Polo Rocha is a Washington D.C.-based reporter who covers 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 proposed settlement would resolve allegations that USAA violated laws protecting those in the military from excessive interest rates. The bank said it "strongly disagrees" with the allegations.
August 6 -
Shares in U.S. banks weren't immune to a global market sell-off, as worries mounted over whether the U.S. economy's recent resilience is faltering. The turmoil hit some tech stocks hard and led to the worst day for Japanese stocks since the 1980s.
August 5 -
After a bloodbath that wiped out several trucking companies, a new U.S. Bank report on the industry signals its fortunes may be turning. The rebound, if sustained, may end the bleeding in bank loans to the sector.
August 1 -
The credit card company sold its student loan business, which long drew the ire of regulators. It also set aside substantial funds to cover looming regulatory penalties.
July 18 -
The credit card company is seeing fewer customers fall behind on their payments. But with lower-income consumers still being pinched by inflation, Synchrony isn't loosening its lending standards.
July 17 -
The Wall Street investment bank saw its profits rebound in the second quarter as last year's decline in mergers continued to thaw. "The game will have to go on because there's just been so much activity that has been suppressed," said CEO Ted Pick.
July 16 -
The San Francisco bank's interest expenses continue to rise as depositors switch to higher-yielding options. At the same time, soft loan demand from business customers is putting a lid on how much interest Wells is collecting from borrowers.
July 12 -
The lawsuit settlement clears a hurdle for the credit card company's deal with Capital One, which has vowed to address Discover's compliance shortcomings. A public hearing on the merger is scheduled for July 19.
July 5 -
Maryland-based Forbright Bank, which is led by a onetime Democratic presidential candidate, relied extensively on brokered deposits as it grew after a 2021 rebranding. The bank says it has made changes in response to regulators' concerns.
July 2 -
Large and regional banks again proved their resiliency in the Fed's annual exams. But analysts noted that a few lenders faced some negative surprises — a development that may scuttle investor hopes for share buybacks by those banks.
June 27
