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In-person branch use will continue, but retail banks should nonetheless double down on building intuitive, easy-to-use mobile experiences that drive customer satisfaction and brand loyalty.

Large banks that counted on airline and hospitality points to drive loan growth in the credit card business are anticipating renewed demand once safety concerns subside. But they’re also cautioning that the recovery in travel spending is likely to be gradual.

Banc of California, which last bought a bank in 2013, has agreed to pay $235 million in stock for Pacific Mercantile, which is based in Costa Mesa, Calif.

The 14 lenders that dominate U.S. credit cards slashed $99 billion from their customers’ spending limits in 2020, mostly affecting financially troubled households.

Legacy contracts using the London interbank offered rate — which is set to be phased out at the end of this year — were granted a reprieve to mid-2023. However, there is no wiggle room on when the rate will expire for new deals, said Federal Reserve Vice Chairman Randal Quarles.

The depositor-owned banks are discouraged from participating in the Emergency Capital Investment Program because they can't issue preferred stock to back loans for underserved communities. It's another reason to overhaul their capital rules, mutuals argue.

Early in the pandemic, Michigan's Astera Credit Union realized that if it could not support touchless transactions, its members were likely to go elsewhere.

Democratic leaders are encouraging the Federal Reserve to develop its own digital currency to expand financial services access. Chair Jerome Powell indicated the central bank plans to take a methodical approach.

The Secured Overnight Financing Rate stemmed from years of discussion between regulators and a broad group of industry stakeholders about a safer alternative to Libor. Critics who say big-bank control of the new benchmark exacerbates risk are wrong.

Google will have to bring new leadership to initiatives like financial inclusion and its operations in India now that Caesar Sengupta, vice president and general manager of payments, has announced he will leave the company.