Retail & Commercial

The vote by workers in a New Mexico branch is the first union victory at a megabank in decades, though unionization efforts at another Wells branch took a step back.

Lincoln Savings Bank has tapped Sean Willett, chief administrative officer at Financial Institutions, as its next leader after a six-month search.

Many banks, especially smaller ones, will have to rethink how they lend to small businesses and automate manual processes.

The Cincinnati, Ohio, bank also promoted three other top executives to new roles. All of the changes will be effective in early 2024.

The Consumer Financial Protection Bureau's annual student banking report reveals that college-endorsed financial products, including credit cards and student ID-linked deposit accounts, often impose high fees and unfavorable terms, reinforcing the CFPB's ongoing scrutiny of potential violations of federal consumer financial protection laws.

Frequent overdrafters — households that pay more than 10 overdraft fees a year — use the service as a form of credit, the Consumer Financial Protection Bureau said in a report.

Allegations of lending discrimination against Navy Federal Credit Union, while as yet unproven, suggest that the rationale for giving credit unions substantial advantages over banks needs to be rethought.

Led by veteran banker Stephen Gordon, Genesis Bank in Newport Beach, California, plans to use the funds pledged by private equity firms and other investors to roll up community banks in the Western U.S.

The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.

The Consumer Financial Protection Bureau is appealing a lower court ruling that the agency exceeded its authority in bringing an anti-discrimination enforcement action against a Chicago mortgage lender after he made disparaging remarks about Blacks and Hispanics.