Retail & Commercial

The California company will pay $1 billion for Opus, a once highflying bank that struggled with credit issues in recent years.

The people of tiny Duncan, Ariz., have found creative ways to adapt to life in a banking desert, but their experience augurs a worrisome future for many other rural communities.

Now that the Consumer Financial Protection Bureau says it will scrap an unpopular standard for so-called qualified mortgages, the big question is what will take its place.

Verdict on OCC’s supervision of Wells Fargo expected in late spring; TD Bank names Matt Boss its new consumer products chief; CenterState and South State plan $3.2B merger with operations stretching from Virginia to Florida; and more from this week’s most-read stories.

National Lloyds, which provides insurance for mobile homes, has a distribution network that operates in 40 states.

Nonbanks hold a disproportionate percentage of the worst-rated loans, but banks hold a majority of the market, and risk management safeguards are largely untested, according to an interagency report on shared national credit.

The Toronto firm, Canada’s fifth-largest lender by assets, must keep “a careful eye on costs” and improve efficiency, its CEO said in a corporate memo.

Mortgages, auto loans and credit cards should perform well for the next two quarters. Beyond that, all bets are off.

The Kansas City-area institution has sponsored the NFL’s Chiefs since 2016, but became its official banking partner in 2019. The timing couldn’t have been better.

A new app will allow small-business clients to quickly apply for credit while expanded offerings for homeowners associations will help CIT build up its base of low-cost deposits.