Banking

Independence Bank of Kentucky said 14 customers had reported receiving the bills, which included text such as "for motion picture purposes."

The company, a pioneer in AI-based lending, says improvements to its models and long-term commitments from the banks it works with will bring about positive returns in the third and fourth quarters. 

As member demand for installment payments increases, resource-strapped institutions are looking for outside help. Fintechs offer the service.

EverBank Financial in Florida said the deal would give it $900 million of loans and $2 billion of deposits. Should the deal close in early 2025 as planned, it would end a long saga for Sterling.

Community bankers have found that demonstrating efficiency, providing proper training and describing use cases can help get employees on board with AI products.

At a New York event, industry practitioners shared how they are addressing cultural, compliance and logistical objections to making loans based on bank account data.

Anticipated interest rate cuts could help stressed borrowers, but such a shift in monetary policy may curb lending income.

Banks should embrace Kamala Harris' effort to drive sustainable, equitable economic growth. Doing so will open them up to underserved communities where they can build customer loyalty among a population primed for rapid development.

Consumer Financial Protection Bureau Director Rohit Chopra said the action would "close the book" on the agency's investigation into the Sallie Mae spinout.

Executives from JPMorgan Chase, TD, U.S. Bank, M&T and other banks will gather to discuss how they serve small-business clients, what those customers want now and what they expect in 2025 and beyond.

A coalition of 105 organizations has analyzed the flow of financing to large, greenhouse-gas-emitting livestock operations and found these three banks do the bulk of loans. 

The latest violations come as the bank expects to face more than $3 billion in regulatory fines for anti-money-laundering failures.

The regional bank has already seen a large reduction in "criticized" loans, and it expects that trend to pick up as lower borrowing costs alleviate the pain in the commercial real estate sector.

Advocates for depositor-owned banks hope Warsaw Federal's $5 million capital raise will serve as a template for institutions in need of more capital than retained earnings can provide.

When it comes to delivering superior return on average equity, smaller banks frequently punch above their weight, according to a recent study by Capital Performance Group and American Banker.

The Maine-based bank's bid for Northway Financial was valued at $86.6 million. It is expected to be finalized in the first quarter of 2025.

The all-stock transaction is slated to close in the second quarter of 2025. It would create a bank with more than $15 billion of assets.

A top executive at the auto lender said that more borrowers struggled to repay their loans over the summer amid inflation and a tougher job market. Late payments on auto loans rose by more than Ally expected in July and August.

The agency's recent proposal to redefine "brokered deposits" requires a debate over the performance of different kinds of bank deposits. The problem is that the necessary data isn't available yet.

BofA is taking the next step toward a 7-year-old goal of paying $25 an hour by 2025.