Banking

The Cleveland-based regional bank continues to benefit from strength in investment banking, though concerns about stalled loan growth emerged as CEO Chris Gorman described demand as tepid.

Payroll advances would be considered consumer loans under an interpretive rule by the Consumer Financial Protection Bureau that would require disclosures of annual percentage rates and fees under the Truth in Lending Act.

See which bank topped American Banker's annual ranking of the best-performing midsize institutions.

The top-performing banks with between $10 billion and $50 billion of assets boasted relatively strong loan portfolios and expense control.

For at least the fifth consecutive quarter, the Providence, Rhode Island, company increased its allowance for credit losses on general office loans, which continue to be a problem area for banks.

The Detroit-based auto lender has been dealing with an imbalance in deposit costs and loan yield since rates rapidly rose. Now, the bank's fixed-rate loans from before are maturing.

The credit card company is seeing fewer customers fall behind on their payments. But with lower-income consumers still being pinched by inflation, Synchrony isn't loosening its lending standards.

The credit card giant says its proposed acquisition of Discover would facilitate a bevy of community development activity and philanthropy. But some public advocacy groups are skeptical.

Congress needs to take immediate action to reform policies that foster this trend and ultimately subsidize banking consolidation on Main Street, writes Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America.

The Minneapolis-based company reported an 18% increase in quarterly net income thanks largely to slimmed-down operating expenses. It also notched modest increases in loans and deposits, while asset quality issues remained manageable.

The tech giant is enabling users to pay by holding smartphones together, potentially cutting into the market for Zelle, PayPal and Venmo.

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%.