Banking

Manuel Mehos, CEO of Green Bancorp in Houston, looks back at his company’s decision to exit energy lending last year. “The oil business is not what it used to be,” he says.

The largest generation of Americans is set to inherit over $59 trillion in assets, but the federal financial regulators are behind in hiring millennials and focusing on issues of concern to them.

Wells Fargo said Thursday that employees opened 3.5 million potentially unauthorized consumer accounts over a nearly eight-year period, a 67% increase from its earlier estimate.

A credit service provider agreed to exit the industry on Wednesday after a yearlong lawsuit with the Consumer Financial Protection Bureau.

Welcome to the PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web. Today: Alipay reaches out to merchants; Citi Bike adds Apple Pay; Grab adds P-to-P; Russia opens blockchain hub.

Bank of New York basically controls the market for clearing Treasuries and repos after Chase withdraws; compliance pushed back to July 1, 2019.

Bank of America plans to provide a premium package that includes speaking directly to analysts, attending conferences and meeting senior executives of major companies and policymakers.

Culture is key at Washington Trust, as it is at many of the 75 banks in our Best Banks to Work For rankings. Having a custom word to describe its community-oriented philosophy helps fuel conversations about it, and letting employees personalize the meaning (no scripts here) fuels a sense of empowerment and enthusiasm.

Nearly all branches in storm-affected areas were still closed a week after New Orleans' levees broke, but regulators and bankers went to work opening new emergency branches and taking other steps to get institutions operating again.

Consumer Financial Protection Bureau Director Richard Cordray said his possible political ambitions did not affect the small-dollar rule, while declining to spell out if he was running for office.

The Pay It Plan It feature allows customers to create payment plans for individual purchases, similar to personal loans. The plans include a fixed fee and no interest.

The agency has a relatively new program designed to quickly get funds into disaster-stricken areas. The problem is that many bankers don't know it exists.

As Republicans policymakers pursue efforts to revamp the Consumer Financial Protection Bureau and replace its leadership, state agencies are already preparing to fill any vacuum that might ensue if the CFPB steps back.

First Tennessee took a leap of faith to hire a young digital services company for its overhaul of mobile and online operations, and it says its decision has paid off.

By eliminating the friction of a cardless ATM, the utility value of the mobile wallet has just increased by an order of magnitude, writes Dan McKinney, co-founder and chief marketing officer at Finxact.

Big banks’ power and influence in Washington ensures that their interests are front and center. But they should spend more of their money on programs and services that engender trust with customers.

Following short-term disruptions from Harvey, Texas bankers expect a long-term lift to the local economy; Buffett’s company officially becomes the bank’s largest shareholder.

Welcome to the PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web. Today: Apple partners to grow payments in China; Digiliti turns down offer; Singapore to form QR standards; Visa seeks mobile adoption in UAE.

Sure, personal loans have a long way to go to catch up in market share with other forms of consumer credit, but millennials are relying more heavily on them than their Gen X predecessors while paring back on credit cards and mortgages. Online lenders are a big reason, and banks are exploring ways to adjust to changing habits.

The Canadian bank blamed flat profits at its U.S. business, which includes Chicago-based lender BMO Harris Bank, partly on Washington gridlock that has stalled pro-business reforms.