Banking News from American Banker

Banks want to reclaim their position as the central node in the customer relationship by charging fintechs and data aggregators for access to permissioned customer data. How the legal questions about this are resolved will be a telling moment for all concerned.

Medallion Financial CEO Andrew Murstein sees more growth on the horizon for the New York lender's fintech banking operation, which saw activity spike in the first half of the year.

Truist Foundation will fund a multiyear economic development initiative to revitalize business corridors in five Southeastern cities; First Horizon has hired Wells Fargo's Shaun McDougall to head consumer banking; Ally Financial commits over $150 million to support workforce development; and more in this week's banking news roundup.

Pressure on Asian merchants that sell to the U.S. caused the Dutch payment company to reduce its outlook. Payment experts say it's a matter of time before other firms face the same challenges.

The 2021 executive order had called on bank regulators to apply more scrutiny to bank deals. Trump-era regulators have already started rolling back those policies.

Washington Trust Bank is executing a slow-but-steady de novo expansion inside the I-5 corridor on the western side of its home state. Its newest branch is slated to open this fall in Tacoma.

The stablecoin issuer said revenue and reserve income increased due to more stablecoins in circulation after its IPO and the passing of the GENIUS Act.

The Ohio-based bank opened its first branch in Alabama, with plans to open 14 more over the next three years.

With its acquisition of a Cleveland-area bank still in the works, the Cincinnati-based bank struck a deal that would provide its first retail presence in Chicago.

Amid waning federal support for community development financial institutions and minority depository institutions, a program launched by two banking trade groups is beginning to generate a steady stream of deposits for mission-focused lenders.

As regional bank consolidation heats up, Comerica, First Horizon and Banc of California are among the institutions that analysts see as the most likely targets for takeovers.

Junk bonds made Michael Milken the most important and richest person on Wall Street. But they caused many large thrifts to fail. Had he listened to his professors and pursued his Ph.D. in 1970, his legacy might have been different.

Revenues were up for the quarter, but stock compensation-related expenses brought the neobank to a negative net income.

In this week's banking news roundup: Fulton Financial's Angela Snyder announces plans to retire as president of the Lancaster, Pennsylvania-based bank; Columbia Banking System in Tacoma, Washington, finalizes plans for its latest acquisition; Flagstar Financial opens its first private banking office in Florida; and more.

As the payment technology company diversifies revenue streams, buy now/pay later was a key driver in beating analysts' estimates for Marqeta's second-quarter earnings.

Slashing capital requirements for the largest banks shows where the Federal Reserve's priorities lie — and it's not with community banks. This will make it even harder for small banks to compete with their larger peers.

The payment company increased its financial outlook, partly on the shoulders of new forms of artificial intelligence, such as "codename goose" that are making it possible to update products faster.

We've just lived through a repeat of Operation Chokepoint, the federal effort to deny banking services to disfavored companies and individuals. We must know the full story so it can never happen again.

Berkshire Hills Bancorp and Brookline Bancorp are eyeing a September closing for their merger of equals, to be followed by a phased rollout of the new Beacon Bank & Trust brand.

Coastal Community Bank reported smaller profits in the second quarter as it prepared for a growth spurt. "We think we're winning the right business," said CEO Eric Sprink.