Banking

Bankers and financial services professionals should be monitoring the rollout of the EU Digital Identity Wallet initiative, as it signals changes likely to arrive in the U.S.

The core services provider partnered with Lendio to devise a cloud-native tool that will automate small business loan decisioning and onboarding for banks.

The Wall Street investment bank saw its profits rebound in the second quarter as last year's decline in mergers continued to thaw. "The game will have to go on because there's just been so much activity that has been suppressed," said CEO Ted Pick.

The Charlotte, North Carolina-based bank saw profits and net interest income dip in the second quarter, but made up lost revenue through investment banking fees.

The Pittsburgh-based superregional bank reported a small quarter-over-quarter advance in net interest income, and it expects loan growth to pick up in the second half of the year. PNC, which announced job cuts last year, also said that it has identified an additional $25 million in cost savings.

The Consumer Financial Protection Bureau's proposal to eliminate medical debts from credit reports is under attack from debt collectors, which claim the rule will drive up litigation costs and drive doctors out of business.

In recent surveys conducted by Javelin Strategy & Research and Insider Intelligence, consumers gave the bank's app high marks. Many small-seeming improvements explain the ascent.

The basics of good banking — a strong balance sheet, customer service and solid risk analysis — will always be important. But in the future, technological competence will be the difference between the sector's winners and losers.

The investment banking giant said that it will "moderate" its pace of share repurchases as it continues to talk to the Federal Reserve, which recently increased its stress capital buffer from 5.5% to 6.4%.

First Internet Bank and Nbkc bank are among those exploring ways to automate the traditionally manual task of verifying business customers.

Royal Bank of Canada reorganizes its executive leadership ranks; pending startup BankMiami gets approval from Florida's Office of Financial Regulation; Rize Credit Union's Julio Jimenez-Wenz joins Nevada Commission on Minority Affairs; and more.

After its planned sale to a larger competitor fell through, the renamed bank plans to expand into new markets, starting with St. Louis.

Investment banking fees shot up at the nation's largest bank, thanks to rebounds in M&A and the equity capital markets segment. And despite higher credit costs in the company's card business, a top bank executive expressed confidence in the health of U.S. consumers.

The San Francisco bank's interest expenses continue to rise as depositors switch to higher-yielding options. At the same time, soft loan demand from business customers is putting a lid on how much interest Wells is collecting from borrowers.

A federal appeals court ruled that the Equal Credit Opportunity Act prohibits not just outright discrimination but also the discouragement of prospective applicants for credit.

Higher funding costs, lower loan demand and the potential for increased credit costs continue to drag on the sector heading into second-quarter earnings season.

The top five community banks have combined first mortgage loans of more than $2.8 billion as of March 31, 2024.

After the megabank was hit with $136 million in regulatory fines over its alleged failure to comply with 4-year-old consent orders, analysts assessed the likely fallout. "There is clearly frustration on the part of regulators," one analyst wrote.

Susser Bank has proved successful attracting business from small and midsize companies the past two years. It's hoping a successful capital raise and continued branch expansion can extend the trend.

The ratings firm evaluated 4,100 loans to assess the state of 41 banks' commercial real estate risk. It found that the lenders should be holding, on average, about twice the amount of reserves they currently have for office loans.