Banking

If banks reached the same market penetration among U.S. customers of Latin American descent that they have among white Americans, they could tap an additional $155 billion in annual revenue, according to new research from the consulting giant McKinsey.

LendingClub, SoFi and Upstart were among those that wielded the ax.

Analysts agree that the Long Island-based bank will probably absorb some losses due to its exposure to struggling segments of the commercial real estate market. But they differ on the extent of the likely damage.

Carter Bankshares in Martinsville, Virginia, is attempting to exit a longstanding relationship with West Virginia Gov. Jim Justice through a seldom-used collections tool that was at the center of a court hearing this week.

The top five community banks averaged a return on average equity of 75.37% as of June 30, 2023.

In this year's roundup of top banking news for 2023: Navy Federal Credit Union joins the RTP network amid ongoing military contract woes, major banks across the U.S. announce staff cuts, regulators shutter Signature Bank and more.

The combination of OnPath Federal Credit Union and Louisiana Federal Credit Union is the biggest credit union merger in the state's history.

Integrating artificial intelligence into the world of banking and finance must be a cooperative effort between the industry and regulators. It's important that the discussions start now.

Mobile banking features that encourage customers to set savings goals can supercharge customer loyalty and attract new primary banking customers. A renewed focus on consumer savings may also help banks offset the decline in deposits reported at many banks in 2023.

Bank CEOs are eyeing a near-term peak in deposit costs as the Fed perhaps moves closer to cutting interest rates. But the pressures they've faced this year as depositors ask for more compensation may not die down right away.

Leaders at the helms of organizations like Georgia United Credit Union, BayPort Credit Union, Blend Labs and more are adapting products such as "soft check" credit scoring, artificial intelligence-powered bots to streamline application reviewal and more.

Internet-based banks are siphoning deposits away from urban centers in the U.S. and, unlike brick-and-mortar banks, face no requirement that they loan money back into those communities.

Five large U.S. banks are among 50 global financial institutions that climate activists are targeting as they push to end financing of metallurgical coal projects.

JPMorgan Chase is running into some pushback over fees and control as it aims to pull together a group of lenders to help fund private credit deals it originates, according to people with direct knowledge of the discussions.

The 130-year-old Warsaw Federal Savings & Loan achieved a minority status after retooling its board this summer. Its CEO, who is also new to the job, has no plans to slow the pace of change at the depositor-owned bank.

The decision means the six largest Canadian banks will enter 2024 with the requirement to hold Common Equity Tier 1 capital of at least 11.5% of risk-weighted assets.

Banks branches continue to shutter through October; First Carolina onboards fintech partner BM Technologies; ICBA announces its 2024 accelerator companies; and more in the weekly banking news roundup.

The deadline for compliance with the Securities and Exchange Commission's new cyber disclosure regulations is coming. Banks need to be ready.

Once the pace of private equity-backed sales of middle-market companies picks up, the Rhode Island-based bank expects to benefit. CEO Bruce Van Saun says that Citizens' recent expansions in private banking and wealth management will provide opportunities to cross-sell to corporate clients.