Retail & Commercial

U.S. credit card delinquencies reached record-low levels in 2020, as Americans took advantage of stimulus checks and adjusted their spending habits, according to a new report.

The auto finance company, which had stumbled in forays into the credit card business, is now seeing rapid growth in mortgage and unsecured consumer lending.

Pandemic-induced shifts in how people work and bank will allow the Tennessee company to shed more branches and office space. It now projects it will slash expenses by an additional $30 million a year.

The digital bank for students, which recently merged with a blank-check company, can tap its new source of capital to diversify and pursue more white-label partnerships.

The upstate New York company unloaded three loans, joining a short list of lenders that have purged problematic credits during the pandemic.

The Connecticut company said it will take several years to shut down the locations, which are located in Stop & Shop stores. About 80% of the branches are within five miles of traditional locations.

The bank's nonaccrual loans have been soaring as the pandemic continues to roil the hospitality sector. M&T executives said they've been working with borrowers to keep them out of foreclosure.

The Cleveland company will launch the service in March to broaden relationships its Laurel Road student loan refinancing unit has built with health care professionals.

Greg Carmichael said lightly regulated challenger banks pose a long-term threat to traditional banks, echoing comments JPMorgan Chase’s Jamie Dimon made last week.

The investments, part of a post-merger effort to wring out more profits, include new commercial and mortgage lending platforms.