Retail & Commercial

Surprise overdraft fees and charges incurred by consumers who cash bad checks likely violate the law, state Attorney General Rob Bonta said. His message was especially notable because it was aimed at smaller institutions that have gotten less scrutiny from Washington.

The Department of Justice appoints Jonathan Mayer as its first chief AI officer, HTLF's CEO Bruce Lee plans to retire, Wilmington Trust's Doris Meister will step down in May, and more in the weekly banking news roundup.

The USDA forecasted farm profits will plunge 26% this year, potentially creating credit quality challenges for lenders.

The quarterly filings ought to include far more detailed breakdowns of banks' commercial real estate loan portfolios, including the crucial distinction between owner-occupied properties and rentals.

The two companies in the largest bank merger since the 2008 financial crisis released details of their agreement. It leaves the door open for Discover to field better offers, though the payments company would pay a break-up fee of 4% if it accepts one.

MainStreet Bancshares in Fairfax says it can succeed where others have run into some thorny regulatory problems by cutting out the middleware and linking fintech partners directly to its core.

Lenders collected an estimated $25 billion in additional interest income last year by raising the average margin on annual percentage rates, or the amount above the prime rate, according to the Consumer Financial Protection Bureau.

Retail tycoon Mike Ashley says his lawsuit against Morgan Stanley is in part because the bank acted out of "snobbery."

The credit card lender's blockbuster acquisition of Discover is not guaranteed to get across the finish line. But co-founder and CEO Richard Fairbank appears to see the rewards that would come from controlling a payments network as outweighing the potential downside.

The American Bankers Association's latest credit conditions indices show that economists at major banks are feeling more confident about commercial lending in 2024 — but they stop far short of a ringing endorsement.