Finance

Outages last week at Chime and Varo Money have executives on the defensive.

The company says the upgrade will support future digital investments. It also said Tuesday that third-quarter profits climbed 8% but reported a sharp increase in criticized business loans.

Amid concern that an economic downturn is approaching, Greg Carmichael said that banks need to focus on credit quality and not worry about expanding their balance sheets.

The Columbus, Ga., company had been counting on increased volume to offset a squeeze in net interest margins.

Ellen Alemany said that CIT's deal for Mutual of Omaha Bank will immediately lower the bank's deposit funding by 20 basis points. She also reiterated that the acquisition would make CIT more attractive to potential buyers.

The new CEO is the first outsider to head the scandal-ridden bank in decades; Facebook CEO faces the House Financial Services Committee on Wednesday to discuss Libra.

An analysis of industry data shows CUs are not the leader in that space they have long claimed to be. Here's why that could come back to bite institutions later on.

Complaints that banks, credit unions and nonbanks compete on an uneven playing field should be heard, just as community banks must take seriously the threats from high-tech rivals, says Julie Stackhouse, a retiring supervision official at the St. Louis Fed.

The Ohio company, scheduled to report third-quarter results Thursday, blamed the decision on the squeeze interest rates are putting on revenue.

Declining interest rates took a toll on its profit margin, but the Salt Lake City company still beat earnings expectations in the third quarter.