Orla McCaffrey is a Seattle-based reporter covering national and regional banks. Before joining American Banker in 2022, she worked at The Wall Street Journal, where she covered banking and housing finance. She is a graduate of Binghamton University and the Craig Newmark Graduate School of Journalism at CUNY.
A bill before the state legislature would create a public infrastructure bank, where municipalities could go to finance projects from affordable housing to bridges.
Executives at America's largest banks are making rosier predictions about the financial health of U.S. households than they were a year ago, when their forecasts proved to be overly pessimistic.
The Canadian bank didn't admit liability in the settlement, which is set to go before a court for approval in February.
The top risk executives at U.S. banks are still weighing the fallout from the failures earlier this year and are considering ways they can better handle risks tied to their treasury and asset-liability management.
Across the industry, the pace of branch shutdowns slowed this year. Still, large financial institutions continued to trim their physical footprints, with two super-regional banks taking the most aggressive actions.
Mobile banking features that encourage customers to set savings goals can supercharge customer loyalty and attract new primary banking customers. A renewed focus on consumer savings may also help banks offset the decline in deposits reported at many banks in 2023.
The nation's largest bank has already completed many of the branch closings that can boost its earnings, leaving it with "less and less accretive opportunities to consolidate," according to a top executive.
Expenses at Canada's second-biggest bank are higher than they should be, and the layoffs are one part of a plan to control costs going forward, executives say. Other Canadian banks including CIBC, Scotiabank and BMO have also shed workers this year.
The platform will allow banks to share the names and account information of suspected scammers almost in real time. The American Bankers Association is set to test the system with a group of 20 pilot banks early next year.
The number of women CEOs at top-50 banks will soon fall to one with the departure of Kelly Coffey from the top job at City National Bank. The recent trend line shines a light on the industry's shallow bench of women in C-suite roles.