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The Warsaw, N.Y., bank said it will close 10% of its branches and lay off 6% of its staff in response to customers’ growing preference for remote banking.

While rival banks reported increases in loans and deposits, thanks largely to their participation in the Paycheck Protection Program, State Street and Bank of New York Mellon saw their balance sheets shrink in the second quarter.

The Mississippi company said it decided to take aggressive measures to reduce its exposure to energy firms.

The Birmingham, Ala., company more than doubled its loan-loss provision from three months earlier and its chief financial officer said that more than half of its loans to oil and gas companies could eventually become criticized.

Government stimulus efforts, including the Paycheck Protection Program, have fueled a deposit surge. The challenge for banks is figuring out how to put that new money to use.

Wells Fargo buys $14B of delinquent mortgages tied to pandemic; CFPB launches investigation of Quicken Loans real estate affiliate Rocket Homes Real Estate; Truist accelerates cost-cutting plans; and more from this week’s most-read stories.

Some 60% of Ally’s auto originations in the second quarter were used-vehicle loans, the highest percentage in the company's history.

The Louisville, Ky.-based credit union has been open to consumers in nine counties across two states since 2004, but the new name is intended to prevent confusion about who is eligible to join.

Members of Congress question whether the company is doing enough to protect inexperienced customers engaging in high-risk investing.

Treasury Secretary Steven Mnuchin did not define "small," but advocates have been urging Congress to convert all Paycheck Protection Program loans of less than $150,000 into grants.