Kristin Broughton

Applicants for credit cards, auto loans and mortgages are more frequently being told "No," and the reason appears to be more about lenders' new marketing efforts than stricter underwriting or weaker credit profiles.

Two consumer advocacy groups in California have accused CIT Group's OneWest Bank of failing to provide mortgages and other financial services in minority neighborhoods.

Northern Trust on Tuesday promoted Michael O'Grady to president. O'Grady currently serves as head of corporate and institutional services at the Chicago-based custody bank, overseeing businesses such as asset servicing and investment management.

Aaron Vermut has resigned as chief executive of Prosper Marketplace, according to a report in The Wall Street Journal. Vermut stepped down last week but will remain a director at the San Francisco-based online lender, according to the report, which cites unnamed sources.

The Trump transition team is said to have recommended that Steven Mnuchin be nominated Treasury secretary. A Goldman Sachs alum, he is known as a successful change agent for his roles in the transformation of the failed IndyMac into OneWest and the revamping of CIT, but some community reinvestment advocates remain critical of him.

In a message to employees Wednesday morning, JPMorgan Chase Chief Executive Jamie Dimon said the election of Donald Trump as president reflects a "deep desire for change.”

Santander Consumer Holdings USA in Dallas on Wednesday reported lower quarterly profits due to ongoing issues associated with its discontinued personal loan business.

Deposits at big banks have swelled as corporations shifted funds around in anticipation of new money market rules. But industry experts describe the influx as a temporary blip that will serve mainly to provide yet another drag on margins in the fourth quarter.

Wells Fargo chief Tim Sloan on Thursday downplayed the financial damage from the bank's phony-accounts scandal and insisted there is still a role for cross-selling if conducted properly.

In her first major presentation as Wells Fargo's head of retail banking, Mary Mack took on the doubters, making the case for why she is the best fit to lead the embattled retail unit. She laid out plans to revamp compensation and internal culture.

Two top executives said the scandal-plagued bank has managed to minimize the financial damage and can continue to grow amid some reforms. Yet they acknowledged that the full toll has yet to be realized, and the company announced it had significantly raised its estimated legal exposure.

Fifth Third Bancorp in Cincinnati has named Aravind Immaneni chief operations and technology officer.

TD Bank Group in Toronto will have a new president and chief executive for its U.S. banking unit next summer.

The Cincinnati bank is looking to middle-market lending in the Charlotte area to fuel future expansion, CEO Greg Carmichael says. The timing may be right, given disruption from M&A, as well as the Wells Fargo scandal fallout.

Santander Consumer USA Holdings in Dallas is expected to make a cash payment of about $115 million to its former chief executive, a payment that was prematurely recorded last year due to an error with its accounting.

UMB Financial in Kansas City, Mo., has made changes to incentive compensation for its branch employees.

Third-quarter profits rose at Cullen/Frost Bankers in San Antonio, driven by a lower provision for problem loans.

UMB Financial in Kansas City, Mo., reported higher quarterly profit as it continues to makes progress on a multi-year effort to slash expenses.

CEO Tim Sloan said senior executives made a series of mistakes in response to the phony account scandal, including placing too much of the blame on branch employees.

The planned sale of its aircraft leasing unit is expected to leave CIT awash in excess capital, making it difficult for it to achieve a 10% return on average tangible common equity by 2018. So the company said Tuesday that is bringing in Boston Consulting Group to identify cost cuts and revenue enhancements and help CIT hit its profitability targets.