The New Jersey institution has hired Jeanne Scungio, a veteran banker who ran First Republic Bank's New York operations, to oversee its expansion into the Big Apple.

The average credit union member had saved $286 less in March compared to a year earlier. That was the largest per-member drop in credit union history, fueled by rising costs of living and more aggressive competition.

Higher interest rates and larger card balances set the stage for an 11% jump in revenue from U.S. personal banking in the second quarter. That blunted the impact of a 78% surge in write-offs tied to consumer loans.

With no settlement in sight, Spencer Savings Bank's case against a group of former depositors it says conspired with Larry Seidman to force a conversion appears headed for a courtroom battle.

The business is deposit-taking and offers revolving credit cards as well as loans for small-ticket items. The potential sale could serve as a benchmark for other lenders considering selling their own consumer finance businesses. 

If the Supreme Court strikes down CFPB regulations by ruling against the constitutionality of the agency's structure, technological innovation will be harder for banks to achieve as regulatory clarity moves further out of reach.

Eligible customers would receive a credit of up to $5,000 that can be put toward expenses like closing costs, or used to secure a lower interest rate. It's the latest example of a bank launching a program aimed at extending credit to minority borrowers.

For now, worries about more bank failures have faded. But in the wake of the recent industry turmoil, higher funding costs are expected to weigh on banks' second-quarter results.

The company said long-time chief executive Chuck Sulerzyski would retire in 2024 and be succeeded by Tyler Wilcox, Peoples' executive vice president of community banking.

The Kentucky company says its newly purchased equipment financing unit will strengthen its presence in the market for leasing office furniture, computers and other lower-cost essentials that customers will still buy in an unpredictable economy.

Limiting large-bank access to the system could have an unintended negative impact on smaller banks.

They're wary of deteriorating economic conditions and the bite higher interest rates could take out of profits, according to the latest index of small-bank executives' sentiments by the Conference of State Bank Supervisors. The index fell to its lowest level since it was created in 2019.

The Consumer Financial Protection Bureau ordered Bank of America to repay $100 million to customers who were charged multiple penalty fees when their accounts did not have enough money to cover payments, as well as those who did not receive the credit card rewards they were promised. The bank was also fined for opening a small number of accounts without customers' authorization.

Sonata Bank is piloting a mobile bank account with fringe benefits for employees of franchise restaurants.

Leigh Brady recently took over as chief executive of SECU, the second-largest credit union in the U.S. Don't look for any mergers under her leadership, Brady said, but she will focus on branch expansion and improving SECU's use of technology.

Mass arbitration is a fact of life in modern consumer finance litigation. Those hoping it will go away through court decisions or legislative change are primed to be sorely disappointed.

Adjusted for inflation, consumer spending has largely stalled after surging at the start of the year. Delinquency rates, meanwhile, are ticking up. 

Some of the biggest banks on Wall Street are expected to go to trial in Illinois next month to face allegations they inflated interest rates on bonds to finance public works.