Jon Prior

The Federal Reserve's unanimous approval is a win for the Rhode Island company, though it will have have to take part in an additional round of stress tests in 2023.

A $1.9 billion lawsuit against Bank of Montreal — which is accused of lying to a judge after a predecessor bank destroyed documents — may go to trial late this year. The legal imbroglio is coming to a head as regulators examine the Canadian banking giant’s proposed acquisition of Bank of the West.

The Pennsylvania company said that Philip Wenger, who has been CEO since 2013, is stepping down on Jan. 1 and that Myers will succeed him.

CEO Nitin Mhatre, who joined the Massachusetts bank in 2021, said that any M&A deal is at least a year away. For now, the bank is working with fintechs as a way to bolster its balance sheet and deliver exceptional customer experiences.

The long-awaited Community Reinvestment Act reform plan is likely to address climate change and bank partnerships with nonbank lenders, while also taking into account the shrinking number of U.S. bank branches, government officials said Monday.

The Canadian banking giant cited labor shortages, rising inflation and the economic fallout from Russia’s invasion of Ukraine as reasons for keeping loan-loss allowances above pre-pandemic levels.

The Columbus, Ohio, bank has agreed to buy an investment banking and advisory firm that caters to midsize companies to "accelerate" the growth of its capital markets unit.

The Canadian banking giant established a nine-month window to finish its $13.4 billion purchase of First Horizon, which could be challenging given the tighter regulatory scrutiny of bank M&A. After November, the price tag will go up.

The $13.4 billion agreement would create a top-six bank in the U.S. by assets and give Toronto-Dominion a large presence in Tennessee and a deeper foothold in the region.

Amid Russia’s invasion of its neighbor, cybersecurity officials are warning about the potential for an unconstrained cyberattack on targets in Ukraine to spread around the globe.

The Houston bank negotiated the agreement with the National Community Reinvestment Coalition after closing its merger with BancorpSouth. That deal created a lender with $50 billion of assets and operations in nine states.

Last year, just 30% of small-business owners received the total funding they were seeking, down from 51% just two years earlier, according to a new Federal Reserve survey. The findings suggest that two years into the pandemic, banks are having a difficult time assessing risk.

Chief Financial Officer Emily Portney said Bank of New York Mellon would be interested in buying more custody assets if an opportunity arises and the price is right. In the meantime, it continues to eye deals for small tech companies.

Democrats still want to move President Biden’s five Federal Reserve picks together through the full Senate. But the chamber’s rules will make that tough to accomplish unless Sarah Bloom Raskin can come to terms with GOP lawmakers opposed to her nomination.

Republicans on the Senate Banking Committee skipped its scheduled vote on five Federal Reserve appointees, preventing a quorum. Minority Leader Mitch McConnell echoed concerns raised about nominee Sarah Bloom Raskin, saying she wants the Fed to become an “ideological left-wing activist body” that interferes with private-sector credit decisions.

The fintech-turned-bank has bet big on pro football marketing. Sunday’s game at SoFi Stadium should give its customer acquisitions a boost, analysts say.

Borrowing on plastic climbed by $52 billion in the fourth quarter, the New York Fed found, as consumers splurged on holiday shopping and inflation drove up the cost of goods and services. It's the biggest jump in the 22 years the data has been tracked.

The March hearing, to be hosted jointly by the Federal Reserve and the Office of the Comptroller of the Currency, is coming at a time when lawmakers and community groups are pressing federal agencies to apply more scrutiny to bank mergers.

Six members of the Senate Banking Committee are asking questions about a flurry of lawsuits against credit card customers. The bank denies that it has resumed using robo-signing.

Eight out of 10 community bankers said in a new survey that the installment loan product appeals to them far less than it does to many fintechs and larger banks.