Consumer banking
The New York megabank benefited duing the second quarter from strong revenue growth in its giant credit card business, which helped overcome headwinds in wealth management and investment banking. But executives indicated that the script could soon flip.
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The New Jersey institution has hired Jeanne Scungio, a veteran banker who ran First Republic Bank's New York operations, to oversee its expansion into the Big Apple.
July 14 -
Eligible customers would receive a credit of up to $5,000 that can be put toward expenses like closing costs, or used to secure a lower interest rate. It's the latest example of a bank launching a program aimed at extending credit to minority borrowers.
July 12
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For now, worries about more bank failures have faded. But in the wake of the recent industry turmoil, higher funding costs are expected to weigh on banks' second-quarter results.
July 12 -
The Consumer Financial Protection Bureau ordered Bank of America to repay $100 million to customers who were charged multiple penalty fees when their accounts did not have enough money to cover payments, as well as those who did not receive the credit card rewards they were promised. The bank was also fined for opening a small number of accounts without customers' authorization.
July 11 -
Mass arbitration is a fact of life in modern consumer finance litigation. Those hoping it will go away through court decisions or legislative change are primed to be sorely disappointed.
July 11 -
Eligible borrowers would receive a credit for up to $5,000 to pay for expenses like insurance, taxes and closing costs. The program comes months after fair-lending advocacy groups criticized KeyBank for its low rate of lending to Black borrowers.
July 6 -
The Consumer Financial Protection Bureau wants to wipe out $9 billion a year in consumer costs by cutting credit card late fees to just $8. But consumer complaints about late fees remain low, and experts say that's because many first-time late fees are forgiven.
July 6 -
AI and machine learning are the future of banking and financial services. Regulators and policymakers need to keep the pace.
July 6 -
Michigan State University Federal Credit Union and its peers are streamlining branch design and staffing to improve customer service while managing the rising costs of real estate and construction.
July 5
