Banking

In a bid for scale and diversification, Illinois-based Empeople Credit Union said it would expand in Wisconsin with the planned acquisition of TSB Bank.

Just weeks ago, prospects seemed strong for bank stocks to regain ground after a volatile 2023. But renewed credit concerns stemming from issues at New York Community Bancorp, and the increasing odds that interest rates will remain high for months, have dampened that outlook.

As virtual assistants become central to banking, financial institutions of all sizes must embrace and leverage this transformation to redefine the customer experience.

The top five banks and thrifts have more than $1 trillion in combined commercial and industrial loans as of September 30, 2023.

Former Flagstar CEO Alessandro DiNello, who had been New York Community's nonexecutive chairman, was named executive chairman after the Long Island bank's stock price fell by more than 59% in a week. New York Community also issued updates on both its deposit situation and its search for a new chief risk officer.

The $18.5 billion-asset institution saw member growth increase by 22% year-over-year and fund levels surge in the first six months of last year after deploying a new deposit origination platform.

Car loan delinquencies are worsening across all age groups and income levels, as high interest rates and elevated car prices take a toll, according to the New York Fed. But executives at some large auto lenders remain relatively confident about their customers' ability to stay afloat.

National Credit Union Administration Chair Todd Harper Tuesday revealed plans to mandate separate reporting of overdraft and nonsufficient funds fees for credit unions with over $1 billion in assets, which he said would enhance equity and transparency in fee structures.

Characterizing them as 'schemes' unfairly impugns a service that cash-strapped consumers value and have come to count on.

The British lender has named the company veteran its global head of leveraged finance as it seeks to capture more business from the giants of private equity. 

The biggest banks need to get creative about the kinds of products and services they offer, and their efforts to attract a broader customer base.

Bankers during recent earnings reports predicted lower deposit costs as 2024 wears on. But with inflation still elevated and the jobs market strong, the Federal Reserve probably won't begin lowering rates — and thus easing the drag on lenders' profits — until May at the earliest.

The Independent Community Bankers of America, American Bankers Association and other groups filed a lawsuit arguing that recent reforms to implementing regulations for the Community Reinvestment Act exceed statutory authority.

Artificial intelligence promises to replace a large percentage of entry-level analysts, call center workers and others, while leaving most senior managers untouched.

The North Carolina bank agreed to offload Sterling Capital Management to Guardian Capital Group in Toronto. It's the latest step in the effort to simplify Truist.

The San Francisco company entered into a pact with its regulator when it acquired Radius Bank three years ago. "The operating agreement, by design, in some ways slows you down," said CEO Scott Sanborn.

Dogwood State Bank and Community First Bancorp plan an all-stock deal to create a $2.2 billion bank, technology firm Fiserv announces a partnership with the National Hockey League's New Jersey Devils, former Texas secretary of state will join Cullen/Frost's board and more in our weekly banking news roundup.

Brandon Milhorn, the new CEO of the Conference of State Banking Supervisors, used the platform offered by his first major speech to sound an alarm against one-size-fits-all solutions emanating from Washington. "The pendulum has swung too far in the direction of federal regulatory uniformity," Milhorn argued.

A day after the regional bank's stock tumbled on tough fourth-quarter results and some austerity moves, observers debated whether management just needs time to build enough capital to catch up with growth or if it is still too overexposed in multifamily lending.

With tougher capital requirements looming, a number of regionals including U.S. Bancorp, Huntington and Santander are using these new instruments to share risk with nonbank investors and lighten their capital load. Experts point out the pros and cons.