Banking

The Consumer Financial Protection Bureau found that more consumers are being charged late fees, while determining that the average cardholder carried $5,288 in total credit card debt last year.

Speaking on a panel at the Future Investment Initiative summit in Riyadh, Saudi Arabia, the JPMorgan Chase chief voiced doubts that central banks and governments around the world could manage the economic fallout from rising inflation and slowing global growth.

The National Credit Union Administration says it cannot provide deposit insurance for accounts covered under the $165 billion-asset institution's agreement to offer financial services to members of the military serving abroad. The credit union accuses the regulator of undermining its mission.

The $49 billion-asset bank loaded up on deposits in the third quarter, making sure it has enough on hand to fund the loan growth it has forecast for the coming quarters.

The Southeast regional bank plans to use the deal's sizable proceeds to pay down wholesale borrowings and restructure its securities portfolio. Numerous banks have made similar moves in recent months.

The credit-card issuer is tightening its lending standards and bracing for the potential effects of a cap on card late fees. Charge-offs are rising, but company executives say that customers are showing surprising strength.

The move shows Texas governments, major issuers of municipal bonds, are wary of working with banks that state Attorney General Ken Paxton put under review last week in connection with their climate change policies.

The Dallas company, which is in the midst of a four-year business overhaul, is facing a margin squeeze in the coming quarters. But even as analysts express skepticism, company executives aren't budging from the profitability goals they set two years ago.

The Federal Reserve Board and state regulators signed off on the $1 billion deal, paving the way for a late 2023 closing. The approvals were significant given that other large combinations have run into trouble.

The top five banks and thrifts have combined total deposits of nearly $7.5 trillion.

Three years removed from the Black Lives Matter protests, banks have not fulfilled their promises to help close the racial wealth gap.

Other regional banks are vowing to cut costs, but Huntington Bancshares CEO Steve Steinour says the Columbus, Ohio-based lender is well positioned to "play offense" in 2024.

Mergers may be shrinking the overall number of credit unions, but they have provided valuable scale to those that remain.

Consumer Financial Protection Bureau Director Rohit Chopra says that a recently proposed data-access rule would provide a competitive edge to small banks over their larger competitors.

JPMorgan Chase pilots Mastercard's open-banking tech for U.S. bill payment; Benson F. "Buzz" Roberts will retire at year-end as CEO of the National Association of Affordable Housing Lenders; and venture capital firms pour funds into bank vendors.

The New York State Department of Financial Services and the Federal Reserve Board penalized Metropolitan Commercial Bank for failing to prevent $300 million in fraud in a prepaid card program. It is the latest example of a bank being sanctioned in connection with rampant fraud during the COVID-19 pandemic.

"We'll be taking steps to offset expense pressures," CEO Curtis Farmer told analysts after the company reported an 11% year-over-year jump in costs and falling profits.

An advocate for retail merchants takes issue with a BankThink article criticizing the Credit Card Competition Act.

Executives say the $213 billion-asset company's strong credit performance in the third quarter positions it to pursue loan growth next year.

High deposit costs and low-yielding assets weighed on the company's net interest income, which fell to its weakest level since the first quarter of 2017. But Key executives predicted that a turnaround is coming soon.