Retail & Commercial

JPMorgan Chase’s investment bankers posted their best quarter ever as a record first half in dealmaking bolstered the bottom line at the nation’s largest bank. But expenses climbed in the second quarter and loan growth remained out of reach.

Bankers insist borrowing will pick up on the back of a post-pandemic economic recovery. But so far there are few signs of a rebound, and analysts are skeptical one is imminent.

The fintech, which arranges point-of-sale loans in partnership with merchants, was fined $2.5 million by the Consumer Financial Protection Bureau and ordered to refund up to $9 million to consumers who received loans they never applied for.

It will be Christopher McComish’s second tour as a bank CEO. He led Scottrade bank for two years, between 2015 and 2017.

Though the Paycheck Protection Program is winding down, the Small Business Administration has prolonged several other pandemic relief programs. Community banks can help local businesses sort through their options.

Lakeland is paying $244 million for 1st Constitution Bancorp. The combined bank would be the fifth largest by deposit market share in New Jersey.

Income share agreements, which allow college graduates to repay tuition financing as a percentage of their future income, have come under fire lately from consumer advocates for questionable marketing and other potential legal violations. Some hope a partnership between a Virginia bank and an ISA provider will give the product more legitimacy, while others worry it just masks risks for borrowers.

The San Jose, California, bank will take a hit to second-quarter earnings to settle claims arising from an alleged Ponzi scheme.

Cullen/Frost Bankers will allow customers to access deposits two days early as traditional lenders look to drum up business by mimicking their financial-technology rivals.

In the midst of its merger with CIT Group, First Citizens in North Carolina has hired an in-house chief counsel with experience in corporate integrations.