Polo Rocha

Only 12% of large and regional banks in the U.S. and Canada are running the scenario analyses that regulators are poised to recommend, according to a new survey. Observers say progress has been faster on the other side of the Atlantic, as European banks and their regulators have moved more quickly to develop a uniform system for quantifying risks.

Helena Haynes-Carter will lead the Cleveland bank’s efforts to hire and retain a diverse pool of employees.

Overdraft fees have been a reliable revenue source for decades, but the charges have fallen into disfavor amid regulatory scrutiny and competition from neobanks. Here's a look at the steps various large and midsize banks are taking to reduce or eliminate the fees, as well as their plans for what's next.

The credit card issuer fielded questions about its fees two days after the Consumer Financial Protection Bureau announced a wide-ranging review of consumer charges. Executives said they would not take a big revenue hit even in the face of new limits.

The expenses jumped 33% last quarter, which was generally in line with trends elsewhere in the credit card industry. The battle for new customers is “intense,” CEO Richard Fairbank told analysts.

Goldsmith, the grandson of City National Bank’s co-founder, is set to retire as its chairman. In an interview, he betrayed no regrets about the company’s sale to Royal Bank of Canada, which was propelled by a similar logic about the need for scale that drives many deals today.

Loans to car sellers plummeted earlier in the pandemic due to chip shortages that hampered vehicle production. But supply improvements since last fall have fueled the start of a rebound.

The Tennessee bank reported an uptick in commercial lending during the fourth quarter. Executives pointed to the impact of a 2020 acquisition that allowed First Horizon to bulk up in in Florida, Georgia and Louisiana.

The deal is the latest example of a mainstream bank buying a point-of-sale lender focused on financing home improvement projects.

SoFi Bank, which is expected to open next month, emerges from the company’s purchase of a small community bank in California. It will not be allowed to engage in crypto-asset activities without its primary regulator’s approval.

Derek Flowers, a 24-year company veteran, will replace the retiring Amanda Norton. Flowers' familiarity with the megabank's operations will help as it continues working through regulatory consent orders, CEO Charlie Scharf said.

Auto loans, credit cards and corporate lending all showed strength in the fourth quarter, and the San Francisco bank predicts more consumers and businesses will borrow this year.

The company sold small businesses a credit-building product that fell short of its promises, and also failed to help them fix inaccuracies in their credit reports, according to the Federal Trade Commission. D&B has agreed to give refunds to many customers.

The standard charge for customers who overdraw their accounts is $30 or more. Analysts say one megabank’s decision to slash the price will pressure competitors to take similar steps.

The nation’s second-largest bank by assets is the latest to roll out changes that will reduce its overdraft revenues. But in cutting its fee from $35, BofA is taking a different tack than many competitors.

The payout will help the Delaware bank recover legal costs that stemmed from its 2010 purchase of Christiana Bank & Trust. It expects a 23-cent boost to earnings per share in the most recently completed quarter.

The consumer agency’s latest data analysis takes issue with how Equifax, Experian and TransUnion have dealt with a deluge of grievances. One analyst called it a “starting point” for stricter regulations and enforcement actions.

Two co-founders of the company are expected to give depositions this month in a suit brought by an entrepreneur who says one of them stole her idea of providing credit to immigrants and turned it into a multimillion-dollar venture. Petal denies the allegations.

The Secured Overnight Financing Rate has benefited — amid the phaseout of Libor — from positive comments by regulators. Is a multirate environment, which some banks would prefer, still possible?

Branches across the country have closed temporarily, or switched to drive-thru service, as infections and quarantine rules have forced many bank workers to stay home.