The Office of the Comptroller of the Currency recently decided to put an official in charge of the rising number of small and midsize national banks that partner with fintechs or have nontraditional business plans. The agency’s goal is to establish a team that understands cutting-edge technologies and establishes consistent oversight policies in response.

The Detroit company’s first-quarter results were highlighted by a 14% increase in car-loan originations. While executives expect credit quality to start normalizing, they also say that demand for vehicles will remain robust, with an estimated 4 million-5 million consumers still waiting on the sidelines.

Citigroup has begun the sales process for its consumer, small-business and middle-market banking divisions in Mexico, though an initial public offering remains on the table.

The banking company did not say what policy longtime CEO Alan Thian violated, nor has it named a permanent successor. Thian has led RBB since it was founded in 2008.

CEO Jamie Dimon cited elevated risks related to inflation and the war in Ukraine as the nation’s largest bank added $902 million in loan-loss reserves. “Does this represent conservatism in an uncertain macro environment or something more onerous?” one analyst asked.

Mike Roffler, the San Francisco bank’s incoming chief executive, says he’s not shifting strategy. During the first quarter, the company leaned on its mortgage business, where customers moved to lock in refinancings before interest rates rose.

The Consumer Financial Protection Bureau has the legal authority to adjust maximum late fees that issuers may charge. The Consumer Bankers Association predicts the agency will reduce the limits as part of its crackdown on "junk fees" and to soften the impact of inflation on cardholders.

As inflation increases, more companies are shifting to remote and hybrid work to get their costs under control. Landlords could face rising vacancies and tumbling revenue, leaving them behind on loan payments.

A new Consumer Financial Protection Bureau lawsuit claims the credit bureau and the ex-leader of a key unit failed to comply with a 2017 order to stop misleading consumers about credit reporting and monitoring services.

The past two weeks have seen a flurry of deals wherein Truist, Capital One and others pitch their brand alongside professional teams and their stadiums.

The key for bankers to stay safe from mystery shoppers using aggressive techniques — many of whom are well funded by community investment pacts with megabanks — is to adhere to proper lending practices 24/7.

Metaverse aversion, car chargers at Chase branches and more in banking news this week.

The Cincinnati bank is joining other large and regional banks in scrapping nonsufficients-fund fees. The move comes amid continued regulatory pressure on the industry to curtail overdraft fees and related charges.

A group of state attorneys general is asking JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bancorp to scrap the controversial charges entirely, as competitors like Citigroup and Capital One have done. The four banks targeted have all announced significant changes that will likely reduce their overdraft revenue.

The benefits Alabama One Credit Union is seeing from a migration from MPLS to SD-WAN networking help explain why other financial institutions are making the same change or have it on their road maps.

The Philadelphia bank, headed by Vernon Hill, is already fighting two lawsuits from activist shareholder groups. It also risks being delisted by NASDAQ for indefinitely postponing the meeting.

Vocal in their opposition to some restrictive state laws in recent years, most institutions are silent on similar laws being pursued today. Why?

Citigroup agreed to sell its consumer banking operations in Bahrain to Ahli United Bank BSC as part of the lender’s continued push to simplify.

Institutions are hiring aggressively or buying up competitors to take part in an equipment finance boom as the economy continues to heal.

On Dec. 31, 2021. Dollars in thousands.