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The Virginia bank is one of three that have been publicly admonished by regulators this week due to problems related to their banking-as-a-service programs.

The stable outlook is an indication that — at least for some lenders — the much-feared cycle of cardholders defaulting on their obligations in the wake of the COVID-19 pandemic may not turn out to be so bad.

The Center for Responsible Lending calls for states to continue to police high-cost lenders rather than facilitating their growth.

National Bankshares in Virginia agrees to acquire in-state peer, Advia Credit Union in Kalamazoo strikes deal with Illinois bank, EBANX's annual Beyond Borders study launches and more in the weekly banking news roundup.

Fiserv's Money Network will officially start managing the state's prepaid debit card program for distributing unemployment and disability benefits to 850,000 beneficiaries. BofA had been trying to exit its contract for several years due to financial risks.

The card network said that recent weeks' cold snap in key cities had a chilling effect on U.S. spending, and reaffirmed its sunny outlook for the year.

The UK bank is the latest to articulate the shifting zeitgeist among financial heavyweights who are increasingly pushing back against calls to shun the fossil fuel industry. Their view is that jettisoning high-emitting clients from balance sheets won't make those emissions disappear, and that bankers therefore need to work with polluters to help them decarbonize.

Steve Squeri said flatness in the segment is an industry-wide trend, and the company is dedicated to the segment.

After a 2023 that witnessed several significant bank failures, here's how bank regulators should be thinking about the danger of bank runs, and structuring their supervision, going forward.

Workers are eligible for the one-time cash grants if they earned a salary of less than $75,000 last year, and their total cash compensation was less than $85,000. The payments come amid a unionization push at the San Francisco-based megabank.