Finance

Maxwell, a startup that operates an online platform catering to mortgage loan officers and smaller lenders, raised $28.5 million in equity funding from investors led by the venture firm Fin VC and Wells Fargo Strategic Capital.

Businesses trying to meet a surge in demand for consumer goods are knocking on community banks' doors to finance expansions.

During third-quarter earnings calls, Bill Demchak of PNC raised concerns about stablecoins, while Jane Fraser of Citigroup pledged that there will be accountability for fixing her company's regulatory troubles and Jamie Dimon of JPMorgan Chase sounded downbeat about the Biden-era regulatory environment.

The Alabama company agreed to buy two nonbank lenders earlier this year. It’s still on the lookout for possible deals, potentially in corporate finance or wealth management, its chief financial officer told American Banker.

Steve Squeri said installment lenders primarily cater to debit card users and that even American Express's own BNPL product does not compete with the company's credit and charge cards.

Investment banking fees helped propel the Cleveland bank's noninterest income, which has been a focus for the last decade and continues to rise as a percentage of total revenue.

The auto lender’s acquisition of Fair Square Financial would diversify its consumer product lineup. The pandemic derailed its last effort to buy a card company.

Roger Hochschild predicts consumers will keep using their Discover cards in the months ahead, particularly when shopping online.

The Buffalo, New York, bank dipped relatively close to the minimum common Tier 1 equity ratio in stress tests run by the Fed. The results “suggested that there might be more capital-friendly ways to participate” in the commercial real estate industry, its chief financial officer said.

The Tennessee company, which reported 1% linked-quarter loan growth, has sought to “protect the integrity of the balance sheet” and has a strong pipeline of commitments.