Banking

The Toronto-based bank set aside CA$1.5 billion in its fiscal fourth quarter to cover potentially bad loans. Executives say higher-than-normal impaired losses could persist next year.

A bot from nCino lets people in the commercial lending department quickly find information in loan documents and in policy manuals that are hundreds of pages long.

Under the Biden administration, a trio of regulatory agencies have teamed up to limit consumers' access to credit. The incoming administration should force them to stand down.

Donald Felix, who spent a quarter century at some of the nation's largest banks, took the helm at Carver Bancorp last month. Felix is devising a plan to return the 76-year-old Black-managed company to profitability.

The building at 420 Montgomery St. could be put on the market as soon as this month, the Wall Street Journal reported.

Artificial intelligence systems built to assess creditworthiness are trained on data that implicitly accepts past discriminatory lending decisions as legitimate signals about borrowers today.

The availability and visibility of Bank On-certified accounts, which aim to expand banking access, is contributing to a decrease in the percentage of U.S. households that are unbanked, according to bankers and government officials.

The three largest deals had an average round amount of more than $121 million.

Primis Financial had to delay several reports to the SEC due to an accounting misclassification error, which raised the possibility that the bank's stock would no longer trade on Nasdaq. Executives say they're "optimistic about putting this behind us."

The Greenville, South Carolina-based company said it would pay $80 million in stock to acquire ANB Holdings and its Miami-area bank.

The Canadian bank fell short of analysts' expectations on non-interest income partly because of a higher-than-anticipated tax rate. Scotiabank's results also included a one-time impairment charge related to its investment in Bank of Xi'an Co. in China.

The demand for embedded finance is not going away, but the initial rollout of banking as a service relied far too much on middleware providers without expertise in compliance and oversight. BaaS 2.0 must feature a more bank-centric approach.

The top five banks in this list closed a net total of 175 branches in the third quarter.

The Delaware-based bank filed a complaint against two companies that built a WSFS logo display in downtown Philadelphia. Part of the signage eventually broke off in what the bank called an "almost-tragedy."

Several companies filled leadership posts throughout the country, including Clarion County Community Bank's hiring of Travis Heiser to become its CEO.

The technology has the potential to democratize access to knowledge about financial services, but like any tool, it must be used carefully and responsibly.

The inquiry by securities regulators came in response to reporting that bank employees pushed products in ways that misled customers as they sought to meet their sales targets.

The company's stock price has jumped 23% since the election, as investors bet that federal student loans will get curtailed, providing more opportunity for the private sector.

The Boca Raton, Florida company is seeking to attract deposits with a product that more closely resembles the strategy many fintechs typically employ.

Buy now/pay later firms launched new products and announced new operational strategies this week as they prepare for an expected increase in demand this holiday shopping season, while Revolut's CEO laid out plans for 2025.