Retail & Commercial

The Boston bank is engaged in a three-year endeavor to finance $5 billion to meet the credit needs of underserved communities. "This has to be in your DNA because you cannot fake it," CEO Nitin Mhatre said.

President Biden announced that his administration would extend the pandemic-era pause in student loan repayments through June 30 amid legal challenges to his college debt-forgiveness plan.

The top five have over seven billion dollars in total assets as of June 30, 2022.

Despite stiff competition, compounded with confusion surrounding President Biden's loan forgiveness program, credit unions managed to bring their student-loan portfolios back from pandemic lows.

Friendly Hills Bancorp will soon be called First Pacific — a name its CEO has coveted for years. First Missouri recently rebranded as Verimore, a name it made up by combining words from Latin and English. In both cases, the changes reflect the banks' expansion into new markets.

The case involved a customer who was charged $100,000 in legal fees when he tried to pay off a commercial mortgage early. After the borrower waged a nearly decadelong legal fight, a Florida court ordered the bank to reimburse a portion of the fees.

Long-tenured CEO Matthew Wagner intends to retire from the company's top job early in 2023, not at the end of that year as initially planned. Paul Taylor, PacWest's president, will succeed him.

U.S. consumers are more likely to apply for a credit card, and less likely to get rejected, than they were last year, according to a New York Fed survey. The card industry is growing even as the mortgage and auto lending sectors show signs of retrenchment.

BMO Financial in Canada and Re:start, a neobank in Texas, are letting those displaced by war apply for accounts online with atypical documentation.

Banks are underwater on many bonds they bought before interest rates began their sharp rise. The impact has been wide-ranging — decreasing the industry's interest in stock buybacks, dampening the appetite for M&A and raising concerns about some smaller institutions' ability to borrow from the Federal Home Loan banks.