Retail & Commercial

Non-depositories now dominate home lending, but many of these firms were untested until they had to grapple with the current rising rate environment. How they fare could significantly impact the rest of the mortgage market and, more specifically, the Government National Mortgage Association.

The five-year, $50 billion agreement with community groups includes a pledge to open 25 branches in marginalized communities. TD is seeking regulatory approval for its acquisition of Memphis, Tennessee-based First Horizon.

After a shooting at its sponsoring university left three students dead and five in critical condition, MSU Federal Credit Union is providing mental health assistance to employees and has offered its support to the MSU community.

A pullback by the buyers of Upstart's consumer loans led to a "challenging year," CEO Dave Girouard told analysts. But he added that the company is in "late-stage discussions" with partners that are looking to make longer-term commitments.

A community bank in Missouri plans to offer fractional stock rewards later this year, while a small bank in Utah is winding down a similar program.

Domestic banks borrowed $7.2 billion from the short-term lending facility in the third quarter of 2022, the highest level in almost two years. Banks with assets of $3 billion or less drove the increase.

A federal judge in California ordered the high-cost lender CashCall to pay $134 million in restitution and a hefty fine for collecting unjust gains from consumers. He had previously ordered no restitution but was reversed by the Ninth Circuit Court of Appeals.

The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. The company had previously partnered on its credit cards with Barclays.

Acquiring First Miami Bancorp would give the Greenville, South Carolina-based buyer three branches and nearly $900 million of deposits in the Southeast's biggest banking market.

The American Bankers Association, Credit Union National Association and other industry advocates say the current July 1 deadline threatens the safety and soundness of banking sector.