Banking

Executives at Capital One, U.S. Bank, BMO and Atlantic Union Bank are striving for seamless onboarding and more efficient branch bankers, among other projects on their technology drawing boards.

As CEO, Gary Fukuroku has helped turn the Hawaiian-based institution into one of the largest in the state and has raised significant funds to help those affected by this year's wildfires.

There's a reason why successful bankers with long careers look back on their time spent as vice presidents as among the best of their working years.

A key gauge of activity that tracks startups most likely to create jobs declined in October, potentially signaling the start of a slowdown after the rapid increase in interest rates. It presents a red flag for community banks and credit unions that are major lenders to small businesses.

Bank failures last spring forced many startup businesses to shift where they store their cash. JPMorgan Chase appears to be the top beneficiary, but other banks say they are just as eager to reel in deposits and do more business with the innovation economy.

The agreement includes funds for small-business lending and mortgages for low- and moderate-income borrowers in California and Massachusetts. It puts an end to questions about the fate of an $11.2 billion plan that Silicon Valley Bank inked before it failed in March.

Don't underestimate how lonely and messy entrepreneurship is, Walter said at American Banker's Small Biz Banking conference.

The program helped more than 23,000 consumers establish credit scores in its first year through partnerships with three fintechs, all of which were chosen to renew their participation.

Amid a deal drought that has dragged on for more than a year, Wells Fargo is cutting 40 to 50 jobs in its corporate and investment bank division, say people with knowledge of the decision.  

Arkansas Federal Credit Union in Little Rock launched a branded calling solution in June through a partnership with First Orion, also based in Little Rock. It has helped reduce declined calls by 21%.

The deal for SimplyBank, scheduled to be completed in the second quarter, would give First Financial in Terre Haute, Indiana, additional branches in Tennessee and its first presence in Georgia.

Executives reflecting on the issues that doomed three banks say the closures stressed the importance of adapting quickly to change, and emphasized the advantages of the credit union business model.

The future of financial services lies in collaboration between big banks and fintech, not conflict.

Bankers should stop thinking of small companies as difficult to serve, Comerica's Brian Haney says; "How does succeeding in small business make the retail bank stronger?"

American Banker is proud to recognize the honorees for the second annual Most Powerful Women in Credit Unions.

The bank was recently sued by customers who say they were misled into thinking that their savings accounts were earning competitive rates. Capital One responded with a series of arguments for why the case should be thrown out.

Since the end of the Small Business Administration's 2022 fiscal year, the average loan size in its flagship program has dropped more than six figures. The addition of three new nondepository lenders could further drive down this figure.

Small Business Administration lending is an arena where community banks and nonbanks compete favorably with some of the largest U.S. financial institutions. Here are the biggest SBA 7(a) lenders based on the value of approved loans.

A recent effort by Citigroup to nudge certain customers toward digital-only statements was well intended but too punitive, observers say. The key, they argue, for banks seeking to cut costs or achieve other goals is to offer incentives to those with ingrained habits.

Small business clients are important to financial institutions and expected to drive growth. But to achieve that, banks must teach them to be stronger consumers.