Retail & Commercial

The new service will allow financial institutions to streamline the process for moving accounts and verifying income.

The top five banks and thrifts have a combined first mortgage loan volume of more than $1 trillion.

Industry Bancshares' bond portfolio is massively underwater, and one of its regulators says the company is in "troubled condition." But Industry says it was already working on fixes prior to the OCC's intervention, which it calls an "unfortunate example of regulatory overreach."

The Cleveland-based regional bank was not well positioned for the sharp rise in interest rates last year. But executives say the year ahead will be different, pointing to strong credit quality and a repricing of Key's securities portfolio.

The Dallas bank's full-year results showed progress toward its long-term strategic goals despite a fourth-quarter drop-off in net interest income heavily tied to its mortgage business, executives said on an earnings call.

Despite a surge in quarterly expenses in the fourth quarter and a projected uptick in the first quarter, the North Carolina company is standing by its expense guidance for 2024.

Fourth-quarter net income at the Buffalo, New York, bank fell 37% because of higher funding costs and a special deposit insurance assessment. But lower interest rates and a stronger economy are expected to strengthen profits this year and into 2025, its CFO says.

The move is somewhat counterintuitive relative to other market signals but Fannie Mae generally forecasts a net positive shift in lending conditions this year.

As part of a settlement with the Justice Department, Patriot Bank must invest more than $1 million of the total in a loan subsidy fund for minority homeowners and take other corrective steps in its everyday business. The bank denied any wrongdoing.

The former Obama administration official and MBA head died unexpectedly on Jan. 16.