Banking

In October's roundup of top banking news: Navy Federal's contract with the Department of Defense remains in limbo, check fraud takes a bite out of Regions Financial's third-quarter earnings, a Community Reinvestment Act rule gets finalized and more.

Neglect of the employees who personally interact with customers can undermine even the most carefully crafted business strategy.

The San Antonio bank reported a 14% increase in noninterest expenses and a 7% jump in loans. "We're not trying to be successful by shrinking," said CEO Phil Green.

Bankers show a lot of interest in advanced AI, as well as a daunting list of challenges, according to American Banker's innovation readiness survey.

Washington Trust shares plunged after the Westerly, Rhode Island, company disclosed it booked an office deal in the third quarter, boosting the size of its portfolio while other lenders are pulling back.

The credit card company has been seeing late payments and charge-offs jump following the stellar credit trends of the pandemic. But there were signs last quarter that the picture has started to stabilize.

Umpqua Bank introduces retail banking in Utah, Kansas City CUSO ex, Huntington Bank looks within for new chief DEI officer and more in the weekly banking news roundup.

Britons are pulling more and more cash from bank accounts that don't pay enough interest. It's beginning to hit the U.K.'s biggest lenders where it hurts.

Both loans and deposit balances have stabilized since the North Carolina bank acquired parts of the failed Silicon Valley Bank, paving the way for better-than-expected fourth-quarter earnings guidance. The only blemish in the third quarter, one analyst said, was credit quality.

The Indiana bank said it agreed to acquire CapStar Financial in an all-stock deal that would hasten its growth in Tennessee.

CEO Scott Sanborn said it's unclear when demand from banks to buy the fintech's loans will return.

Weekly volume — even with the M&T deal — is poised to be one of the largest misses this year, second only to the week of March 13 when Silicon Valley Bank's failure spooked the banking sector.

The Hicksville, New York, company beat analysts' expectations on net interest income, but a pair of souring office loans contributed to a 68% increase in nonperforming loans from the prior quarter.

The student loan servicer said that it's open to settling a high-stakes lawsuit filed by the Consumer Financial Protection Bureau during the Obama administration. It recorded a $45 million charge and said that the range of reasonably possible losses is between $0 and $250 million.

A federal court extended an injunction that halts the Consumer Financial Protection Bureau's rule until the Supreme Court rules on the bureau's constitutionality.

The head of the Consumer Bankers Association takes issue with a recent BankThink article questioning bank CEOs' commitment to promises made in response to the Black Lives Matter movement.

The Oklahoma-based bank is projecting a modest uptick in spending alongside continuing loan growth. Many other banks are tightening the purse strings amid weaker loan demand.

The fintech Greenlight Financial has formed a CUSO to expand access to its family banking app and educational resources after strong interest from credit unions.

As Chief Executive Officer Christian Sewing doubles down to lower expenses and increase profitability, a new round of cuts is expected to exceed the 800 announced in April.