Retail & Commercial

The move away from the scandal-plagued London interbank offered rate is going smoothly, according to a new survey of lenders and corporate borrowers. But many customers still face operational challenges ahead of a mid-2023 deadline for switching older loans.

Banks across Europe and the U.S. committed to lend tens of billions of dollars for leveraged buyouts and acquisitions. Now they need to find buyers for the debt, and demand is relatively weak.

PayPal does its part in Ukraine, recognition for U.S. Bank and more in banking news this week.

In an update to an exam manual, the Consumer Financial Protection Bureau says racial or other bias associated with a wide range of financial products — not just credit — is illegal and subject to CFPB enforcement actions.

In response to the war in Ukraine, the custody bank is no longer pursuing new business in Russia. Citigroup, JPMorgan Chase and Goldman Sachs have all announced similar moves.

Lynn Fuller, a onetime CEO of the Iowa company, called his ouster “retaliation” for publicly criticizing Heartland’s strategy. He had planned to step down as chairman in May.

The California bank will let customers of a neobank called BayaniPay Wallet use its branches.

Senate Banking Committee Chairman Sherrod Brown and other Democratic senators called on Thursday for regulators to investigate Wells Fargo’s treatment of Black homeowners seeking to refinance mortgages during the pandemic. 

Nearly a quarter of respondents in a recent Credit Karma survey said that their total debt increased after using “buy now, pay later” services, which allow users to pay off purchases in installments over a few weeks.

Dontá Wilson, American Banker’s Digital Banker of the Year for 2021, succeeds Brant Standridge, who recently left the North Carolina company for a position at Huntington Bancshares.