Banking

The Ann Arbor, Michigan-based fintech is working with two Michigan credit unions to pilot a service that allows consumers to jointly save for purchases.

Sen. Tim Scott, R-S.C., ranking member of the Senate Banking Committee, introduced a Congressional Review Act resolution to undo the Consumer Financial Protection Bureau's credit card late fee rule.

In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon wrote that the bank has identified more than 400 use cases for artificial intelligence across marketing, fraud and risk. It has also amassed thousands of AI experts and data scientists and begun exploring deploying generative AI.

A combination of higher interest rates and increased vacancies — especially in office buildings — are leading to more apprehensions in commercial real estate.

The company has long been criticized for its lagging financial performance and its complexity. CEO Jane Fraser is pushing through Citigroup's most recent transformation plan, but will she succeed where her predecessors have failed?

The Long Island bank is trying to come back from a month-long spiral that sunk its stock price some 80%.

The $12.1 billion-asset DCU launched the loan platform in 2022, and has seen volume jump by close to $600 million from when talks began in 2019 to last year.

First Busey closes acquisition of Merchants and Manufacturers Bank; Stax co-founders launch a new credit-scoring tool; UMB's marketing chief takes on consumer banking; and more in the weekly banking news roundup.

Based on the pace of deals through late March, the banking industry is on track for the most branch sales since 2021. Buyer interest has mounted alongside the need to acquire deposits, following hits to funding bases last year.