Retail & Commercial

Only 12% of large and regional banks in the U.S. and Canada are running the scenario analyses that regulators are poised to recommend, according to a new survey. Observers say progress has been faster on the other side of the Atlantic, as European banks and their regulators have moved more quickly to develop a uniform system for quantifying risks.

The process is expected to begin this summer and extend into late 2023, ultimately saving the Iowa company about $20 million annually.

The Indiana bank announced a five-year, $8.3 billion agreement with the National Community Reinvestment Coalition in connection with its acquisition of First Midwest Bancorp. The Federal Reserve approved the purchase last month.

Four-fifths of the state's community banks have disappeared since the start of the 2008 financial crisis. The founder of the newly chartered Scottsdale Community Bank calls the market "drastically underbanked."

The moves, which are part of a multiyear strategy, are meant to focus resources in areas where the Spanish banking giant can earn solid returns.

Underwriting has become more lenient amid increased competition for corporate borrowers, and as Paycheck Protection Program loans are disappearing from banks' balance sheets.

The group is urging the board of directors to oust Hill, the chairman and CEO, and replace him with Greg Braca, the former CEO of TD Bank’s U.S. operation. In December, another investor launched its own campaign to drive change at the Philadelphia bank.

U.S. lenders issued more credit cards than ever last year, with a growing share of them going to consumers with lower credit scores.

Wages, marketing spending and technology investments are all on the rise. While higher interest rates should eventually help tame inflation, it's not clear how quickly banks will be able to limit their spending increases.

Maria Tedesco, the bank's president, added the role of chief operating officer with a mission of unifying workflows from the back office to front end. This frees up CEO John Asbury to augment Atlantic Union’s fintech investments and scout for potential acquisitions.