Retail & Commercial

Bank of America has reached a settlement in principle to resolve a class-action lawsuit filed by victims of Jeffrey Epstein.

More than a thousand years ago, merchants in imperial China revolutionized the concept of money by replacing metal coins with paper. A similarly transformative change — programmable money — is on the cusp of adoption today.

WesBanco in Wheeling, West Virginia, has hired a team of lenders in South Florida. It plans eventually to open branches in a bid to grab a share of the region's expanding deposit market.

Darnell returns to Regions, after fintech-focused stints at Visa and a community bank acquired by Huntington, as the bank accelerates its branch opening plans.

New York Attorney General Letitia James and 12 of her peers alleged Monday that the personal installment lender surreptitiously adds costs for unwanted products. OneMain denied the claims.

The Alabama-based regional bank plans to open 135 to 150 branches over the next five years, while closing the same number. Regions' decision to accelerate its timeline by two years comes as large and regional banks try to capture more market share in the Southeast.

CEO René Jones told American Banker that private-credit firms are both partners and competitors. "Today, one of the concerns is that we don't have that full transparency, as much as we would like. And so we have to be cautious as we move in that direction," he said.

The most compelling innovation in banking today is not about flashy interfaces or speculative applications of technology, it is about strengthening core functions such as lending, payments, risk management and compliance.

The Federal Reserve's recently published request for information on options for updating its check clearing apparatus has bankers fearing that it will opt to phase out paper checks entirely — an outcome that has community banks panicked.