Retail & Commercial

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.

Ally, Truist, Citizens and SoFi are among the banks that offer student loan repayment benefits. The recent Supreme Court decision striking down President Biden's loan forgiveness plan could give a leg up to companies that provide such assistance to their employees.

JPMorgan Chase hired Silicon Valley Bank veteran John China to co-lead the business of banking venture capitalists and startups, part of the firm's growth strategy for the sector.

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.

High interest rates could dampen demand for refinancing, which took a hit during the pandemic-era pause in federal student loan payments. "Curb your enthusiasm," one analyst said.

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