The interest paid on consumer deposits has barely risen despite the Federal Reserve's aggressive rate hikes, writes Sen. Jack Reed, D-R.I., in letters to seven of the largest U.S. banks including JPMorgan Chase and Wells Fargo.

The $7.1 billion-asset bank has established a partnership with the nonprofit HoneyBee that harks to its early days serving underbanked Korean business owners in Los Angeles in the early 1980s.

Some 16 million applications for student debt relief will be approved by this week, provided the White House plan survives court challenges, President Biden said Thursday. 

Ant Group's Singapore digital wholesale bank will start offering loans to small and medium-sized businesses, as the Chinese fintech giant extends its reach in the city-state.

The Minneapolis bank disclosed the investigation four months after the Consumer Financial Protection Bureau reached a settlement with Bank of America over the distribution of unemployment insurance benefits on prepaid debit cards.

Just as automakers start making headway sorting out the parts shortages that have constrained production and left dealers with a scarce supply of vehicles to sell, the Federal Reserve is putting up a new obstacle: much costlier car loans.

FDIC data shows an uptick in the number of Americans with access to basic banking services. That momentum has to continue.

The shift in refi behavior — in the wake of multiple Federal Reserve interest rate hikes — helped fuel a loan growth trend that's expected to continue through year-end.

In this month's roundup of American Banker's favorite stories: JPMorgan Chase moves third parties away from screen scraping, Wells Fargo launches its new virtual assistant, bank CEOs predict a return to office within the next three years and more.

Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.

Some of the U.K.'s biggest high street banks are bracing themselves for trouble.

High-net-worth clients with large policies borrow, on average, $500,000 to $800,000 to pay their premiums. Peapack-Gladstone predicts the product, which it launched this month, will be one of its top business lines within six years.

Truliant Federal Credit Union plans to build three more locations in the northwest corner of South Carolina by the end of next year. The $4 billion-asset credit union also recently opened a regional office in Greenville, South Carolina.

The San Antonio bank reported higher deposit costs, along with larger deposit volumes, during the third quarter.

Kristin Lemkau, CEO of J.P. Morgan Wealth Management, discussed the launch of the company's Personal Advisors hybrid advisory channel and the challenges of managing and recruiting talent at American Banker's Most Powerful Women in Banking conference.

The credit card issuer is still dealing with the effects of a technical glitch in July that affected customer payment rates. But card sales rose in the most recent quarter, and the company is bullish about its positioning in the buy now/pay later market.

Traditional banks are focusing on wealth management services in the next wave of digitization as retail banking returns weaken amid a proliferation of online consumer platforms.

The mobile service provider is offering many standard digital banking features alongside payments to Mexico. One expert is skeptical it will stand out.

Republic Bancorp said it would pay $51 million in cash for CBank and its subsidiary Commercial Industrial Finance.