Banking

The Consumer Financial Protection Bureau will release a final rule Tuesday that is expected to save consumers $10 billion a year in credit card late fees. The rule is part of a larger effort by the White House to crack down on illegal fees and price hikes that President Biden will address in the State of the Union.

Long Island-based New York Community Bancorp has a large concentration in loans on New York City apartment buildings with rent restrictions. Property values in that sector have tanked amid higher interest rates, inflation and 2019 revisions to state law.

Critics argue the Federal Home Loan Bank System earned record profits last year and should provide a public benefit commensurate with the perks to members.

New York Community Bancorp faced new questions Friday after a flurry of disclosures led to a steep sell-off in its stock. The embattled Long Island-based lender beefed up its risk leadership, but Fitch cut its rating to "junk" status.

Ryan Bailey's responsibilities include refreshing Cambridge Savings Bank's digital-only brand Ivy Bank. The institution believes his prior stint at USAA has prepared him for the challenge.

The CEO of FirstBank in Colorado will retire at the end of the month, KeyCorp's chief accounting officer will depart, Fiserv pursues deal to buy Shift4 and more in the weekly banking news roundup.

The growing buy now/pay later industry requires regulations, but existing regulations for credit card lenders are not fit to the purpose. BNPL needs bespoke guidelines to protect consumers.

The turmoil at New York Community Bancorp resumed Thursday with the departure of CEO Thomas Cangemi. The embattled regional bank, which also recorded a $2.4 billion goodwill impairment charge and disclosed other new problems, saw its share price plunge.

The Toronto bank has been under investigation by U.S. and Canadian supervisors for alleged shortcomings in anti-money-laundering compliance. CEO Bharat Masrani pledged "comprehensive enhancements" but declined to pinpoint the exact fixes and their costs.

Research from J.D. Power found that bank customers are most concerned about letting AI move money on their behalf or place a barrier between them and their money.

The changes made to the schedule of bringing advanced credit metrics to major mortgage investors Fannie Mae and Freddie Mac affect bi-merged reports and Vantagescore 4.0's implementation.

Citing missed deadlines for an annual meeting and key regulatory filing, the Norcross-Braca group has called off a plan to invest $35 million in the Philadelphia bank.

Canadian Imperial Bank of Commerce benefited from growth in its domestic retail business even as it set aside more money than analysts expected for potentially sour loans.  

Large global banks are experimenting with tokenization to make complex transactions faster, efficient and more auditable.

Royal Bank of Canada is optimistic that new U.S. leadership, including former Fifth Third CEO Greg Carmichael, can rejuvenate its struggling City National Bank.

After Carter Bankshares sought to auction one of his properties, Gov. Jim Justice promised to "push back like you can't imagine."

BNP Paribas Asset Management says its ESG clients have been moving into money market funds in reaction to volatility in the market.

Bharat Masrani has spent a decade as the Canadian bank's top executive and is pushing 70. But as the bank undergoes a U.S. Justice Department probe, it's unclear when he'll step down or who's next in line.

CEO Charlie Scharf has added another former JPMorgan Chase colleague to his leadership team as his shake-up of Wells Fargo continues. The hire of veteran investment banker Doug Braunstein comes as Scharf makes progress on his efforts to grow Wells' investment bank.