Laura Alix

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.

The pair has joined Morgan Stanley among the roster of global banks pledging to measure the impact their lending decisions have on global warming. Citi also said it would finance $250 billion of low-carbon projects.

Many of its borrowers have struggled to make payments since the pandemic struck, so it is helping them by suspending debt collections and capping rates on new loans at 36%.

The student loan company had said a three-year-old lawsuit alleging consumer abuses was superseded by a similar CFPB suit. Here’s why the 3rd U.S. Circuit Court of Appeals disagreed.

CEO Greg Carmichael says the Cincinnati company has cut expenses but will proceed with branch openings in the Southeast and investments in its commercial loan and mortgage origination platforms to lay the groundwork for post-pandemic growth.

Delinquencies have been ticking up since the start of the coronavirus pandemic and Capital One is warning of more pain unless the government provides additional relief to tenants and landlords.

Loans to retailers and hotels are at the highest risk of default, the Salt Lake City company said in its second-quarter earnings presentation.

The new consumer deposit product will provide customers a snapshot of the carbon impact of their purchases and offer other incentives to entice the environmentally conscious.

Government stimulus efforts, including the Paycheck Protection Program, have fueled a deposit surge. The challenge for banks is figuring out how to put that new money to use.

The Minneapolis company said 75% transactions have been handled online since the pandemic hit.

Two state assembly members introduced legislation that would let the California Infrastructure and Economic Development Bank accept deposits from public entities and provide financing to small businesses and local governments.

The new Center for Climate-Aligned Finance will help financial institutions navigate the various challenges involved in the shift to renewable energy — as lenders, power consumers and corporate citizens. Its backers include JPMorgan and Bank of America.

The Wisconsin banking company recently agreed to subscribe to five solar gardens to trim power costs at 39 branches. The move, part of a broader sustainability push, also could benefit rural communities, Associated said.

BBVA USA in Birmingham, Ala., says it will use a proprietary score based on multiple sources of coronavirus-related information to determine when certain branches are ready for walk-in traffic.

Reading Cooperative Bank recently launched a program that aims to hire young Black and Hispanic adults from low-income communities. Its leaders say it’s part of a broad strategy to develop new pipelines of talent and better serve low-income communities.

The coronavirus outbreak forced BBVA USA to rethink a plan to add 15 branches in Texas, but it decided to move ahead anyway, albeit with a few tweaks.

In response to the Federal Reserve's stress tests, Wells said it will lower its third-quarter distribution to shareholders. Meanwhile, JPMorgan Chase, Goldman Sachs and five other companies announced stress test capital buffers that exceed the minimum requirement.

The company announced a slate of changes on Monday that includes the creation of a new position overseeing strategy for corporate and commercial banking.

Titi Cole was recruited away from Wells Fargo to join Citi as head of global operations and fraud prevention. She’ll report to Jane Fraser, the CEO of global consumer banking.

Banks are beginning to emphasize soft skills to help employees make “human” connections with customers in an environment of reduced face-to-face contact.