Finance

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.

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.