Banking

The Pittsburgh company says its new president, Michael Lyons, will report to William Demchak, who will continue as chairman and chief executive. Lyons is positioned to become PNC's next CEO someday, observers said.

Auto-enrolling its membership for a credit-scoring tool offered by SavvyMoney helped Knoxville TVA Employees Credit Union nearly double approvals across its credit card, personal and auto loan portfolios in early 2023.

The Charlotte, North Carolina, company has agreed to sell its remaining 80% stake in its insurance brokerage unit to raise billions of dollars in cash and extra capital. The "wild card" is how Truist will deploy them, one analyst says.

A report reveals Heartland Tri-State Bank's failure last year was due to its CEO being ensnared in a sophisticated investment scam that is taking more victims.

Capital One Financial's proposed acquisition of Discover Financial Services would create a credit card behemoth with its own payments network. The deal is likely to draw tough regulatory scrutiny, though analysts say there are many compelling strategic reasons for the combination.

Many deposits classified as brokered are actually very "sticky." Recognizing that would go a long way toward improving banks' stability.

The median interest rate that large credit card issuers charged consumers with good credit in the first half of 2023 was 28.2%, compared with 18.15% at smaller banks and credit unions, according to a study by the Consumer Financial Protection Bureau, which is on a campaign against excessive fees.

Ex-State Street exec joins Citizens Financial's board, payment software firm Toast will cut workers, Visa rolls out enhanced digital wallet tools and more in the weekly banking news roundup.

Community Bank System in Syracuse faced claims it failed to properly pay some branch-level employees, making it one of a growing number of banks forced to confront compensation-related disputes in recent months.

Buying North Shore Bancorp in Peabody, Massachusetts, would give Hometown nearly $6 billion of assets and a higher profile in New England.

The rivalry between upstart direct lenders and the likes of Goldman Sachs and Morgan Stanley is driving interest rate margins to new lows.

An investor in early stage fintech startups weighs in on the breakthrough technologies that will transform the relationships between banks and fintechs.

Investors have hammered the New Jersey-based lender following the turmoil at New York Community Bancorp. But Valley executives say there are key differences between the two real estate-focused banks, and they express confidence that the bank's underwriting will hold up again this cycle.

The regulator's action indicates that — after years of overhauling its operations — the bank has finally shown it's in compliance with the agency's standards on sales conduct.

Financial institutions need to reconsider the logic and intuitiveness of their website design. They could also introduce free credit scores and capitalize on generative AI, experts say.

The proposed implementing rule will squeeze credit for entrepreneurs and small businesses, adding more barriers to their success in an already-tight lending environment.

After focusing on cost control throughout much of 2023, including a round of job cuts, the Pittsburgh company has announced plans to expand in high-growth markets like Texas and refurbish more than 1,200 existing offices.

The lending fintech is increasing its reliance on third-party funding arrangements as its revenue slides. Analysts are wondering how much risk is embedded in the deals.

The $4.4 billion-asset institution's 30-second commercial on Sunday sought to promote the idea of financial wellness as integral to "not-for-profit" banking and boost new member growth.

In all, the Denver-based bank plans to sell nine branches to two buyers as part of a decision to exit the state and invest more in technology and other markets where "it has the greatest growth potential."