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The top five banks and thrifts have more than $1 trillion in combined commercial and industrial loans as of September 30, 2023.

Former Flagstar CEO Alessandro DiNello, who had been New York Community's nonexecutive chairman, was named executive chairman after the Long Island bank's stock price fell by more than 59% in a week. New York Community also issued updates on both its deposit situation and its search for a new chief risk officer.

The $18.5 billion-asset institution saw member growth increase by 22% year-over-year and fund levels surge in the first six months of last year after deploying a new deposit origination platform.

Car loan delinquencies are worsening across all age groups and income levels, as high interest rates and elevated car prices take a toll, according to the New York Fed. But executives at some large auto lenders remain relatively confident about their customers' ability to stay afloat.

National Credit Union Administration Chair Todd Harper Tuesday revealed plans to mandate separate reporting of overdraft and nonsufficient funds fees for credit unions with over $1 billion in assets, which he said would enhance equity and transparency in fee structures.

Characterizing them as 'schemes' unfairly impugns a service that cash-strapped consumers value and have come to count on.

The British lender has named the company veteran its global head of leveraged finance as it seeks to capture more business from the giants of private equity. 

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency Tuesday issued the first in a series of requests for comment on all aspects of the regulatory apparatus as part of a required decennial review.

Treasury Secretary Janet Yellen repeatedly demurred when invited to expound on the Basel III capital proposal, but didn't hold back her criticisms of the Securities and Exchange Commission's safeguarding rule and its consequences for banks' custody businesses.

Delinquencies and charge-offs are set to climb over the next several months, as lenders tighten underwriting policies and credit lines while facing downward pressure on late-payment fees.