Polo Rocha

A new state law effectively bans the deposit of state public assistance funds into certain accounts that charge the fees. Supporters say it prevents companies from exploiting a loophole in existing prepaid card rules, while firms that will likely be affected say it limits options for underserved consumers.

Acquiring Watonga, which runs Cornerstone Bank, would raise the buyer's asset size to roughly $1.4 billion.

In her role as head of consumer and small-business banking, Mack is leading an initiative to establish accounts for the millions of Americans who are unbanked.

The bank's head of home lending has been tasked with managing the mortgage division through a housing boom but also with fixing years of regulatory troubles. 

The Federal Reserve is prepared to move “very vigorously” to crack down on banks that insist on making loans using the soon-to-be-defunct benchmark rate, Vice Chairman for Supervision Randal Quarles said.

The prepaid card issuer disclosed that it failed to get the Federal Reserve’s approval for its $165 million acquisition of a Republic Bank unit. The deal’s termination prompted a lawsuit by the seller.

The new pilot program is only operating at four of more than 30,000 post offices nationwide. But it's drawing loud criticism from the banking industry and Republican lawmakers, along with strong praise from congressional Democrats.

Banks generally did not curtail loans to existing cardholders last year despite mass unemployment, according to new research by the Consumer Financial Protection Bureau. The results contrasted with what happened during the Great Recession.

Many banks are still making loans tied to the scandal-plagued benchmark despite years of preparation for its demise. The end of 2021 could prove hectic as bankers scramble to implement changes and explain them to commercial borrowers.

U.S. Bancorp, M&T Bank, Citizens Financial are among the regionals that are buying smaller competitors in an effort to achieve greater scale.

Saule Omarova supports allowing the Federal Reserve to hold customer deposits and is skeptical of big-bank M&A. While those views are unpopular in the industry, banking critics hailed the choice to lead the Office of the Comptroller of the Currency.

Marc Womack, a former executive at JPMorgan Chase, Capital One and GE Capital, will join the subprime auto lender next month.

The U.S. subsidiary of Japanese banking giant Mitsubishi UFJ Financial Group has entered into a consent order with the Office of the Comptroller of the Currency that requires it to improve its information security protocols, hire more IT staff and create a board-level committee to monitor its progress.

Executives at JPMorgan Chase, Capital One and U.S. Bancorp all spoke this week about plans to take on upstarts that offer interest-free financing on consumer purchases. The increased competition figures to result in tighter margins across the category.

Elizabeth Warren asked the Federal Reserve this week to force the spinoff of the bank’s nonbanking operations. Wells, which was recently hit with another $250 million fine, countered that it has made significant progress in improving its risk management and addressing misconduct.

The Office of the Comptroller of the Currency slammed the scandal-plagued bank for violating a 2018 consent order and for problems with loss mitigation practices in its home lending division. The bank will also be restricted from acquiring certain residential mortgage servicing rights.

Merchants will be able to offer the interest-free installment product starting in October. One of Synchrony’s retail partners, Amazon, announced a buy now/pay later partnership with Affirm last month.

Earlier this summer, bankers sounded upbeat about Americans’ purchasing patterns, particularly in connection with loan growth in the credit card business. But more recent data suggests that the delta variant is taking a toll on consumer confidence.

Banks in Louisiana and Mississippi are finding less physical branch damage than many expected. Executives say the pace of the recovery will hinge on how quickly power and water are restored, as well as the cost of supplies and labor.

A lawsuit filed by Attorney General Maura Healey last year said Credit Acceptance Corp. in Michigan made predatory loans to Bay State borrowers and used deceptive practices to collect debt.