Banking

An effort to ensure banking services are available to legal businesses is being undermined by groups trying to rewrite the history of regulatory overreach related to supposed reputational risk.

The top three countries have 861 combined fintech financings through June 2023.

The company's U.S. banking unit, which focuses on wealth management, reported a $38 million quarterly loss. Executives said they're cutting staff in an effort to right the ship, but analysts questioned whether the expense cuts are aggressive enough.

The decision by the 2nd U.S. Circuit Court of Appeals in Manhattan came in a securities fraud lawsuit brought by a trustee for note purchasers in a 2014 syndicated loan deal led by JPMorgan Chase.

Front-running schemes by the bank's foreign exchange desk defrauded clients of millions of dollars. In 2017, the Federal Reserve cited the lackluster oversight for failing to stop it.

UBS Group AG is expected to announce soon that it's fully integrating Credit Suisse's domestic bank, ending months of speculation about the future of the business.

A new state regulation brings consumer-style rules to the small business realm, extending California regulators' ability to crack down on nonbank lenders that engage in questionable practices. Observers believe that it could be a model for other states.

East West Bancorp chief Dominic Ng long faced skepticism from analysts who had questioned his conservative approach to capital allocations — a strategy that has helped his Pasadena-based bank weather decades of ups and downs in the banking industry and survive amid the collapse of other California banks this spring.

Forget special offers, ubiquitous branches and promises of convenience. Younger clients want to see state-of-the-art technology and hear good things from friends and family, according to a recent Arizent survey.

The country's Big Six banks are seen as likely to continue struggling as they contend with deteriorating consumer finances and rising internal costs.

Empeople Credit Union will stop dealing with coins at its five Maine branches beginning this September. It's unclear whether there will be copycats, but there are reasons it might be tempting for others to follow suit.

A series of deals over the summer suggests growing interest by private equity investors in acquiring community banks. Five such deals have been announced this summer alone.

Consumer loan balances fell in July for the first time since 2020 as banks have tightened lending standards in response to rising rates and jettisoned assets to bolster liquidity and capital levels.

News of the delisting, prompted by ongoing delays related to filing its 2022 annual report, triggered a selloff of the Philadelphia-based company's battered stock.

Credit unions held more than 66% of all assets in the community development financial institution ecosystem, according to research from the Federal Reserve Bank of New York.

The plan calls for the formation of Orca Bank in Bellingham, Washington. It would become a subsidiary of Savi, whose CEO would assume the same role at the bank.

Banks are holding their fintech partners to a higher compliance standard as regulatory scrutiny of banking-as-a-service increases.

Many depositors have "shifted their funds into higher-interest-bearing accounts, increasing banks' funding costs," S&P wrote in a note summarizing the moves.

The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.

The New York megabank is considering splitting its institutional clients group division into three parts following the upcoming departure of top executive Paco Ybarra, the Financial Times reported. The heads of the three segments would report directly to CEO Jane Fraser.