Polo Rocha

Early next year, the company will become the largest bank to eliminate the fees, which are drawing scrutiny from regulators. Its announcement drew praise from consumer advocacy groups.

President Biden's announcement that he is reappointing Jerome Powell as chair of the Federal Reserve suggests that not much will change regarding supervision, capital requirements and approval of merger applications. But the still-open position for vice chair of supervision could go to a more progressive nominee.

Regulators are requiring an operational overhaul at The Federal Savings Bank. Its former CEO Stephen Calk, who sought a job in the Trump administration, was convicted in connection with loans the bank made to onetime Trump campaign chair Paul Manafort.

Acquiring the company, which has a namesake savings app, would allow the Silicon Valley lender to accelerate its plan to offer more consumer banking services. The deal comes less than six weeks after Oportun withdrew its application for a bank charter, which it plans to refile.

Mainstream lenders have long been reluctant to make short-term consumer loans because the costs involved make them expensive for borrowers. Upstart says its technology will enable partner banks to offer loans at annual percentage rates below 36%.

U.S. consumers’ card debt, which fell sharply last year, has now climbed for two consecutive quarters. The upcoming holiday shopping season will signal how quickly borrowing will return to 2019 levels.

Meghan Hinds, a 15-year veteran at the San Francisco bank, leads a group that’s been reorganized following several key departures last spring.

Even as the pandemic has hastened adoption of digital banking, industry officials say branches remain vital points of contact with consumers.

OceanFirst Financial in New Jersey has agreed to pay $186 million to buy Partners Bancorp, which owns two banks that operate in the Washington suburbs and surrounding areas.

Hunt, who joined the CBA in 2009, has been a vocal critic of the federal student loan program and the Consumer Financial Protection Bureau’s leadership structure. He plans to leave the trade group next summer.

A partisan split at a congressional hearing offered a preview of coming regulatory debates over the nascent sector. One key question is whether the consumer bureau will impose ability-to-repay requirements on installment lenders.

During third-quarter earnings calls, Bill Demchak of PNC raised concerns about stablecoins, while Jane Fraser of Citigroup pledged that there will be accountability for fixing her company's regulatory troubles and Jamie Dimon of JPMorgan Chase sounded downbeat about the Biden-era regulatory environment.

The Financial Stability Oversight Council's guidelines for regulators avoided measures that banks feared such as fossil fuel loan limits and rigid new stress tests. But the panel is recommending rules that would require financial institutions to disclose their exposure to global warming.

Lesher, previously the company’s head of middle-market banking operations on the East Coast, takes over as Wells is making technology investments in the unit.

The auto lender’s acquisition of Fair Square Financial would diversify its consumer product lineup. The pandemic derailed its last effort to buy a card company.

The Tennessee company, which reported 1% linked-quarter loan growth, has sought to “protect the integrity of the balance sheet” and has a strong pipeline of commitments.

Goldman Sachs, Truist and Regions have all made deals to acquire home improvement lenders. Here's why their executives are so bullish on the sector.

At Fifth Third, Synovus and Zions, third-quarter loan growth and improved outlooks indicate that businesses are finally more open to borrowing. Industrywide data further suggests “a much hoped-for rebound” has begun, according to analysts at Piper Sandler.

The bank, which acquired General Electric’s health care lending business in 2015, is looking to expand its presence amid a merger boom in the sector.

Charlie Scharf faced tough questions Thursday in the wake of a recent $250 million fine. Analysts did not get the clarity they sought on how much longer the bank will be constrained by a three-year-old consent order with the Fed.