Banking

Clark Street Capital said it developed a service to pair sellers with multiple potential buyers within just two weeks. It's meant to help small lenders close deals fast while still getting the benefits of a bidding process.

The top five banks and thrifts have nearly $96 billion in combined home equity loan portfolios as of September 30, 2023.

The legislation is the latest step in California's effort to crack down on high-cost small-business loans.

The megabank will report a hit to its earnings this Friday from what one analyst called an "accounting nuisance." The charge, which BofA will make up over time, is due to the bank's use of a Bloomberg-developed interest rate index that gained little traction.

The company is poised to report quarterly earnings this week that are expected to reveal revenue growth at seven times the average pace of its peers.  

The Federal Reserve would seem to offer a compelling alternative to the bank-backed RTP network, but some credit unions — which typically see bank systems as competitive threats — are making more nuanced choices.

The KBW Bank Index posted a strong gain after a government report showed employers added 216,000 jobs in December. The labor market strength bodes well for lenders' credit quality but may delay highly anticipated interest rate cuts that would lower banks' funding costs.

As the CEO of First Union Bank, Crutchfield struck more than 80 deals, riding the consolidation wave of the 1980s and 1990s. When he retired, First Union was the sixth largest bank in the country.

The appointment of Lynne Biggio Herndon as chief credit officer marks the final step in the Phoenix-based bank's leadership reorganization.

In the news this week: A consumer group filed a complaint against Starbucks over its mobile app and reloadable gift cards, Apple Pay added a new payment tech firm, The Clearing House hired Amanda Stewart as its new marketing chief, and more.

Reading Cooperative Bank and Queensborough National Bank and Trust are among those that see value in being close to fintech startups.

Southern Bancorp in Little Rock, Arkansas, plans to put $250 million in equity capital it received from the Treasury Department to good use making mortgages and acquiring banks.

In comment letters to the Consumer Financial Protection Bureau concerning its proposed rule to allow consumers to share their banking data with third-party providers, banks worry about implementation costs while fintechs fear the rule will stymie innovation.

One of the smallest banks in the country hasn't consistently made a profit since 2007 and has been the subject of enforcement actions. The FDIC's public rebuke against it indicates a last-ditch effort to figure out a less messy solution than receivership.

In the wake of the disgraced financier's downfall, executives at JPMorgan Chase, Barclays and Deutsche Bank have continued to draw the ire of federal regulators and weather millions of dollars in fines and settlement costs.

Banks have a simple choice: Either invest in fraud controls to prepare for FedNow, or expect draconian supervisory measures that will increase friction and confuse customers.

A resilient economy and the potential for interest rate cuts could infuse further bullish sentiment into markets and bolster the shares of small lenders.

Since first partnering with the digital banking software firm Q2 in 2019, Hoosier Hills Credit Union in Bedford has seen significant growth in new account openings and deposit balances due to stronger payroll processing capabilities.

The North Carolina-based company said it expects to close about 4% of its branch network, or roughly 80 offices, by the end of the first quarter. The closures come amid Truist's $750 million cost-cutting initiative.