Special Program Root Tag

The Connecticut bank plans to add interLINK to its diverse stable of deposit-gathering businesses. A community bank in Texas had previously reached a deal to purchase the platform, but that transaction fell apart in September.

Since her 20s, Wechter has served as a sounding board to Chairmen Richard Parsons and Mike O'Neill and CEOs Michael Corbat and now Jane Fraser. Wechter, 41, eventually took over the human resources department, where she has set in motion changes reshaping life at the bank for its 238,000 employees.

Most theories of the case for ESG investing demand that companies act in ways that are counter to the interests of their shareholders.

The platform will use artificial intelligence to create customized experiences for users.

In an appeals court filing, the Consumer Financial Protection Bureau wrote that a federal judge "ignored regulatory text, history and context" when she ruled against a PNC customer. The consumer argues that the bank shouldn't have pulled funds from his checking account after he was tardy in making payments on his home equity line of credit.

The portfolio purchase, which follows the sale of MUFG Union Bank to U.S. Bancorp, represents about 32% of LendingClub's own personal loan portfolio. It should help boost the online lender's growth while using some of its excess capital.

Silicon Valley Bank named Erin Platts head of its private banking and wealth management arm, which caters to the financial needs of technology and venture capital executives.

The card company has rapidly expanded its business products this year, focusing on the hardships caused by inflation and supply-chain issues.

Both Canadian banks are awaiting green lights from regulators for their pending acquisitions of U.S. banks. "We don't control the timing of all the regulatory approvals," TD's chief executive said Thursday.

Dianne Dobbeck, head of the Federal Reserve Bank of New York's supervision group, said the banking system is sound, but potentially destabilizing risks must be monitored and addressed.

Bank of the West and Mastercard are separately advancing use cases for digital issuance to overcome the supply-chain slowdowns and other issues straining the global economy.

The baseline scenario used by many banks is for low-single-digit growth in GDP and an unemployment rate of around 4% next year. Some Wall Street analysts are wondering whether those assumptions, which banks use to calculate their loan-loss reserves, are too rosy.

Banks are developing technology to identify potential mass shooters, according to a CEO backing the push to get credit card companies to track gun purchases more closely.

The transaction, which would have created the country's largest custody bank, was derailed after regulators demanded certain changes. The seller said that it has no plans to find a new buyer for its investor services business.

In this month's roundup of American Banker's favorite stories: the National Credit Union Administration sets its focus on liquidity risk for 2023, an exclusive fireside chat with Venus Williams on pay equity, the Consumer Financial Protection Bureau's funding comes into question and more.

Early next year the 2nd Circuit Court of Appeals is slated to consider whether certain loans are actually securities.

The homeownership gap between Black and white populations has widened in the years since the Great Recession, putting obstacles in the way of achieving wealth for a large percentage of Americans. How did we get here, and what do the housing and home lending industries need to do to change the current course?

Regions and PNC are two banks that have expanded the use of their mobile branches in recent years.

Rising interest rates and tightening consumer credit are likely to drive many consumers to use interest-free point-of-sale loans, putting BNPL fintechs' data-driven underwriting to the test.