Retail & Commercial

The Consumer Financial Protection Bureau sent a mass email to thousands of the bank's customers and former employees to gather information about the possible creation of phony accounts. Critics — including a federal judge — say the CFPB asked leading questions and may have overstepped its bounds.

The digital-only Canadian bank plans to expand throughout the U.S. after acquiring a single-branch subsidiary of Stearns Financial Services.

Paul Taylor, one of the company's directors, will become president in anticipation of succeeding Matthew Wagner, who has been chief executive for 22 years and plans to retire at the end of 2023.

The founder and CEO is being recognized during American Banker's Digital Banker of the Year program for establishing one of the true banking-as-a-service platforms at the New York-based Piermont.

Constraining consolidation will only hurt the goal of expanding consumers' access to banking services and credit.

With household expenses and borrowing costs spiking, banks are bracing for depositors to demand more interest. The only question is how much longer bankers can hold out.

The rules, which come almost four years after California lawmakers passed a landmark disclosure law, require lenders to inform borrowers about annual percentage rates. Some lenders have pushed back, arguing that APRs don’t make sense for certain types of financing.

John Madigan, a Citigroup veteran, is leading one of five new private-client banking groups at Signature Bank. The moves are designed to enable the company to expand its footprint throughout metro New York.

The two regional banks announced plans to abandon nonsufficient fund fees and make other moves that will reduce the revenue they collect from cash-strapped consumers.

Data as of Mar. 31, 2022. Dollars in thousands.