Retail & Commercial

Spence, who joined the Cincinnati bank in 2015, will succeed Greg Carmichael as chief executive in July. He says he’ll maintain the company’s current strategic priorities, including regional expansion and digital transformation.

A new Consumer Financial Protection Bureau lawsuit claims the credit bureau and the ex-leader of a key unit failed to comply with a 2017 order to stop misleading consumers about credit reporting and monitoring services.

The past two weeks have seen a flurry of deals wherein Truist, Capital One and others pitch their brand alongside professional teams and their stadiums.

The key for bankers to stay safe from mystery shoppers using aggressive techniques — many of whom are well funded by community investment pacts with megabanks — is to adhere to proper lending practices 24/7.

Vice President Kamala Harris will announce new steps designed to reduce the cost of federal home loans for Americans saddled with medical debt and make it easier for veterans to have loans forgiven, as part of a White House push to help the millions facing unpaid health care bills.

Higher interest rates are generally helpful to the industry, but they are also leading to unrealized losses in banks’ bond portfolios. Trust banks such as Bank of New York Mellon, State Street and Northern Trust may take relatively large hits when they announce their first-quarter results.

The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.

Metaverse aversion, car chargers at Chase branches and more in banking news this week.

Robert Sarver, who is majority owner of the Phoenix Suns basketball team, will retire from his longtime role on the board of directors of Western Alliance Bancorp. in June, the company said. Sarver and the Suns are being investigated by the National Basketball Association regarding allegations of racism and misogyny within the Suns organization.

Citigroup and Bank of America are partnering with four large European banks to create a methodology for assessing how well companies in the air-travel sector are doing in meeting climate-related targets.