Consumer banking
Sterling Bancorp is suing its founder and former CEO, Scott Seligman, to get him to repay dividends it alleges are tied to his influence over its problematic Advantage Loan program. The lawsuit claims Seligman was so controlling he even used a robot — nicknamed the "Scott Bot" — to surveil employees.
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Some online banks are offering the highest rate on savings accounts only to new customers. The strategy could suppress deposit costs at a time when the Federal Reserve's aggressive rate increases have begun to put pressure on expenses.
October 11 -
Amid fears of a recession, industry observers will be on the lookout for signs of distress in credit cards and auto loans. One analyst said "the positive trends we've been seeing are starting to erode, and the pressure is going to start building."
October 6
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The bank claims it has migrated all traffic from third-party apps and services to its secure API.
October 6 -
Daniel D. Robb of Jonesburg State Bank takes over as chairman of the American Bankers Association, which elected officers and board members for 2022-23 at its annual convention.
October 4 -
Financial institutions of all sizes — from JPMorgan Chase to SouthState to Fairwinds Credit Union — have reopened many branches, rolled out mobile banking units as well as reemployed pandemic-era digital and loan-forgiveness strategies in parts of Florida and South Carolina devastated by the powerful hurricane.
October 3 -
Four of the seven large banks that own Zelle's parent company, Early Warning Services, said they are reimbursing 15% to 55% of consumers that report fraud on their accounts, according to a report released by Sen. Elizabeth Warren, D-Mass.
October 3 -
TD Bank, the U.S. unit of the Canadian bank, has hired Christopher Fred as its new head of U.S. credit cards and unsecured lending. The bank's retail partners include Target and Nordstrom.
October 3 -
The industry is largely missing out on a huge segment of the market for financial services.
October 3 -
When local prosecutors in Los Angeles investigated fake accounts at the San Francisco bank, they were hampered by a provision of state law that prevented them from issuing subpoenas before filing suit. That problem has been remedied under legislation signed by Gov. Gavin Newsom.
September 30
