Retail & Commercial

After years of deliberation and controversy, 2022 will be remembered as the year the global financial system replaced the Libor interest rate benchmark, the last vestiges of which sunset in 2023.

The bank hired Thomas Geisel to take over as president and chief executive, effective immediately. He succeeds Harry Madonna, who had been interim leader after the ouster of Vernon Hill.

JPMorgan Chase is upping its climate ambitions, announcing a slew of new emissions reductions targets for its financing to carbon-intensive businesses, including airlines and cement manufacturers.

The National Credit Union Administration must extend a program allowing credit unions to offer long-term loans for residential solar power installations.

The state's Department of Financial Services issued proposed guidelines on how banks and mortgage lenders should manage climate-related risks. But the guidance was quickly slammed by a trade group representing community banks.

The Federal Housing Finance Agency said it would heed the recommendation from a report by its Office of the Inspector General released this week.

The Treasury Department's top official for financial markets and stability expressed little urgency over the federal government's need to prepare for the potential launch of a digital U.S. dollar.

A handful of banks and credit unions with assets under $3 billion each rolled out or expanded its use of distinctive technologies, including a contactless-payment ring.

Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.

A shareholder group that is pushing the nation's largest banks to conduct racial equity audits criticized JPMorgan Chase's effort, while giving a more favorable review of a Citigroup report. Banks small and large launched racial equity initiatives in 2020 in the wake of protests sparked by the murder of George Floyd.