Finance

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.

Goodbox has raised £1 million (about $1.3 million) in capital, mostly from individual investors using the crowdfunding platform Seedrs following a 2017 investment from tennis star Andy Murray.

At TCF National Bank in Detroit and First National Bank of Omaha, early results from artificial intelligence pilot programs are strong.

The National Credit Union Administration board is expected to tackle a rule on nonmember shares this week while the House Financial Services Committee will examine Facebook's effect on financial services.

Santander Consumer is planning to attract online deposits via a national platform that could rival Goldman Sachs’s Marcus; HSBC is now in retrenchment mode after aiming for growth.

Draft legislation would amend the Bank Service Company Act to give the National Credit Union Administration third-party vendor oversight, a power it has been requesting for the better part of two decades.

Count Citizens Financial’s Bruce Van Saun among those who think interest rate cuts could halt by mid-2020. The key, he says, is to focus on delivering services customers are willing to pay fees for and to skillfully reprice deposits until then.

The legislation, sponsored by Rep. Cindy Axne of Iowa, aims to hold public companies accountable for moving jobs overseas. It won unanimous support from House Democrats but attracted only two votes from Republicans.

Because such a high number of new cardholders were paying fees for premium cards, Amex is earning subscription-like recurring revenue.

The big five banks had divergent results; San Francisco Fed publishes 18 papers on the dangers posed to businesses and communities by climate change.

The service from Evolve Bank & Trust and Branch lets workers access a piece of their next paycheck to meet unexpected expenses.

Commercial lending provided a boost for some regional banks in the third quarter, but further rate cuts and a slowing economy could challenge future growth.

Galileo has raised $77 million in its first round of venture capital funding backed by Accel and Ryan Smith, CEO of the software firm Qualtrics.

The U.K.-based fintech says that a recent crowdfunding campaign shows demand for its product, even though the amount it raised is well below funds obtained from VCs.

The banking industry will continue its fight against the credit-loss rule; the bank posted gains in consumer, wealth management and commercial lending.

The Pittsburgh company’s “branch lite” approach to retail and middle-market banking in new markets will break even sooner than expected and has had a noticeable impact on loans and deposits.

The Minneapolis company attributed the uptick to new tech tools, additional loan officers and other process improvements — not to mention the refi boom fueled by lower rates. It’s a formula other banks are expected to copy.

They’ve long used their marketing muscle to wrest deposit share from smaller competitors. Now, amid growing concerns that the economy is weakening, they could be benefiting from consumers’ flight to safety.