Polo Rocha is a Mexico-based freelance reporter who worked at American Banker from 2021 to early 2025, covering consumer finance and national banking trends. He previously covered the Federal Reserve at S&P Global Market Intelligence and state politics at WisPolitics.com. He graduated from the University of Wisconsin-Madison and has a master's in finance degree from Johns Hopkins University.
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The company has filed a lawsuit against the banking commissioner for threatening to end its partnership with a bank that enables consumer loans to exceed the state’s 36% interest rate cap. OppFi’s argument: Its bank partner is the true lender.
March 10 -
The syndicated loan, which was led by Citizens Trust Bank in Atlanta and Carver Federal Savings Bank in New York, marks the first time that a professional sports league has gotten a loan financed entirely by Black-owned banks. Those involved hope it starts a trend.
March 10 -
Gibbons, who became CEO of Bank of New York Mellon in 2019, is retiring on Aug. 31. Robin Vince, who leads the trust bank's global market infrastructure division, will be his successor.
March 10 -
Key advocacy organizations are negotiating a community benefits agreement with Minneapolis-based U.S. Bancorp. Until a deal is reached, they are vowing not to back approval of the $8 billion acquisition.
March 8 -
The sale of Partners Bancorp in Maryland to OceanFirst Financial in New Jersey was expected to be approved by midyear. But regulators' reviews of the applications are taking longer than expected, meaning the companies can no longer “give any assurance as to the timing” of the deal's completion, Partners says.
March 8 -
Numerous unaccredited and loosely regulated schools are offering buy now/pay later products as a payment option for students, according to the Student Borrower Protection Center. Its report, which called out PayPal, Klarna, Affirm and Afterpay, comes as the CFPB is considering how to regulate the sector.
March 7 -
The misclassification of certain cash flows in 2021 was a “material weakness,” according to a securities filing. Management restated the relevant financial statements and promised to lay out a “plan to remediate” the issue.
March 4 -
Titi Cole will run the megabank’s legacy franchises division, which contains consumer businesses that Citi is looking to sell or wind down in other countries. The exits are part of CEO Jane Fraser’s efforts to reshape the bank.
March 2 -
Lawmakers in New Mexico recently approved a stringent rate limit, and similar efforts are underway in Rhode Island and Michigan. The state-level actions are among the "numerous headwinds" facing high-cost lenders, one analyst said.
March 1 -
The $2.3 trillion-asset company plans to scrap the charges by this summer. It joins Capital One and Ally in doing away with the fees, which face pressure from Biden-era regulators.
February 24 -
Banks flush with liquidity are likely to keep deposit yields low even as the rates they earn on loans widen, which should result in higher net interest income. One industry analyst predicts “NII to the sky.”
February 23 -
The Northeastern banks had aimed to wrap up their deal by Feb. 21, but the Federal Reserve — the last of the regulatory authorities they need approval from — hasn’t signed off yet.
February 18 -
Some investors worry the rebound in consumer lending will inevitably lead to more defaults. Here’s why bank executives disagree.
February 17 -
The Silicon Valley fintech expects to make $1.5 billion in auto loans this year after implementing key elements needed to achieve scale, said CEO David Girouard. The expansion comes as the automotive market continues to boom.
February 16 -
Adrienne Harris said the New York State Department of Financial Services will concentrate more on issues that have a big impact on people’s pocketbooks. The agency announced a move Monday that will likely save money for consumers who rely on check cashers.
February 14 -
The Chicago bank, which is being acquired by Old National Bancorp, agreed to pay roughly $250,000 under an agreement with the Federal Reserve.
February 10 -
The Federal Trade Commission recently issued an advisory opinion that could make it easier for consumers to recover their legal costs from banks in situations where they were defrauded by a car dealer.
February 9 -
Buffalo, New York-based M&T is the latest bank to announce changes that will save customers money but also reduce service-fee revenue.
February 8 -
Stephen Calk had argued against incarceration, while prosecutors asked for 51 to 63 months behind bars. The ousted bank CEO was convicted of approving $16 million of loans in exchange for Paul Manafort’s help in landing a job in the Trump administration.
February 7 -
Fifteen consumer groups said the Federal Deposit Insurance Corp. appears to have “done nothing to curtail the predatory lending that has exploded on its watch.” They urged the agency’s Democratic board members to take action as Chair Jelena McWilliams, a Republican appointee, prepared to step down.
February 4
