The New York State Department of Financial Services and the Federal Reserve Board penalized Metropolitan Commercial Bank for failing to prevent $300 million in fraud in a prepaid card program. It is the latest example of a bank being sanctioned in connection with rampant fraud during the COVID-19 pandemic.

Executives say the $213 billion-asset company's strong credit performance in the third quarter positions it to pursue loan growth next year.

The Consumer Financial Protection Bureau's proposal would give consumers a legal right to grant third parties access to financial data for a specific use, but firms cannot sell the data or use it for their own benefit — including by feeding it into algorithms or artificial intelligence.

Six weeks after unveiling a broad restructuring plan, the North Carolina bank said it has already taken several steps to lower expenses, and that various cost-reduction initiatives are on parallel paths.

There are good reasons to be skeptical in the face of predictions of a revolution in banking led by generative artificial intelligence.

Charge-offs at the Detroit-based lender rose last quarter, as borrowers had a tougher time keeping up with their car payments. But so far, credit quality is staying within expectations, and company executives don't anticipate that the rest of the year will be much worse.

American Bank of Oklahoma agreed to a consent order in August to settle allegations from the Department of Justice over redlining. However, the institution strenuously objected to references to the Tulsa Race Massacre in the agreement and asked that the language be stricken.

The Indian government's efforts to create digital public access for women can be a model for other countries.

How to use, govern and adopt AI were some of the main themes from the Monday event.

The nation's second-largest bank reported strong growth in net interest income, revenue and profits. But analysts continued to express concern about unrealized losses, which swelled to $131.6 billion.

The two megabanks continue to shrink their branch networks, with BofA planning to close 20 locations and Wells recently shuttering 15. Both banks are also opening new branches in certain markets.

Goldman Sachs said that its partnerships with Apple and General Motors are hard to exit in the short term. So the investment banking giant is concentrating on making the deals profitable, even as it acknowledges that they may not be a long-term fit.

Net income was $2.06 billion in the third quarter, down 33% from a year earlier, amid sluggish banking activity, real estate write-downs and questions about whether dealmaking will rebound.

Billy Beale joined the small Virginia bank in May, several months after its fintech partnership strategy landed it in hot water with regulators. "There's still a lot of just blocking and tackling that we've got to do to get the bank to work the way it's supposed to," he says.

The longtime Most Powerful Women in Banking honoree looks back on her four-decade career and how the industry has changed for women.

Net interest income rose sharply at Wells Fargo and especially JPMorgan Chase last quarter, thanks to lighter-than-expected deposit costs. But questions linger about how long both companies can keep a lid on those expenses and whether smaller competitors can do the same.

JPMorgan Chase now tops Wells Fargo in third-party servicing, origination volume and on-balance-sheet home loans, according to company filings.

The recent round of terminations comes after the neobank cut 225 employees in January.

A pending new rule from the Consumer Financial Protection Bureau on customer data will force banks to improve customer service and be more competitive in their pricing.

The San Antonio-based lender is introducing new products targeted at borrowers who make less than 80% of their county's median income. The loans, which will qualify for Community Reinvestment Act credit, could help expand access to the state's increasingly expensive housing market.