Retail & Commercial

Farmers and the bankers who lend to them are increasingly concerned that rising costs will hasten a recession and hamper credit quality in 2023.

The Kentucky Bankers Association is seeking to halt Attorney General Daniel Cameron's investigation into climate commitments made by six large banks. The suit alleges that the AG overstepped his authority by seeking to compel the banks to turn over certain documents and communications.

Burke & Herbert Financial Services in Alexandria, Virginia, plans to list its shares on the Nasdaq stock market — not to raise funds, but to boost its profile with investors.

The San Francisco bank joined Bank of America, U.S. Bancorp and Huntington Bancshares, which have previously introduced similar products. The Pew Charitable Trusts said the loans are a more affordable option for cash-strapped consumers than payday loans and overdraft fees.

The $121 billion-asset consumer lender paused its share repurchase program in July as it conducted an internal investigation of its servicing practices. Analysts said the resumption of buybacks is a positive sign regarding the company's ability to resolve the lingering issues.

The Biden administration is considering extending its pause on student loan repayments, now set to resume Jan. 1, in response to legal challenges to its student-debt forgiveness program, according to people familiar with the internal discussions.

Banks that offer a wide array of products and services are confronting extraordinary challenges. They aren't doomed, however.

Apollo Global Management has agreed to acquire Sector Financial, which focuses on middle-market direct lending, as part of its purchase of a portion of Credit Suisse Group's securitized products group, according to people with knowledge of the matter.

The fall of a major cryptocurrency exchange and subsequent drop in digital currency prices represent an opportunity to some bankers, who say investors and businesses will turn to regulated companies for crypto help.

Younger borrowers and those with lower incomes added the most to their card balances in the third quarter, according to a New York Fed report. Delinquency levels are also on the rise, a sign that more consumers are struggling to pay off higher debt loads.