Retail & Commercial

Following the verdict, the student-loan servicer could potentially owe Louis Beryl more than $4.4 million in severance money. Navient fired Beryl less than three months after acquiring Earnest, the student loan refinancing company that he co-founded.

The online consumer lender has told about 140 employees who process loan applications that it is eliminating their positions. The job cuts come as Upstart struggles to get banks and other investors interested in buying enough of its loans.

Just as automakers start making headway sorting out the parts shortages that have constrained production and left dealers with a scarce supply of vehicles to sell, the Federal Reserve is putting up a new obstacle: much costlier car loans.

FDIC data shows an uptick in the number of Americans with access to basic banking services. That momentum has to continue.

The shift in refi behavior — in the wake of multiple Federal Reserve interest rate hikes — helped fuel a loan growth trend that's expected to continue through year-end.

The global climate coalition said in a new report that its members maintain "independent investment decision-making" authority after some U.S. banks grew concerned about legal exposure to rules requiring the phaseout of fossil-fuel investments.

Rising interest rates are forcing credit unions to pay more for deposits while they are sitting on low-yielding loans, according to the National Credit Union Administration's eastern regional director, John Kutchey.

In this month's roundup of American Banker's favorite stories: JPMorgan Chase moves third parties away from screen scraping, Wells Fargo launches its new virtual assistant, bank CEOs predict a return to office within the next three years and more.

Protesters blocked traffic around JPMorgan Chase's New York City offices Friday morning, calling for Gov. Kathy Hochul to use a tax on the wealthy to fund climate measures. 

Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.