Banking

Citigroup, Barclays and Morgan Stanley are just a few of the firms joining JPMorgan in what suddenly feels like a rush into direct lending.

Banks large and small are selling some or all of their insurance subsidiaries, enticed by the high prices they're being offered. Here's a rundown of the deals that were struck in 2023.

Corporations and trial lawyers have long fought over whether consumers should be forced into arbitration to resolve their complaints. Now there's a new wrinkle: It's becoming harder for aggrieved customers to even get to arbitration.

Provident Financial in Iselin initially anticipated completing its deal for Oak Ridge-based Lakeland Bancorp in the second quarter. Now as it waits for regulatory approval, Provident says the process will stretch into spring 2024.

Funding pressures moderated in recent months, but loan charge-offs climbed. With festering concerns about a vulnerable economy, the potential for elevated credits costs could loom large over the upcoming bank earnings season.

Tanya Otsuka's confirmation gives the Democrats control of the National Credit Union Administration's board for the first time since 2016. Here's how that will impact its agenda.

The banks' resistance to changes being recommended by the Federal Housing Finance Agency do not bode well for their future or that of the industry.

The vote by workers in a New Mexico branch is the first union victory at a megabank in decades, though unionization efforts at another Wells branch took a step back.

Lincoln Savings Bank has tapped Sean Willett, chief administrative officer at Financial Institutions, as its next leader after a six-month search.

The head of small business at Truist Bank discusses how regional banks are operating in this market, in conversation with American Banker Editor-in-Chief Chana Schoenberger.

Many banks, especially smaller ones, will have to rethink how they lend to small businesses and automate manual processes.

Meritrust Credit Union in Wichita is giving $400 to each of its 370 employees to start or grow a rainy day fund.

The Cincinnati, Ohio, bank also promoted three other top executives to new roles. All of the changes will be effective in early 2024.

The Consumer Financial Protection Bureau's annual student banking report reveals that college-endorsed financial products, including credit cards and student ID-linked deposit accounts, often impose high fees and unfavorable terms, reinforcing the CFPB's ongoing scrutiny of potential violations of federal consumer financial protection laws.

Frequent overdrafters — households that pay more than 10 overdraft fees a year — use the service as a form of credit, the Consumer Financial Protection Bureau said in a report.

Allegations of lending discrimination against Navy Federal Credit Union, while as yet unproven, suggest that the rationale for giving credit unions substantial advantages over banks needs to be rethought.

Led by veteran banker Stephen Gordon, Genesis Bank in Newport Beach, California, plans to use the funds pledged by private equity firms and other investors to roll up community banks in the Western U.S.

The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.

Remote work trends and high interest rates have substantially reduced the values of U.S. office buildings. A new academic paper estimates the extent of the deterioration, suggesting that there is perhaps more stress ahead for banks than is widely anticipated.

The $225 billion-asset Citizens Financial Group has partnered with the fintech Pinwheel to streamline the process for new account holders to switch the direct deposit of their paychecks from their old banks.