Banking

Though it hasn't set a timeline, Oxford Bank, based north of the Motor City, is weighing a southward expansion that would add all the Detroit metropolitan area to its footprint.

Pandemic era changes to credit reporting have dangerously distorted credit scores for mortgage borrowers. The market is in worse shape than we realize, writes a former Federal Housing Finance Agency director.

A judge postponed to Aug. 19 the scheduled sentencing date for Shan Hanes, the ex-CEO of Heartland Tri-State Bank who admitted to embezzling $47 million from the lender, leading to its downfall.

KeyCorp wasn't seeking capital but saw the benefits of Scotiabank's minority stake. The deal would enable the Canadian lender to step into the U.S. consumer market.

Fortuna Bank in Columbus would be the third U.S. bank specifically formed to be women-owned, according to its organizers. Supporters say it's another win toward obtaining gender-equitable capital access.

In a letter to JPMorgan Chase CEO Jamie Dimon, the Democratic senators said he should "put on hold any plans" to raise fees on checking accounts due to higher regulations.

On the heels of a recent downgrade by one analyst, the Uniondale, New York-based Flushing is being challenged by veteran investor Larry Seidman to consider a sale of the company.

City National Bank of Florida is starting a national capital markets division, Orrstown Financial will close branches in Pennsylvania and Maryland, JPMorgan Chase unit announces in-store biometric payments and more in this week's banking news roundup.

The consumer lender has signed a nonbinding letter of intent to sell its credit card portfolio, which will simplify its business to personal loans and automated savings.

The pace of deal activity in 2024 is ahead of a year earlier, thanks in large part to summer momentum and a spate of all-stock deals. But an early August market rout created a new hurdle for dealmaking in the second half of the year.

Democrats Ritchie Torres and Gregory Meeks called on the New York Home Loan bank to follow the lead of its peers and use alternative credit scoring models for collateral to improve consumers' access to homeownership.

In short, if the early days of BaaS were driven by market opportunity, the coming days of BaaS will be driven by the operational apparatus and software to acquire and manage that opportunity.

Banks are testing the waters on paying depositors lower interest rates, and analysts expect they're due for a bigger breather when the Fed takes action. It's a welcome shift for banks, after competition for deposits forced them to pay up.

Shawn Stone, the new CEO, has more than 25 years of experience in online loan origination, loan servicing operations, credit and capital markets.

The stock swoon of early August, however, raises red flags and could delay an anticipated rise in loan demand for banks in need of stronger interest income, analysts caution.

The Federal Housing Finance Agency wants to update the dual mission of the Federal Home Loan Banks. Members of the private bank cooperative say their regulator has no authority to redefine the mission.

The Federal Deposit Insurance Corp.'s focus on implementing stricter control over brokered deposits is misguided, a former chairman on the agency writes, and misses the real lessons of 2023's bank failures.

Industry experts argue that the Federal Deposit Insurance Corp.'s recent brokered deposit proposal, which would expand the classification of brokered deposits and reverse key elements of a 2020 rule, reflects outdated thinking and may discourage banks from holding such deposits.

First National Community Bank CEO Ryan Earnest said his institution would likely use its entry into Paulding County, an Atlanta suburb, as a template for future expansion.

The infrastructure fund dubbed BXINFRA targets individuals with at least $5 million of investments.