Retail & Commercial

Southern Bancorp in Little Rock, Arkansas, plans to put $250 million in equity capital it received from the Treasury Department to good use making mortgages and acquiring banks.

In comment letters to the Consumer Financial Protection Bureau concerning its proposed rule to allow consumers to share their banking data with third-party providers, banks worry about implementation costs while fintechs fear the rule will stymie innovation.

One of the smallest banks in the country hasn't consistently made a profit since 2007 and has been the subject of enforcement actions. The FDIC's public rebuke against it indicates a last-ditch effort to figure out a less messy solution than receivership.

In the wake of the disgraced financier's downfall, executives at JPMorgan Chase, Barclays and Deutsche Bank have continued to draw the ire of federal regulators and weather millions of dollars in fines and settlement costs.

But this week the 30-year fixed rate mortgage average increased for the first time in two months.

Banks have a simple choice: Either invest in fraud controls to prepare for FedNow, or expect draconian supervisory measures that will increase friction and confuse customers.

A resilient economy and the potential for interest rate cuts could infuse further bullish sentiment into markets and bolster the shares of small lenders.

Since first partnering with the digital banking software firm Q2 in 2019, Hoosier Hills Credit Union in Bedford has seen significant growth in new account openings and deposit balances due to stronger payroll processing capabilities.

The North Carolina-based company said it expects to close about 4% of its branch network, or roughly 80 offices, by the end of the first quarter. The closures come amid Truist's $750 million cost-cutting initiative.

The top five banks have an average global full-time employee headcount of more than 213,000.