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Bank of America saw its busiest year on record for sustainable finance deals as demand for environmental, social and governance investments accelerates. 

The core function of the Federal Home Loan Bank System — advances to member institutions — plummeted 20% last year to $350 billion, its lowest level in 15 years. That erosion of purpose is emboldening critics, who say the Home Loan banks need to change or face irrelevance.

Ryan Goldberg succeeded Mark Shobe, who had led the institution since 2000.

Robyn Luhning, the bank’s head of environmental and social risk management, takes the position at a time when financing for the fossil-fuel industry faces scrutiny. Other large banks have created similar roles in recent years.

Consumer advocates and fintechs say the traditional credit score and lending systems that use it are murky and perpetuate bias. FICO’s leader points out that new FICO scores use expanded data sets, just as fintechs do.

The U.S. is poised for recession most likely in 2023 and bank stocks are expected to fall behind the broader market, according to 525 respondents to the Markets Live weekly survey.

On Dec. 31, 2021. Dollars in thousands. (Dec. 31, 2021)

On Dec. 31, 2021. Dollars in thousands.

The company provides incentives through the online statements of many large card issuers — but it faces more competition than ever from fintechs and "super apps." To stay in the game, Cardlytics is scooping up more data to sharpen its pitches.

Barclays is developing a global private credit strategy, according to several people familiar with the situation, seeking to take part in the fast-growing $1.2 trillion asset class.

The bank plans to separate the two roles “upon the next CEO transition,” it said in a proxy statement Monday.

Mutual institutions, long pillars of underserved communities, now face insurmountable barriers to entry.

JPMorgan Chase will have to face claims that it made 160 unwanted calls to a cardholder in violation of federal law, a federal judge in Pennsylvania said.

Daily edition for April 04, 2022

Vernon Hill, Ellen Alemany and Joseph Otting are among the executives whose careers took a turn after their company was acquired. Here’s a look at what eight CEOs did after their time atop a bank ended.

It began as an app for teens, but Current had its eye on cryptocurrency-related services from the start. The goal is to improve on the products it offers customers, such as above-market interest rates.

Visa is planning a raft of changes to rules for gas stations to allow larger transactions after a surge in fuel prices across the U.S. made it hard for some drivers to fill up using credit cards.

Citizens' overdraft break, Warren's digital-dollar push and more in banking news this week.

The agency is conducting its first price review for Fannie Mae and Freddie Mac products since 2015 to make sure they are generating viable returns. The acting director said that is just one of many questions that must be answered before the enterprises can be privatized.

Acting Comptroller of the Currency Michael Hsu said some large regional banks are at risk of becoming too big to fail, and the agency is considering ways to increase the resolvability of post-merger banks.