Any limitations on the distribution of pandemic relief and other payments are the result of instructions from the IRS, or the Federal Reserve's failure to operate a 24/7 payments system — and not shortcomings of the automated clearing house network, writes the head of Nacha.

The Rhode Island bank continues to build out a national consumer banking platform, while also reducing its exposure to higher-risk asset classes as the economic outlook darkens.

Yet the Detroit company's stock fell more than 8% after its earnings report, indicating the market "seems more tentative" than Ally about the credit outlook, one analyst said.

Sixteen bank members of the Alloy Labs Alliance have come up with a set of rules for banking as a service, and who is responsible for what.

Citizens Financial said it would pay $67.4 million to buy HV Bancorp, the holding company for Huntingdon Valley Bank, in a bid to expand in Greater Philadelphia.

The parent of City National Bank of West Virginia said it would pay $61 million in stock to acquire Citizens Commerce Bancshares.

An uptick in so-called operating losses helped drive up noninterest expenses excluding M&A costs at Truist Financial by 2% year over year, complicating its efforts to achieve positive operating leverage. The cost of reimbursing customers hurt by fraud seems to have been a contributing factor.

Since 1982, the Small Business Administration's 7(a) program has been restricted almost entirely to banks and credit unions. A proposed rule would open it to fintech lenders.

Rather than trying to reach the masses, which proved to be expensive, Goldman is focusing on marketing its online banking platform to its existing pool of wealth management clients. The investment bank has learned that it's "better to play to our strengths," CEO David Solomon said Tuesday.

Goldman Sachs Group's traders once again helped rescue results from a sharp slowdown in investment banking just as the firm prepares for a reorganization that will combine the two business units

The megabank set aside a larger provision for credit losses during the third quarter as delinquency rates in its credit-card business ticked higher. Still, executives argued that the U.S. consumer outlook remains strong.

The prepaid card and digital banking company promoted its chief financial and operating officer, George Gresham, to chief executive.

Goldman Sachs Group's David Solomon is embarking on his third major reorganization in just four years as chief executive, undoing some of the signature moves he made as recently as 2020.

Bank of America reported its highest quarterly net interest income in at least a decade thanks largely to the Federal Reserve's interest rate hikes. Meanwhile, debt traders beat analysts' estimates.

While Citigroup's Wall Street operations wrestle with tough markets, the bank is getting a boost from the little guy: consumers leaning on credit cards during the worst inflation in a generation.

The Southern California branches will be sold to HomeState Bank, a Seattle-based community bank. The Department of Justice required the sale as part of U.S. Bancorp's pending acquisition of MUFG Union Bank.

There were 37 deals announced in the third quarter, well below the 64 announced in the same period of 2021, according to a Raymond James analysis. Uncertainty over the November election is just the latest factor slowing mergers and acquisitions.

The main goal of Frsh is to help people protect their earnings from the fees of check-cashing facilities and predatory loans. 

The American consumer is "in good shape" and spending more this month than a year earlier, even amid inflation, jittery markets and international tensions, according to Bank of America Chief Executive Brian Moynihan.

Postal banking in the U.S. hasn't gotten off the ground, partly because of strong resistance from American banks. But a successful trial offering of affordable consumer loans by Toronto-Dominion and Canada Post, and their plans to take them nationwide, are a reminder that the idea persists.