from "BBB" to "BBB-" and says it doesn't expect the bank's common equity Tier 1 ratio to bounce back anytime soon.

More than 250 midsize and large companies that do business with BofA have signed up for its corporate employee banking and investing program, which pulls double duty as a retention tool for the companies and a customer-growth engine for the bank. The initiative is part of a wave of such offerings by regional and large banks.