Consumer banking

Beach Cities Commercial Bank is set to open in Southern California next week. Rising interest rates and consolidation in recent decades have created more opportunities for investors to form new banks, experts said.

Bankers and a key government supervisor say the downfalls of multiple regional lenders reminded regulators that traditional M&A is better for the industry than failed-bank-deals.

Mobile banking offerings at midsize banks scored below those of their larger peers in a recent customer satisfaction survey. At a time of rising interest rates, consumers are increasingly valuing digital offerings that act as money movement hubs, experts say.

Carrie Tolstedt, the longtime head of retail banking at Wells, is resolving legal problems tied to her role in the bank's phony-accounts scandal. Earlier this year, she agreed to plead guilty to a criminal charge as part of a deal that calls for up to 16 months behind bars.

The Consumer Financial Protection Bureau released fourth-quarter data last week showing a big drop in revenue from overdraft and nonsufficient-funds fees in 2022 compared with 2019 as big banks reduced or eliminated certain fees.

A pair of mutual banks in Maryland and New York that sold minority stakes more than a decade ago are pursuing second-step offerings that will result in both becoming fully stock-traded companies.

Customers of banks that provide small-dollar loans are still turning to higher-cost lenders, according to a recent survey. The significance of the findings has sparked a debate between the payday lending industry and its critics.