Banking

The nation's largest bank, which acquired the remains of San Francisco-based First Republic following its failure this spring, has completed its plans to close 21 offices this year. But the consolidation effort is likely to continue.

Federal prosecutors say Menendez, a New Jersey Democrat who sits on the Senate Banking Committee, accepted bribes in return for exerting political influence — including helping Fred Daibes, a small-bank executive who had been accused of loan fraud.

At the Sibos conference, cybersecurity leaders at banks and other experts debated how to train employees to thwart threats that AI has intensified.

Federal Reserve Gov. Michelle Bowman, who has emerged as a leading opponent to the central bank's recent efforts to raise capital requirements, said it was "absolutely imperative" that banks make their concerns heard.

The top five banks have an average reputation score among noncustomers of 70.7 in 2023.

The Mer Rouge State Bank in Louisiana and Mission National Bank in San Francisco are among 184 banks to receive $70 million of grants from the Bank Enterprise Award Program, its largest awards ever.

The parent companies of Cape Cod 5 and Fidelity Bank have agreed to combine under a multibank holding company called Mutual Bancorp. The bank units would keep their current names and operate independently but pool resources to improve efficiency.

If confirmed to the National Credit Union Administration, Otsuka would succeed Rodney Hood and become the board's first Asian American member.

The top five banks have an average reputation score among customers of 84.1 in 2023.

The Federal Reserve's rate hikes so far are just "catching up," the JPMorgan chairman and CEO says. Dimon predicts inflation will be at 4% early next year and "won't be coming down for a whole bunch of reasons."

Eighteen banks announced agreements to sell themselves last month. It was the most active month for bank deals since July 2022.

Educational institutions ought to have some skin in the game when it comes to the student loan market.

The banking industry, which has a long history of sponsoring sporting events, is pouring more money into the live-music industry, according to a new report. Music-related events and properties make up 39% of the sector's sponsorship portfolio, up from 25% two years ago.

Boston-based Eastern Bankshares says its premium on the sale of Eastern Insurance Group will help fund the acquisition of Cambridge Trust and build a wealth management powerhouse. But some analysts point out more revenue is being sacrificed than gained.

The lawsuit takes issue with the agency's 2022 guidance on nonsufficient funds fees, a hot-button topic in the banking industry. The FDIC is asking a judge to dismiss the case, arguing that the plaintiffs lack standing to sue.

The African American Credit Union Coalition is working with the Louisiana Credit Union League to promote programs for recruitment and career advancement.

The new text of the cannabis banking bill includes language that has "papered over" an issue about Operation Choke Point.

Bank executives at the Sibos conference this week discussed how they are using predictive analytics and other technologies, and the fintech partnerships that move them forward.

More elderly consumers are being diagnosed with Alzheimer's and dementia — making them vulnerable to scammers. Financial institutions are seeking special certifications to better equip themselves to help.

As the United Nations General Assembly convenes in New York to discuss global development, delegates must not overlook the importance of financial services for small businesses in emerging economies.